Valley of Depth

Payload | Ignition | Tectonic
  • 4.7 (60)
  • Investing
  • Updated Weekly

Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.

  1. 7h ago

    The Global Ground Layer, with Bridgit Mendler (CEO of Northwood)

    Bridgit Mendler took an unconventional path to founding a space infrastructure company, but it led her to one of the industry’s most overlooked bottlenecks: the ground systems connecting satellites to Earth. Now, she’s building Northwood to modernize that critical layer of the space economy, the part that doesn’t get the headlines but matters as much as anything happening above it.  Northwood recently announced its new Prism product, and we get into the business model, the competitive landscape, the government bet, and one of the most critical questions: if Starlink and Kuiper have already built their own versions of what Northwood is selling, who’s actually buying? We cover: Why ground infrastructure is the overlooked bottleneck in the space economy The announcement of Prism and what it means for Northwood's ambitions beyond its first product The claim that Northwood will rival a terrestrial internet exchange by 2028 The Space Force contract and what the path to a second one looks like Cell tower or cloud bill: how Northwood actually makes money Her future vision for the industry and the infrastructure bet behind it   • Chapters • 00:00 – Trailer 00:44 – FCC Space Bureau 04:28 – How Bridgit decided to work on satellite networking 07:35 – From lake to concept 09:57 – Recent announcement at Northwood 12:20 – Where Northwood fits in the ground station as a service model 15:24 – The Northwood value proposition 16:42 – Average utilization of a ground station 18:10 – Northwood's flexibility 19:41 – Key goals in the next few years 22:15 – "I like to be bullish on space because that's what we're all here for" 22:52 – Biggest near-term opportunity 24:09 – How the competition shapes Northwood 25:50 – Segment of the market Bridgit believes has the biggest capacity for growth 26:45 – Northwood x Space Force: Satellite Control Network 29:48 – The state of Northwood today 32:09 – Competing for talent 33:22 – Revenue model with ground stations and how that will evolve 35:43 – What Northwood's next product set might look like 39:05 – Deployment of Northwood's $100M 40:03 – Investor conversations 42:55 – How Northwood fits in the changing landscape of the space industry with the Moon and SpaceX's IPO 45:17 – What keeps Bridgit up at night? 46:33 – Rapid-fire philosophical questions   • Show notes • Northwood’s website — https://www.northwoodspace.io/ Ross’s’ socials — https://x.com/bridgitmendler Mo's socials — https://x.com/itsmoislam Payload’s socials — https://x.com/payloadspace /  https://www.linkedin.com/company/payloadspace Ignition’s socials — https://x.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials  — https://x.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/   • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), Decoding Bio (biotech) and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com Decoding Bio: www.decodingbio.com

    50 min

  2. Jun 12

    SpaceX's $1.75T IPO (LIVE from NYSE)

    This month, Mo and Jack host a live show on the SpaceX IPO, featuring investors and analysts breaking down the company’s valuation, business lines, and long-term growth story: Howard Morgan (B Capital) Shaun Maguire (Sequoia Capital) Liz Stein (USIT) Dan Ives (Wedbush Securities) We discuss SpaceX’s IPO valuation, Starship’s progress, Starlink and Direct-to-Cell, orbital data centers, AI infrastructure, launch competition, public market appetite, and what it will take for SpaceX to grow into one of the most important companies in the world.   • About us • Arkaea Media is building the definitive media, events, and intelligence platform for the future of the defense industrial base. We deliver high-quality journalism and actionable insights that shape the business, policy, and investment decisions underpinning technically complex and highly regulated industries that influence global security. Our portfolio of publications includes Payload, Tectonic, and Ignition. • Payload: www.payloadspace.com • Tectonic: www.tectonicdefense.com • Ignition: www.ignition-news.com • Decoding Bio: www.decodingbio.com

    1h 32m

  3. Jun 10

    The OG Defense Check, with Ross Fubini (Managing Partner of XYZ VC)

    On this week's episode of Valley of Depth, we sit down with Ross Fubini, Managing Partner at XYZ Venture Capital, for a conversation about what it actually means to be early in a market nobody believed in. Ross wrote the first check into Anduril in 2016, alongside Founders Fund, before defense tech was a category, before the term sheet wars, and before the word "primes" became a punchline on X. He did it because he'd spent years inside the Palantir network and understood something others couldn't see from the outside: that the company was an unparalleled crucible for entrepreneurial talent, churning out founders who knew how to sell technology to the hardest customer in the world. XYZ has since backed 40+ Palantir alumni across 130+ companies, and the firm now sits at over $1.5B under management. We cover: Why Ross knew Anduril would win from day one and why he still underestimated how big it would get The Palantir thesis: what he saw in that network in 2017 that everyone else missed How the defense tech landscape has gone from "nobody will return your calls" to drunk pirates chasing cash Where the market is overcrowded and where there’s significant whitespace How to invest in the SpaceX ecosystem without getting eaten by it What good board work actually looks like when a company is in trouble His case for why the best venture insight is almost always about a market shifting not just a great team • Chapters • 00:00 – Episode Trailer 00:46 – From engineer to investor 04:49 – What Ross saw in Palantir before anyone else was talking about them 06:43 – The founding story and pitch of XYZ 09:42 – How Ross's engineering background informs his investing 14:01 – The market moving around technology 16:14 – What Ross thought would be the outcome of his Anduril investment 17:40 – The truth in the assumption of the US government being a reliable customer in defense tech 23:54 – Anduril vs. other defense tech firms 26:48 – Sectors that Ross is hesitant on 28:35 – Capabilities on Ross's radar 30:02 – SpaceX IPO 33:26 – Investing in an industry with a dominant player 36:19 – How much is Ross focusing on space vs. everything else? 38:42 – Hardest moment Ross has had with a founder 42:10 – How the VC community has evolved since Ross's time at Netscape 44:41 – What does Ross do for fun?   • Show notes • XYZ’s’ website — https://www.xyz.vc/ Ross’s’ socials — https://x.com/fubini Mo's socials — https://x.com/itsmoislam Payload’s socials — https://x.com/payloadspace / https://www.linkedin.com/company/payloadspace Ignition’s socials — https://x.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials — https://x.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/   • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), Decoding Bio (biotech) and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com Decoding Bio: www.decodingbio.com

    47 min

  4. Jun 3

    A Firefly Future, with Jason Kim (CEO of Firefly Aerospace)

    On this week's episode of Valley of Depth, our first recorded in person, we sit down with Jason Kim, CEO of Firefly Aerospace, in the company's historic Blue Ghost mission control room in Cedar Park, Texas — the same room where 60 engineers watched their lander touch down at one meter per second last year.    From there, the conversation opens into how Jason actually thinks: about the Moon, about scale, and about being a "mission CEO" rather than a hardware or software one. Firefly went public in 2025, acquired defense software company SciTec within months, and now sits inside Golden Dome. Jason argues the market still prices the company as a pure launch player while he's building an end-to-end stack he puts in the same conversation as Anduril and Palantir. We cover: The last 30 seconds of the Blue Ghost Mission 1 landing, from inside the room where it happened Why Blue Ghost Mission 2 is harder: a three-spacecraft stack and the first US far-side landing Whether small launch makes money, and why Alpha is both a profit center and a strategic asset The Eclipse medium-lift bet, the Northrop partnership, and why Starship doesn't make everyone else obsolete Why the Moon matters, and how big the commercial lunar economy actually gets Why a hardware CEO bought a software company The valuation gap with Rocket Lab and what he believes the market hasn't priced in His honest read on SpaceX, China, the new-launch shakeout, and the path to a $100 billion company   • Chapters • 00:00 - Trailer 00:53 – Blue Ghost Mission 1 04:41 – The bar for success for Blue Ghost Mission 1 07:16 – What is the new objective in Blue Ghost Mission 2? 11:49 – Jason coming into Firefly leadership 16:35 – Day 1 as Firefly CEO 18:53 – AE Industrial and how private equity informs Jason's mindset 21:02 – Product stack 22:34 – Demand signal from responsive launch 24:21 – Alpha and small launch economics 26:20 – Firefly's Eclipse 28:09 – How Starship will impact the launch market 29:41 – Viability of commercial launches 32:15 – Blue Ghost x Eclipse? 33:51 – Why does the Moon matter? 36:02 – Jason's commercial lunar economy predictions 38:02 – The future of Blue Ghost's missions 39:52 – Why Jason acquired Sitec 44:30 – Sitec in the Space Force's Golden Dome contracts 47:16 – Why shift Firefly to being a public company? 49:04 – How does Jason address stock price fluctuation internally? 50:49 – Do the public markets understand the space economy? 52:57 – Is Firefly just a launch company? 55:25 – What part of Firefly has the market not priced in yet? 56:50 – Firefly's strategy in a world where lift becomes effectively free 58:49 – Which launch companies will survive? 59:56 – The China question 1:00:33 – Is there a company out there that doesn't get enough attention? 1:01:53 – How Firefly is thinking about M&As 1:04:25 – The path to Firefly hitting a $100B valuation 1:05:25 – Jason Kim, the person 1:07:07 – Who does Jason call for advice? 1:07:57 – What Jason would tell 25-year-old Jason 1:11:58 – What Jason does for fun when not working on space   • Show notes • Firefly’s’ website — https://fireflyspace.com/ Jason’s’ socials — https://x.com/Jason_Lil_Kim/ Mo's socials — https://x.com/itsmoislam Payload’s socials — https://x.com/payloadspace / https://www.linkedin.com/company/payloadspace Ignition’s socials — https://x.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials — https://x.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/   • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), Decoding Bio (biotech) and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com Decoding Bio: www.decodingbio.com

    1h 14m

  5. Jun 2

    Space & Defense Market Update - May 2026 (LIVE from NYSE)

    This month, Mo and Jack host a live show on the future of Commercial LEO Destinations, featuring leaders building the next generation of space stations: Marshall Smith (Voyager Technologies / Starlab) Jonathan Cirtain (Axiom Space)   We discuss station development progress, business models, NASA's role, private astronaut missions, station economics, the transition from the ISS, and what it will take to build a sustainable commercial presence in LEO.   • About us • Arkaea Media is building the definitive media, events, and intelligence platform for the future of the defense industrial base. We deliver high-quality journalism and actionable insights that shape the business, policy, and investment decisions underpinning technically complex and highly regulated industries that influence global security. Our portfolio of publications (so far) includes Payload (space) and Tectonic (defense tech).   Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com Decoding Bio: www.decodingbio.com

    1h 20m

  6. May 29

    The Speed Advantage, with Zach Shore (CEO of Hermeus)

    The United States hasn't flown a Mach 3-plus reusable aircraft since the SR-71 was retired in 1990. Hermeus wants to change that and they want to do it faster, cheaper, and with a fraction of the capital. This week we sit down with Zach Shore, newly appointed CEO, at the moment the company's bet is starting to pay off. Zach walks us through his evolution from VP of Growth to CEO, the company's record-breaking $219 million DIU contract, and a $350 million raise that has Hermeus entering its most consequential chapter yet. But the real conversation is about the machine behind the machine …how a SpaceX-trained engineering team is iterating on aircraft the way rockets were once iterated on, and why Mach 3 might be the unlock that makes Mach 5 a foregone conclusion. We cover: Why Zach took the CEO role and what AJ's executive chairman mandate actually looks like The turbine-based combined cycle engine architecture and why Mach 3 is the hardest problem between here and Mach 5 The autonomy stack philosophy: why Hermeus builds trucks, not brains The China threat, the allied opportunity, and why Australia is the most important international partner The commercial Mach 5 passenger vision and why defense has to come first …and much more. • Chapters • 00:00 - Trailer 00:56 – From President to CEO 04:03 – The largest DIU contract ever awarded ($219M) 07:46 – Building the fastest aircraft in the world 11:13 – The operational gap a Mach 5 aircraft can fulfill 13:25 – The road to Mach 5 15:31 – Turbine vs. ramjet engine 18:06 – Is the turbine/ramjet engine hybrid novel? 19:03 – Philosophical concession 20:59 – Overcoming the Mach 3 plateau 23:07 – Where the primes stand on supersonic 25:10 – Thermal challenges of Mach 5 26:50 – Autonomy 29:20 – A manned Mach 5 craft 31:38 – Hermeus's current manufacturing capability and how it'll evolve 34:26 – Biggest opportunity for creating Hermeus customers 37:08 – Adversary capability 40:14 – Is commercial Mach 5 in the near future? 42:40 – Slowdown in innovation 45:40 – Do we need to overhaul the FAA? 47:34 – Aviation in 2035 if Hermeus succeeds 48:47 – Atlanta vs. LA 50:54 – What does Zach do for fun?   • Show notes • Hermeus’ website — https://www.hermeus.com/ Hermes’ socials — https://x.com/hermeuscorp Mo's socials — https://x.com/itsmoislam Payload’s socials — https://x.com/payloadspace / https://www.linkedin.com/company/payloadspace Ignition’s socials — https://x.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials — https://x.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/   • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), Decoding Bio (biotech) and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com Decoding Bio: www.decodingbio.com

    53 min

  7. May 20

    The New Ground Truth, with Dan Smoot (CEO of Vantor)

    Commercial geospatial intelligence has moved from nice-to-have imagery to core national security infrastructure. And Vantor is trying to reposition itself for that new era. On this week’s episode of Valley of Depth, we sit down with Dan Smoot, CEO of Vantor, to unpack the company’s transformation from a legacy satellite imagery provider into a space-based intelligence platform serving defense, intelligence, international, and enterprise customers. The shift is bigger than a rebrand. Vantor is betting that the future of geospatial intelligence is not just sharper pixels from orbit, but the ability to turn space-based data into software, AI-driven insights, autonomous navigation, sovereign intelligence systems, and real-time operational decision-making. We cover: How Vantor is moving beyond imagery into space-based intelligence Why the Maxar rebrand was necessary, even if controversial How commercial GEOINT is becoming a national security layer How Vantor’s 3D data supports autonomous systems and GPS-denied operations Why partnerships with companies like Anduril matter for the future battlefield How Ukraine changed the government’s view of commercial imagery Where Vantor fits into Golden Dome and missile defense Why sovereign geospatial capabilities are becoming a global priority …and much more.   • Chapters • 00:00 - Trailer & Intro 01:06 – Maxar Intelligence 02:39 – An outside view coming into the space industry 05:12 – The Maxar rebrand 09:00 – Product offerings and customers 12:15 – Vantage and Pulse 16:31 – Does being under a private equity firm change how Vantor operates? 18:53 – Vantor's partnership with Anduril 21:41 – EOCL (Earth Observation Commercial Layer) 25:24 – Cultural impact of commercial intelligence on global conflicts 29:46 – Vantor x Golden Dome architecture 30:48 – How Chinese tech compares to the US 33:25 – Capabilities of Tensorglobe that a customer could deploy today 36:17 – Raptor 38:42 – When will we have a sub-15-minute revisit at sub-20cm resolution? 43:35 – The winning valuation of Vantor for Advent 47:51 – Lanteris's revenue multiples 51:28 – What Dan would change about commercial EO and policy today 53:51 – What does Dan do for fun?   • Show notes • Vantor’s website — https://vantor.com Vantor’s’ socials — https://x.com/vantortech Mo's socials — https://x.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Ignition’s socials — https://twitter.com/ignitionnuclear /  https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/   • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com

    55 min

  8. May 13

    Space & Defense Market Update - April 2026 (LIVE from NYSE)

    This month, Mo and Jack host a two-hour live show featuring six leaders from the space industry: Ian Cinnamon (Apex) 05:18 • Philip Johnston (Starcloud) 20:18 • Eric Romo (Impulse) 35:11 • Karan Kunjur (K2 Space) 50:26 • Shahin Farshchi (Lux Capital) 1:05:28 • Delian Asparouhov (Varda / Founders Fund) 1:22:00 • Molly O'Shea (Sourcery) 1:41:25   We discuss satellite manufacturing, orbital data centers, in-space mobility, high-power buses, venture capital, and the future shape of the space economy.   • About us • Arkaea Media is building the definitive media, events, and intelligence platform for the future of the defense industrial base. We deliver high-quality journalism and actionable insights that shape the business, policy, and investment decisions underpinning technically complex and highly regulated industries that influence global security.   Our portfolio of publications (so far) includes Payload (space) and Tectonic (defense tech). Payload: www.payloadspace.com Tectonic: www.tectonicdefense.com Ignition: www.ignition-news.com

    1h 53m
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4.7
out of 5
60 Ratings

About

Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.

Information

  • Creator
    Payload | Ignition | Tectonic
  • Years Active
    2022 - 2026
  • Episodes
    174
  • Rating
    Explicit
  • Copyright
    © Arkaea Media Group
  • Show Website
    Valley of Depth

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