Eye of the Dragon

Balerion Principal Aidan Daoussis sits down with Joe Musselman, Founder of Union Technologies, to discuss factories as a stockpile. Union Technologies is developing software-defined factories for national security manufacturing. The company is focused on increasing industrial production capacity for critical systems such as 155mm shell bodies by making factories faster to build, replicate, and operate.

Timestamped Overview

00:00 – Introduction and overview of Union Technologies00:50 – Joe Musselman’s family background, military service, and manufacturing roots03:00 – Bravo Victor Venture Capital’s national security thesis and the origin of Union05:00 – Why factories became the bottleneck across munitions, rare earths, nuclear, and energy systems07:30 – Transition from investor to operator and building the Union founding team09:30 – Factory-as-product model and the concept of factories as a stockpile12:00 – Union’s first factory and the decision to begin with 155mm shell bodies14:15 – Building a factory faster and at lower cost than traditional defense manufacturing models15:40 – Production goals, line throughput, and 155mm manufacturing capacity18:50 – Why 155mm rounds matter in Ukraine, Taiwan, and broader deterrence planning22:30 – Raising a large seed round and explaining industrial scale to venture investors25:00 – Financing capital-intensive hard-tech companies and building blended capital stacks27:30 – Framing the factory as a moat rather than a liability29:50 – Union’s software stack: Fabric, Faction, Overmind, and Overhaul32:30 – Embedding software inside the factory to command production, traceability, and optimization36:00 – How a Union factory differs from a traditional prime contractor facility41:00 – Lessons from standing up Factory One: teams, leadership, and culture46:00 – Mutually Assured Production and manufacturing as a deterrence doctrine49:00 – Builders as peacekeepers and the role of industrial capacity in avoiding future conflict52:50 – Closing remarks and invitation to connect with Union and Balerion

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Balerion Principal Aidan Daoussis sits down with Perttu Yli-Opas, Co-founder & CTO of Aurora Propulsion, to discuss small-sat propulsion. Aurora Propulsion is developing compact in-space mobility systems, including water-based resistojets and plasma brake deorbiting technology. The company is focused on propulsion architectures for CubeSats and small satellites as operators face growing needs for orbit transfer, collision avoidance, proximity operations, and end-of-life disposal.

Timestamped Overview

00:00 – Introduction to Aurora Propulsion and the need for small satellite mobility

02:17 – Founding story, Finland’s miniature manufacturing expertise, and the CubeSat propulsion gap

06:16 – Water-based resistojet propulsion and plasma brake deorbiting technology

08:11 – Combining propulsion and debris mitigation into integrated mobility solutions

10:15 – CubeSat and small satellite use cases, regulation, and scaling toward 100 kg platforms

12:04 – How low-thrust propulsion works in space compared with terrestrial expectations

13:58 – Customer demand from regulation, unique missions, and satellite separation demonstrations

15:58 – Common missions for small satellites, including communications, Earth observation, science, and quantum key distribution

17:45 – Customer base across ESA, startups, universities, research organizations, and government agencies18:40 – Flight heritage, launched thrusters, plasma brake milestones, and upcoming in-orbit data

19:54 – Launch availability, SpaceX rideshare dynamics, and Europe’s push for local launch capability

23:09 – Performance tradeoffs between chemical propulsion, electric propulsion, and Aurora’s middle-ground approach26:26 – Finland’s growing space ecosystem and the rise of companies such as ICEYE, ReOrbit, and Kuva Space

28:58 – Differences between building space companies in Europe and the United States

31:55 – European defense funding, ESA/EU shifts, and the changing investor landscape

33:35 – Scaling production, manufacturability, and preparing for higher-volume orders

35:54 – Multi-thruster configurations, redundancy, and proximity operations architectures

37:05 – Future markets in defense, distributed computing platforms, and small-spacecraft constellations

39:12 – Building for future regulation and maneuverability requirements

41:03 – Why propulsion systems take years to develop, qualify, and demonstrate in orbit

44:25 – Modular product architecture, 10x thruster scaling, and shorter delivery timelines

47:04 – Investor questions around quality processes, new space development, and scalable production

49:49 – Closing thoughts on the convergence of new space and old space operating models

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Balerion Principal Aidan Daoussis sits down with James Cooper, COO of Anatra, to discuss autonomous cargo aircraft. Anatra is developing fixed-wing autonomous aircraft for contested logistics, with runway-to-runway and amphibious variants designed to move cargo over long distances. The company is focused on payload delivery for defense, disaster response, remote communities, and future commercial logistics networks.

Timestamped Overview

00:00 – Introduction to Anatra and the contested logistics problem

02:11 – Fixed-wing aircraft design and amphibious capability

03:39 – Indo-Pacific island resupply and runway-to-runway mission examples

06:08 – James Cooper’s background as a Marine Corps F/A-18 pilot and technology executive

08:55 – Why autonomy is becoming more practical for logistics missions

10:54 – Payload, range, and likely cargo use cases13:03 – Scaling autonomous logistics through technology, regulation, and manufacturing

15:24 – Government demand, deterrence, and defense manufacturing capacity

17:40 – Product status, autonomy testing, and development timelines

19:00 – Business model, aircraft sales, maintenance, and government operation

19:54 – Differentiation from VTOL, battery-electric, and smaller drone systems

22:24 – Modular payloads, ISR, electronic warfare, and other possible mission sets

24:47 – Payload delivery methods, unloading, and future airdrop concepts

26:10 – Price point, attritability, and cost-effectiveness for defense customers

28:00 – Commercial market timing and the path beyond defense-first adoption

30:32 – Hub-and-spoke operations, pilot-on-the-loop control, and mesh networks

32:52 – Disaster relief, humanitarian aid, and remote community logistics4

36:43 – Autonomous flight intelligence, weather response, and landing decisions

40:12 – Recent milestones and upcoming prototype development goals

41:34 – Anatra’s autonomy stack and potential software licensing

43:32 – AI, simulation, additive manufacturing, and faster aircraft development cycles

45:25 – Swarm operations, theater-scale logistics, and small business use cases

46:49 – Lessons from building a dual-use defense technology company

48:20 – Closing thoughts on defense tech, industrial base rebuilding, and dual-use applications

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Emerson Garnett sits down with Justin Zipkin, Co-Founder & CEO of Volta Space, to discuss lunar power infrastructure. Volta Space is developing LightGrid, a satellite-based system designed to beam power from lunar orbit to assets on the surface. The company is addressing the 14-day lunar night problem by enabling landers, rovers, and sensors to operate through darkness and in permanently shadowed regions.

Timestamped Overview

00:00 – Introduction to Volta Space and the lunar energy grid

00:50 – Origin story, customer discovery, and NASA’s Watts on the Moon challenge

02:16 – Lunar night, temperature extremes, and why missions struggle beyond 14 days

03:38 – Powering permanently shadowed regions and increasing rover operating time

05:10 – Artemis infrastructure priorities, CLPS cadence, and the unresolved power gap

09:57 – LightGrid architecture, laser power beaming, and photovoltaic receivers

13:52 – Orbital energy collection, laser transmission, and constellation scalability

16:09 – Targeting safety, receiver design, and surface mass tradeoffs

21:00 – Terrestrial field demonstrations and lessons from 850-meter power beaming tests

23:05 – Blue Ghost 2 light port test and DCubed 400-watt laser demonstration

25:01 – Roadmap to operational lunar power delivery and reliability milestones

26:54 – Civil, defense, and international interest in lunar power infrastructure

29:41 – Canadian Space Agency architecture study and lunar power-system trade space

31:29 – Earth applications, power over fiber, and Arctic drone operations

35:56 – Pricing, reservations, customer planning, and lunar utility economics

40:18 – Lunar permanence, second-order economic effects, and coexistence with fission and solar

47:58 – Customer and investor engagement and closing perspective

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Aidan Daoussis sits down with Julian Rothenbuchner, Co-founder & CEO of Tumbleweed, to discuss microgravity research. Tumbleweed is developing a lower-friction way for first-time space users to run microgravity experiments through standardized payload containers and a dedicated orbital platform. The company is focused on reducing certification, integration, and operational barriers so microgravity can be used by biopharma, semiconductor, materials, and other industrial customers.

Timestamped Overview

00:00 – Introduction and overview of Tumbleweed’s microgravity access model

03:17 – Concrete applications in pharmaceuticals, clinical research, semiconductors, and advanced materials

06:54 – How Tumbleweed’s Pod and OASIS systems support payload development and orbital operations

09:05 – Maiden mission plans, customer payloads, and early validation of the service model

11:20 – Pricing, unit economics, and reducing the back-end cost of using space

13:06 – How early research customers can scale with Tumbleweed over time

14:38 – Julian’s founder background, Mars exploration work, and the origins of Tumbleweed

18:15 – Building a commercial space company from Austria and creating a path outside traditional space hubs

20:20 – Technical execution, rapid hardware iteration, and building a team optimized for fast development

23:07 – European space startup challenges, capital access, and the role of non-obvious investors

27:16 – Reentry vehicles, downmass, and the technical challenges of returning payloads from orbit

32:28 – Launch market dynamics, SpaceX Transporter missions, and opportunities for emerging launch providers

36:54 – SpaceX Starfall, downmass competition, and Tumbleweed’s role as an interface layer for customers

39:35 – Customer support, payload safety checks, and making space experimentation more iterative

42:32 – Why Tumbleweed is focused on infrastructure rather than becoming a pharma or research company

44:58 – Investor misconceptions and the idea of microgravity as an industrial resource

46:16 – Long-term vision for ubiquitous microgravity access and future interplanetary logistics

47:39 – Closing takeaway: microgravity access is becoming practical for small teams and first-time users

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Aidan Daoussis sits down with Bentzion Levinson, Founder & CEO of Heven AeroTech, to discuss how the company is building hydrogen-powered drones for heavy-lift, long-endurance, and low-signature missions. The conversation covers why hydrogen matters for drone endurance, how portable refueling changes the infrastructure problem, why autonomy depends on resilient navigation and communications, and why Levinson believes the “drone era” is no longer optional for the U.S. and its allies.

Heven’s public materials align with the episode framing: the company now presents itself as Heven AeroTech after rebranding from Heven Drones in 2025, and its Z1 hydrogen-powered UAS was announced as earning DIU Blue UAS Select status.

Timestamped Overview

00:00 – Introduction to Heven AeroTech Aidan introduces Bentzion Levinson and Heven AeroTech, framing the company around hydrogen propulsion, quantum drones, and the future of unmanned systems.

00:43 – From flying cameras to flying robots Levinson explains that most drones today are either small flying sensors or large unmanned aircraft, while Heven is focused on drones that can act as true flying robots: lifting meaningful payloads, flying longer, and performing real missions.

02:24 – Two product lines: heavy lift and long-range stealth Heven’s portfolio is divided between tactical heavy-lift drones, capable of carrying significant payloads over shorter ranges, and long-endurance hydrogen-powered systems designed for low-signature, long-range missions.

04:28 – Why hydrogen, and why now Levinson argues that hydrogen is not the point by itself; it is a means to achieve long endurance, low acoustic and thermal signatures, and field independence. The company’s key claim is that batteries cannot support missions like 10-hour flight profiles at useful payloads.

06:29 – Tradeoffs in payload, endurance, and cost The discussion turns to aircraft design around hydrogen. Levinson compares the shift to early EVs, where the platform must be designed around the energy system rather than retrofitted.

08:28 – What the drones look like Heven builds both multirotor and winged VTOL platforms. The common feature is runway independence: drones can launch from rooftops, fields, ships, or deployed field sites, then either hover or transition to efficient forward flight.

10:00 – Surviving in a crowded drone market Aidan asks how Heven differentiates in an increasingly crowded drone landscape. Levinson points to building for where the market is going: long range, survivability, low signatures, quantum-enabled navigation and communication, and scalable manufacturing.

14:28 – Where demand is strongest Heven sees demand across defense, homeland security, ISR, strike, border security, and eventually commercial uses. Defense is the initial market because the value is clear, regulatory barriers are lower, and the urgency is high.

17:21 – Why hydrogen has historically been hard Levinson explains that hydrogen’s challenge has always been the combination of vehicle and infrastructure. In drones, the infrastructure problem is smaller because the hydrogen requirement is far lower than for cars, trucks, or aircraft.

22:16 – Portable hydrogen refueling Heven has developed field refueling systems, including Pelican-case-deployable systems and trailer-based systems with solar panels. The point is energy independence: units can generate hydrogen in the field rather than relying on fuel convoys or fixed infrastructure.

25:33 – Milestones that changed investor perception The company’s major milestones include customer traction, battlefield use, U.S. Army ordering pathways, Blue UAS approval, and a Series B that reportedly valued the company above $1B. Heven’s Z1-H2D250 public product page lists a 10+ hour flight time and NDAA compliance.

28:35 – Could primes replicate this? Levinson argues that large defense primes struggle with speed in fast-moving drone markets. He frames Heven’s moat as the combination of aircraft design, hydrogen systems, quantum technologies, manufacturing, user trust, and battlefield iteration.

31:43 – The Pacific problem and long-range drone warfare Aidan connects Heven’s thesis to the Indo-Pacific: a theater defined by distance, islands, and maritime logistics. Levinson argues that drones are already an arms race and that the U.S. and its allies need both capability and quantity.

35:40 – Autonomy, navigation, and communications The conversation shifts to autonomy. Levinson emphasizes that autonomous drones still need resilient navigation and communications: a drone cannot complete a mission if it does not know where it is or cannot communicate when needed.

38:31 – Human-in-the-loop questions Levinson discusses the ethical and operational tension around autonomous decision-making. If one side requires human approval and the other does not, latency may become a decisive battlefield disadvantage.

40:15 – Commercial markets over time Defense is the first major market, but Levinson believes commercial markets will eventually be larger. Potential use cases include ship-to-shore logistics, industrial operations, emergency response, blood delivery, time-critical medical supplies, and helicopter replacement.

41:52 – Field deployment in practice Levinson walks through a deployed mission: units bring aircraft, refueling stations, and ground control systems; assemble drones in minutes; load a mission profile; attach mission-specific payloads; launch; recover; swap tanks; and redeploy.

45:00 – Scaling and manufacturing bottlenecks Heven’s earlier challenge was product-market fit. Levinson says the current challenge is execution at scale: manufacturing, supply chains, facility networks, and reducing dependency on adversarial or fragile sources.

47:15 – What to watch next Key milestones include new manufacturing facilities, international operations, larger defense programs, continued R&D, quantum-navigation efforts, and expansion into new countries and use cases.

49:47 – Final takeaway: the drone era is here Levinson’s closing message is that the drone era is already upon us. He frames drones not as a futuristic nice-to-have, but as a must-win strategic category for the U.S., Israel, and allied defense ecosystems.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Aidan Daoussis sits down with Matthew Anderson, Founder & CEO of Oso Semiconductor, to discuss efficient phased array chipsets. Oso Semiconductor is developing high-performance, ultra-low-power chipsets for phased array antennas used in satellite communications, 6G, radar, and mobility systems. The company aims to reduce the power, cost, and form-factor constraints that limit broader phased array deployment.

Timestamped Overview

00:00 – Introduction and Oso Semiconductor overview

01:27 – Matthew Anderson’s background and path from Jamaica to Apple, Berkeley, and chip design

04:18 – Semiconductors explained as the foundation of modern electronics and communications

06:15 – Phased array antennas and the technical challenge of power, cost, and circuit complexity

09:06 – Major semiconductor trends in electrification, AI efficiency, and wireless connectivity

11:09 – Energy constraints in AI, data distribution, and wireless infrastructure

13:04 – Semiconductor supply chains, Taiwan, and geopolitical risk

15:04 – Data centers, local opposition, and infrastructure implications

17:17 – Space-based data centers and the importance of efficient RF and optical links

19:09 – Oso’s ideal customers across satcom, mobility, drones, manpacks, and hyperscalers

20:27 – Starlink-like terminals, portable connectivity, and potential power savings

22:05 – Ground station power requirements and system-level reduction opportunities

23:49 – Scaling a fabless semiconductor company from design to fabrication, packaging, and customer integration

27:02 – Semiconductor manufacturing complexity and Oso’s use of conventional RF-SOI process nodes

29:21 – Common misconceptions about semiconductor innovation and the importance of simplicity

31:16 – Company vision, customer traction, productization, and long-term scale

33:18 – Milestones including patents, team growth, MVP products, and a multimillion-dollar agreement

36:06 – Industry bottlenecks in domestic prototyping, advanced packaging, and specialized hiring

38:04 – Applications in radar, automotive, 6G, drones, and beyond-line-of-sight communications

41:01 – Key takeaway on rethinking phased array power, performance, and cost

43:00 – Closing remarks

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Emerson Garnett sits down with Keval Dattani, Founder & CEO of Space Power, to discuss laser power beaming in space. Space Power is developing photon delivery systems that transmit energy to existing solar arrays using wavelength-tuned lasers. The company is focused on reducing spacecraft power constraints across GEO satellites, LEO constellations, lunar infrastructure, and future deep-space missions.

Timestamped Overview

00:00 – Introduction and Space Power’s origin story

02:30 – Photon delivery, solar panel compatibility, and on-demand recharge

03:07 – The growing power problem for commercial and government space missions

04:53 – Launch constraints, battery mass, and satellite design tradeoffs

06:13 – Power needs for lunar infrastructure and permanently shadowed regions

07:25 – Technical overview of laser-based power transmission to photovoltaic arrays

09:31 – Early feasibility work, multi-junction cells, and patent development

11:09 – Customer adoption challenges and the need to prove reliability

12:25 – Initial customers, GEO satellites, and critical infrastructure resilience

14:17 – Lunar night, Mars missions, nuclear reactors, and advanced propulsion

16:37 – Scaling the system across GEO and LEO operating models

18:09 – Ground demonstration using a rover, tracking system, and laser charging

19:13 – Partnerships, defense demand, and military satellite applications

21:50 – Space data centers and the challenge of continuous orbital power

23:30 – Pricing power beaming and service models for space energy delivery

25:23 – In-orbit demonstrator plans and fractionated spacecraft applications

26:37 – GEO satellite rescue and roadside assistance for spacecraft

28:27 – Regulatory considerations, beam safety, and universal compatibility

30:45 – Team composition, space experience, and company development

32:23 – Near-term milestones, high-power laser testing, and launch preparation

33:12 – Timeline toward GEO operations and commercial deployment

34:10 – Lunar surface applications for rovers, habitats, and safety systems

34:55 – Contrarian views on launch assumptions and space infrastructure

36:17 – Long-term vision for LEO power grids, GEO rescue, lunar bases, and deep-space power

37:04 – Interplay between space reactors and universal power distribution

38:22 – How to follow Space Power and get involved

39:11 – Closing discussion on shared infrastructure and NewSpace services

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Aidan Daoussis sits down with Michael Anderson, Co-Founder & CEO of Seagate Space, to discuss offshore launch infrastructure. Seagate Space is developing maritime platforms and services for offshore launch, recovery, and space logistics. Its Gateway Series platform is designed to expand launch access without requiring new coastal spaceports.

Timestamped Overview

00:00 – Introduction and Seagate Space overview

02:25 – Gateway Series platform architecture and offshore launch concept

04:18 – ABS approval, MIT wave tank testing, and prototype development

05:02 – Michael Anderson’s path from finance and maritime strategy to founding Seagate

11:17 – Engineering requirements for offshore launch and recovery platforms

15:31 – Why offshore launch infrastructure matters for coastal constraints and launch cadence

18:29 – Lockheed, Firefly, and plans for offshore launch demonstrations

21:01 – History of maritime launch, including Sea Launch and China’s offshore activity

24:43 – Differences between missile launch, orbital launch, and hypersonic testing needs

27:26 – Business model options, including charters and partnership-based structures

29:37 – Launch market bottlenecks and the need for infrastructure diversity

37:10 – Airport and seaport analogies for future launch infrastructure

40:23 – Regulatory, operational, and mission considerations for offshore launch locations

43:53 – Equatorial launch potential and roadmap for larger platforms

45:03 – Port staging, launch cadence, and future maritime operating concepts

48:59 – Closing takeaway on specialized maritime providers for the space industry

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com

Balerion Principal Aidan Daoussis sits down with Joe Wolfel, Founder & CEO of Terradepth, to discuss seabed intelligence and autonomous ocean mapping. Terradepth is building an ocean operating system that combines autonomous subsea data collection, integrated data infrastructure, and applications for seabed decision-making. The company is focused on making the ocean more observable for commercial, government, and conservation use cases.

Timestamped Overview

00:00 – Introduction to Terradepth and the challenge of ocean exploration

00:28 – Why the ocean remains poorly understood despite advances in satellites and remote sensing

02:17 – Terradepth’s mission and the three-layer ocean operating system

05:15 – Joe Wolfel’s Navy background and the origin of the company

10:40 – Autonomous underwater vehicles, sensing, data ingestion, and cloud infrastructure

12:20 – Why underwater sensing often requires acoustic systems instead of optical sensors

13:25 – Diesel-electric power architecture and the economics of subsea data collection

14:39 – What a future without Terradepth would miss in ocean intelligence infrastructure

17:00 – Parallels between space domain awareness and ocean situational awareness

18:33 – Seabed security, critical infrastructure, and the need to perceive underwater change

22:21 – Emerging underwater threats and the challenge of detecting stationary subsea objects

26:54 – Maritime chokepoints, the GI-UK gap, and scaled perception in strategic waters

31:27 – Terradepth’s customer base across government, commercial, and conservation markets

32:35 – Subsea infrastructure, fiber optic cables, pipelines, and future underwater systems

36:16 – Comparing the engineering challenges of operating underwater and in space

39:43 – GPS-denied operations, autonomous behavior, and designing for loss in the ocean

42:45 – Competitive dynamics, data ownership, and Terradepth’s compounding advantage

44:50 – Execution roadmap and the role of agentic AI, communications, and robotics

47:07 – Data ownership, Absolute Ocean, and the long-term vision for accessible seabed intelligence

48:47 – Closing thoughts on making the ocean as accessible as space is becoming

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com