This episode: Markets are bouncing, Bagram is trending (but not really), and defense venture funding is heating up—so what does it all actually mean? Simon was right about Bagram being fake news—but wrong about the tariffs. Classic. Garrett, Simon, and Dave unpack the recent surge in investor interest, why we haven’t seen big exits yet, and whether venture is really the right model for defense startups. They also break down the implications of a trillion-dollar defense budget: from aligning with modernization priorities to whether it finally makes shipbuilding realistic for small players. Plus, a look at DARPA’s shift in posture, bougie barracks, and whether engaging with the innovation community is a survival strategy or just lip service.