Defense tech is flooded with money, but who’s built to last?

国防科技领域资金涌入，但谁能长久生存？

Defense tech is red hot right now. Anduril and Mach Industries just doubled and quadrupled their valuations, respectively, and the U.S. government is proposing a 40% increase in defense budget. 国防科技目前正处于风口浪尖。Anduril 和 Mach Industries 的估值分别翻了一番和四倍，美国政府也提议将国防预算增加 40%。

A wave of new startups is chasing those government contracts, but according to Ross Fubini, the venture investor who wrote Anduril’s first check, most of them will get lost in the Valley of Death between prototype contract and real production deal. 一股新的初创企业浪潮正在追逐这些政府合同，但曾为 Anduril 开出第一张支票的风险投资人 Ross Fubini 认为，其中大多数公司将迷失在原型合同与实际生产交易之间的“死亡之谷”中。

Watch as, on this episode of TechCrunch’s Equity podcast, Rebecca Bellan asks Fubini — the founder and managing partner of XYZ Venture Capital, built on the Palantir alumni network and now approaching $2B AUM — what separates the survivors from the rest. 在本期 TechCrunch 的《Equity》播客中，主持人 Rebecca Bellan 采访了 Fubini。作为 XYZ Venture Capital 的创始人和管理合伙人，Fubini 依托 Palantir 的校友网络建立了这家公司，目前管理资产规模（AUM）已接近 20 亿美元。请观看本期节目，了解他如何解读幸存者与其他公司之间的区别。