Industrial Base Alpha

Industrial Base Alpha

True Anomaly Series D

How a former Air Force weapons officer turned the U.S. military's space playbook into $1.03 billion in private capital, and what could unmake the trade.

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Matthew Bernard and Tobias Armour
May 15, 2026
∙ Paid

Graphics like this make me think that marketing for space companies has to be the easiest job in the world. Is it possible to make bad marketing material of space?

BLUF: True Anomaly's $650 million April 2026 Series D is the third-largest defense-tech round on record. By month 52 from founding, the company has raised 4.7x what BlackSky raised at the same…

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A guest post by
Tobias Armour
New England/DC. Space/Defense. Product/Strategy.
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