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Industrial Base Alpha

Matthew Bernard, Tobias Armour

Weekly analysis of the defense industrial base and companies that contribute to national security.

Platform
Substack
PricingFreemiumPublishesTwice weekly
Issues33Founded6 months agoLast Issue47 hours ago
Active

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Latest Issues

Astranis' $2.8 Billion Bet

Five satellites, a $1 billion backlog, and three Pentagon programs. What this Series E has to prove before the IPO.

BLUF: Astranis raised $455 million at a $2.8 billion valuation to scale the only real business in small geostationary satel...

47 hours ago
2
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True Anomaly Series D

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...

9 days ago
2

Firestorm’s Series B

Industrial Base Alpha now offers institutional defense market research and intelligence services for investors, acquirers, and corporate strategy teams. If you need public market context, sector comps, or procurement-informed analysis to su...

13 days ago
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HII's $629 Million Problem

Why a 13% revenue gain at the country's largest military shipbuilder was not enough.

BLUF: HII beat the Street on revenue and EPS, then the stock fell roughly 5% to $345. The market no longer thinks Defense industrial volume is no longer e...

17 days ago
2
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HawkEye 360's Eleven-Year Roadmap

How a signals intelligence company spent eleven years doing everything the SPAC era wouldn't and filed an S-1 that defense and space founders should read twice.

BLUF: HawkEye 360 filed for an IPO on April 10 after eleven years, eight fundi...

25 days ago
8
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Authors

The writers behind this newsletter.

  • Matthew Bernard

    Tracking every dollar flowing into drones, hypersonics, and whatever Anduril is building in the desert this week. Slightly smarter than the average defense Twitter reply guy. Probably. These are my own personal views and no one else's.

  • Tobias Armour

    New England/DC. Space/Defense. Product/Strategy.

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