Construct Capital

(Pronounced: ken-STRUCT as in "to build") Investing in extraordinary founders building technology to transform the most foundational industries of our economy.

[Jai Malik @jaimalik]

I'm excited to announce that @AmcaInc has raised a $300M Series B at a >$1B valuation, led by @CaffeinatedCap with major support from @LightspeedVP, @a16z, @Lux_Capital, and others.

We're on a mission to reconstitute a supply chain that has too often put profit over country.

[Glinert 🇺🇸 🏭 @StevenGlinert]

Today, Sphere Semi is announcing that our AI-designed chip is deploying into military hardware in partnership with Northrop Grumman.

This is the first AI-designed semiconductor to move from concept to deployment in a defense system.

A new era has begun. Full video below.

[dayna grayson @daynagrayson]

@BaijuBhatt and @cowboyspace are pursuing something much bigger than a traditional space company. They are rethinking the relationship between energy, compute, and space infrastructure. Cowboy is not treating launch vehicles and satellites as separate systems. The rocket’s upper stage becomes the data center itself, powered by continuous solar energy in Low Earth Orbit. Let's go!

[Cowboy Space Corp. @CowboySpaceCorp]

Today marks the beginning of a new era.
Introducing: Cowboy Space Corporation.

We are building orbital infrastructure for the AI era: a fully integrated system of rockets and satellites designed to deliver high-performance compute and optical data transmission directly from Low Earth Orbit.

[Construct Capital @constructcap]

Our Managing Partner @RachelJHolt joined @CarolineHydeTV and @EdLudlow on Bloomberg @technology to talk about why Construct Capital has been backing foundational industries—manufacturing, supply chain, logistics, and defense tech—for the past six years: https://t.co/TfTEl2XX4G

The short version: In early 2020, before the hype, Rachel and @daynagrayson built Construct on the belief that the only way to solve the productivity decline in foundational industries was to invest in the software and hardware to transform these spaces. Since 2020, investor interest in these sectors is surging with a 20x+ increase in Series B and beyond investments.

A few takeaways from the conversation:
- The US wins on software and innovation, not cheap labor. Leapfrogging legacy infrastructure through AI and advanced technologies is the play.
- The best companies are seeing contracts follow the hype like @HadrianInc's recent deal with the US Navy: https://t.co/v3UCcluBXq
- Conviction comes from understanding spaces deeply and backing exceptional founders, not riding a wave.

Watch the full segment on Bloomberg Tech.

[Construct Capital @constructcap]

Excited for @RachelJHolt to moderate the conversation “From Extraction to Execution: Rebuilding America’s Industrial Base for Strategic Competition” at @HillValleyForum today alongside James Litinsky (MP Materials), Rep. Riley Moore, and Michael Duffey (Department of War).

Beginning at 1:36 PM, together they’ll dig into what it actually takes to move from policy to production—and how the U.S. can rebuild real industrial capacity in a moment of accelerating global competition.

Thrilled to be part of the Hill & Valley Forum for a fourth consecutive year.

Watch live at https://t.co/Pxv0udb52e

[Hadrian @HadrianInc]

It’s official: Hadrian’s Factory of the Future 4 in Cherokee, Alabama is open.

Under the leadership of @POTUS and @SECWAR, we heard remarks from @SECNAV, @SenKatieBritt, @SenTuberville, @SenatorWicker, @RepMikeRogersAL, @Robert_Aderholt, and VADM Gaucher.

Thank you to the 4,000+ Alabamians who joined us and showed what’s possible when we build in America again.

This partnership marks the start of Hadrian, the Navy, and the @DeptofWar’s reindustrialization campaign in support of the President’s Restoring Maritime Dominance EO, Peace Through Strength agenda, and the Golden Fleet.

[Construct Capital @constructcap]

@HadrianInc just opened Factory 4 today:
- 2.25M sq ft
- $2B invested
- 1,000 jobs

This is the Modern Reindustrialization Era in action—rebuilding how America's foundational industries work faster and at scale.

Proud to be an early investor and board member.

[Hadrian @HadrianInc]

https://t.co/IQbyRBVICJ

[Construct Capital @constructcap]

@AetherfluxUSA is taking AI compute to orbit.

This week: Capitol Hill conversations + NVIDIA partnership to deploy next-gen AI infrastructure in space.

Orbital compute bypasses grid constraints—and it’s coming faster than most expect.

This is the Modern Reindustrialization Era, extending beyond Earth.

[NVIDIA Newsroom @nvidianewsroom]

Space computing, the final frontier, has arrived 🛰️

#NVIDIAGTC news: NVIDIA is collaborating with @AetherfluxUSA, @Axiom_Space, @KeplerComms, @planet, Sophia Space and Starcloud to bring AI and accelerated computing to space, powering geospatial intelligence and autonomous space operations.

🔗 https://t.co/lYwEKwJ6Gs

[mac bohannon @macbohannon]

gm today we're launching a factory @HadrianInc

[Cowboy Space Corp. @CowboySpaceCorp]

Aetherflux is taking AI compute to orbit with @nvidia to launch the new era of space innovation.

This includes bringing the NVIDIA Space-1 Vera Rubin Module, IGX Thor, and Jetson Orin to space, powering geospatial intelligence and autonomous space operations for next-generation space missions.

We are deploying advanced satellite constellations designed to act as high-performance hubs for AI compute in orbit.

[Construct Capital @constructcap]

BackOps just announced a $26M Series A led by @TheoryVC.

We led the Seed because we believed in the thesis early: Supply chains don’t need another dashboard. They need software that actually does the work.

@Backopsai is building the world’s first AI-native operating system for supply chain, automating the endless operational tasks that slow logistics teams down.

The results are already real:
• 35–60% daily time savings for operators
• Inquiry response times cut from 30 minutes → under 2
• 100% of eligible carrier claims automatically filed

Excited to continue backing the team alongside Theory, Gradient, and 10VC.

Big things ahead.

https://t.co/mDVNXdQQSr

[Swarm Aero @SwarmAero]

Modern conflicts are decided in the air. Swarm Aero is building a radically effective way to scale air power.

We're proud to share that we've raised $35 million in Series A funding, led by @TwoSigmaVC and @SilentVentures and joined by our seed investors @khoslaventures, @ScribbleVC, @friendsfamcap, @constructcap, @coatuemgmt, @foundersfund, @alumniventures, and @MaCVentureCap! This brings total capital raised to $59M to accelerate the deployment of our large UAV and the swarm software that enables drones to be controlled at scale.

While smaller drones pack smaller punches and require assistance to get to the fight, our large, multimission UAV can cover long distances and defeat high-value targets. Designed to manufacture at unprecedented volume and cooperate with superhuman dexterity, our UAV achieves asymmetric impact at dramatically lower cost than traditional aircraft.

The future world order depends on who controls air power. Swarm is building the technologies needed for deterrence and dominance in the 21st century. And we’re hiring!

Read more in @axios' Future of Defense exclusive on the raise (thank you @demarest_colin!) and our press release:

https://t.co/YzxMCi53Bh

https://t.co/9PQzJKAkX2

[Construct Capital @constructcap]

@SwarmAero is out of stealth with a $35M Series A.
We led the Seed because we believed in the thesis early: Air defense must shift from scarce + exquisite to scalable + software-defined.

Swarm is building:
• Large, multimission UAVs
• High-rate composite manufacturing
• Legion — software enabling many-to-one operator control

Rebuilding American resilience requires software-native systems, modern production techniques, and teams willing to rethink first principles; Swarm represents exactly that.

Proud to continue backing the team here.
https://t.co/6Sa1gRQgUr

[Producer Ben @RealProducerBen]

Recently on @tbpn

[TBPN @tbpn]

Happy Tuesday. On today's show:

- @kris (Crypto & AI dot com)
- @vincenzolandino (Business of Speed)
- @ethanrthornton (Mach Industries)
- @c_valenzuelab (Runway)
- @bradsvrluga (Primary)
- @daynagrayson (Construct Capital)
- @ashleevance (Core Memory)

See you on the stream.

[Construct Capital @constructcap]

Catch @daynagrayson on today’s TBPN podcast breaking down why Foundational Industries are one of the biggest opportunities of the next decade.

Tune in live @tbpn (Dayna on at 1:50pm PT / 4:50pm ET) 👇

https://t.co/lBq4trCbWZ

[Construct Capital @constructcap]

We’re thrilled to share that @CamilaSaruhashi has been promoted to Partner at Construct Capital.

Camila has had a meaningful impact across the firm and with the founders she partners with. Having built and scaled companies herself, she brings deep empathy for entrepreneurs and lives Construct’s values every day—pairing thoughtful judgment with rigorous analytical depth as we continue to scale our funds, portfolio, and collaboration with founders transforming Foundational Industries.

Congratulations, Camila!
https://t.co/0wRpgiYKjz

[Construct Capital @constructcap]

Catch Construct Capital Co-Founder & Managing Partner @RachelJHolt at @ManifestFOL Vegas moderating a panel on Redefining What’s Possible in Supply Chain Visibility on Tuesday, February 10th at 10:20am.

She’ll be joined by executives and founders from across the value chain, including Joyce Crute (@Acer), Mathew Elenjickal (@FourKites), Owen Nicholson (@SlamcoreLtd), and @davezingery (@MidmoAi).

Together, they’ll explore what supply chain visibility actually looks like in practice today, what’s still missing to unlock true automation, the role of autonomous AI agents, where real cost savings will come from—and the hard realities of implementing software in the physical world.