Episode 103 | Inside The Defense VC Boom | Nick Snoad

I sat down with Nick Snoad, VP at Marlinspike, to talk about the surge of capital into defense and dual-use tech—and how he actually evaluates teams, markets, and milestones at the earliest stages.

What we get into:

- Why dual-use matters: bigger markets, more paths to scale

- How stage changes the bar: from “prove the tech and market” at seed to “execute and expand” post-A

- Using non-dilutive routes (SBIRs, DIU, OTAs, TACFI/STRATFI) without losing the product roadmap

- Where adoption is slow and where it’s breaking open: autonomy, simulation-driven wargaming, and the factory OS

- Sectors on his radar now: energy (incl. nuclear and geothermal) and data-enabled manufacturing

- What “value-add” looks like in defense VC (it’s not just a check)

- Team signals he trusts: balanced founding groups, clear hiring plans, self-awareness on when to bring in a scaler

- Advice to vets breaking in: go learn inside a startup, then decide if investing is your lane

https://marlinspike.substack.com/ 
https://marlinspike.us/ 


Connect with Nick: https://www.linkedin.com/in/nick-snoad-340389157/ 

Connect with me: https://www.linkedin.com/in/gregtoroosian/