Valley of Depth

In this episode of Valley of Depth, we sit down with Regent cofounder and CEO Billy Thalheimer to explore a radical reimagining of coastal mobility, not with eVTOLs or hyperloops, but with high-speed electric seagliders that skim just above the water.Part hydrofoil, part aircraft, and fully electric, Regent’s vehicles operate in the sweet spot between aviation and maritime. They’re fast enough to replace short-haul flights, regulated like boats, and increasingly viewed by the Pentagon as a new class of strategic asset.Billy walks us through Regent’s founding story, from MIT aerodynamics to launching the world’s largest electric aircraft-by-another-name. We dive deep into the company’s dual-use strategy, its multibillion-dollar commercial backlog, and its early defense work with the U.S. Marine Corps.We also get into:The technical magic behind “float, foil, fly”Why flying 10 feet above water solves big infrastructure problemsRegent’s bet on maritime-first regulationHow seagliders fit into Indo-Pacific logistics and contested environmentsThe case for a new coastal transportation layer and why no one’s built it until now• Chapters •00:00 – Intro01:01 – Why Rhode Island?03:15 – Startup community in Rhode Island07:17 – Founding and origin behind Regent12:10 – How things have changed since the ekranoplan19:05 – How Regent's planes handle a rogue wave20:52 – State of Regent's product build24:35 – Who will be Regent's first operators?26:11 – Regent's regulatory process as a maritime vessel31:59 – What happens when the FAA decides to be involved?36:02 – Commercial vs government use38:15 – When did Regent start talking with the DoD?43:34 – Scaling for dual use commercial vs military46:34 – Raising $90m and common skeptical questions49:39 – What does success for Regent look like?• Show notes •Regent’s website — https://www.regentcraft.com/Regent’s socials — https://x.com/regentcraftMo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/• About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

In this episode of Valley of Depth, we sit down with Xcimer Energy’s cofounders, Conner Galloway and Alexander Valys, to unpack one of the boldest bets in fusion: resurrecting a Cold War-era laser technology to build the fastest, most scalable path to commercial fusion power.Xcimer has raised over $100 million to bring its inertial confinement fusion system to life, starting with LPK, a high-powered prototype laser built in just four months, and progressing toward Vulcan, a full-scale, ignition-class reactor designed for the grid. We also discuss:Why excimer lasers are making a comebackWhat Xcimer learned from building LPK in just four monthsThe Phoenix-to-Vulcan roadmap for commercial fusionLessons from NIF’s ignition milestone and its limitsThe case for fusion as infrastructure, not just scienceHow Xcimer is positioning itself in a crowded fusion landscape…and much, more. • Chapters •00:00 – Intro01:24 – Payload Pro02:06 – Recent changes in fusion03:29 – Commercial fusion and perceptions on the tech05:18 – Founding story of Xcimer06:51 – Common approaches to fusion today08:48 – Was the National Ignition Facility (NIF) the catalyst to start Xcimer?12:22 – Convincing investors to invest $100m into Xcimer13:34 – What is NIF's goal right now and can it produce electricity?18:04 – Why hasn't the private sector solved the fusion problem?20:25 – Xcimer progress report23:07 – Xcimer's roadmap for the next bigger machine24:41 – Coming up with Athena25:33 – Addressing neutron damage29:54 – The biggest unknown for Xcimer32:29 – Who are Xcimer's first customers35:03 – Cost per megawatt per hour to be competitive37:23 – How much of Xcimer's supply chain is being verticalized38:48 – Vaporizing a missile with a laser41:27 – Other fusion companies Alex and Connor admire44:28 – What inspires a founder or engineer to pursue less proven fusion methods?47:28 – What drives Alex and Connor to keep on going?49:02 – First commercial Xcimer fusion plant • Show notes •Xcimer’s website — https://xcimer.energy/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear /  https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com 

Mikkel Vestergaard isn’t a typical aerospace founder. Before building solar-powered stratospheric airships, he spent two decades in humanitarian innovation, distributing a billion malaria nets, co-creating the LifeStraw, and helping eradicate Guinea worm disease. Now, as CEO of Sceye, he’s applying that same ethos to aerospace.In this conversation, Mikkel dives deep into the origins, design, and future of High-Altitude Platform Systems (HAPS). We explore why the stratosphere is emerging as a new layer of infrastructure, filling the gap between satellites and towers, and how Sceye’s helium-filled, solar-powered airships could reshape internet connectivity, earth observation, and national security.We cover:Why Mikkel pivoted from global health to aerospaceThe engineering that makes persistent stratospheric flight possibleHow Sceye closes the “power loop” to stay aloft for monthsCommercial applications from telecom to methane detectionStrategic partnerships with SoftBank, América Móvil, and MawaridThe defense potential of HAPSThe business model behind “infrastructure as a service”What it takes to build investor conviction around a platform that feels left-field• Chapters •00:00 – Intro01:52 – Life before Sceye02:51 – Work at Lifestraw06:31 – What is Lifestraw?07:50 – Making the pivot from global health to aerospace and working at Sceye10:52 – HAPS or High-Altitude Platform Systems12:25 – Why choose a balloon over a fixed wing aircraft?14:04 – Types of payloads16:06 – Not Hindenburg 2.016:48 – How Mikkel's earlier material science experience shaped Sceye's design decisions18:09 – Pitching Sceye to investors19:16 – Common misconceptions of stratospheric platforms20:41 – What can HAPS do for the telecommunications industry?25:03 – How many HAPS would we need to provide global coverage?25:24 – Sceye's equity investor partners26:00 – When Sceye will be fully commercialized28:34 – Other use cases31:33 – Advantages over satellites32:34 – National security use cases33:31 – The business model of HAPS34:52 – Sceye's next iteration of customers35:40 – How Sceye is building their team36:56 – Manufacturing process and scaling37:53 – Capital to scale38:25 – What keeps Mikkel up at night39:38 – What does success to Sceye look like • Show notes •SCEYE’s website — https://sceye.com/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

Julien Barber is an investor at Emerson Collective, a venture and policy firm founded by Laurene Powell Jobs, where he backs bold bets on decarbonization, infrastructure, and long-horizon climate technologies. Before becoming an investor, Julien researched fusion energy at MIT and co-founded a carbon-tech startup. In today’s episode, we go deep into Julien’s investing philosophy, Emerson’s unique model, and the hard tech categories he believes are most undercapitalized.We cover:Why Emerson is structured for risk others can’t takeFusion, fission, and the evolving energy stackAI’s impact on power demand and hardware accelerationHow to invest when the grid is the bottleneckBuilding conviction in hard tech when capital is scarcePublic vs. private roles in scaling fusionWhat a 7-million-fold increase in energy density may actually look like• Chapters •00:00 – Intro01:49 – From scientist to investor04:37 – Why Julien chose fusion08:57 – Investment process at Emerson10:08 – The team at Emerson12:15 – Is Emerson consensus-driven and why is it an LLC?14:07 – Under-invested areas in climate & industrial tech17:24 – Are AI valuations reasonable today?18:59 – Bottlenecks in the grid23:11 – AI energy consumption: hype or real concern?27:10 – Bridging the energy gap29:20 – Fusion’s role in the next decade31:24 – Google & Commonwealth Fusion: serious commercial signal?32:37 – Are we underinvesting in fusion?39:12 – Who will reach commercial fusion first?41:36 – 30-year future if fusion succeeds • Show notes •Emerson’s socials — https://x.com/emcollectiveEmerson’s website — https://www.emersoncollective.com/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

Welcome to a special Tuesday-edition of Valley of Depth, powered by Integrate.John Conafay spent years inside the space and defense worlds, from Spire to Astranis to the U.S. Air Force, and saw the same problem everywhere: complex programs were managed with spreadsheets, slide decks, and…crossed fingers. So in 2022, he founded Integrate to fix it. What started as a scrappy startup with five engineers has since landed what he describes as one of the largest software contracts in Space Force history. We discuss: Why defense programs are still run on outdated, fragmented toolsWhat Integrate actually does and how it’s different from Smartsheet or Microsoft ProjectHow Conafay won a $25M Space Force contractThe architecture choices behind real-time collaboration in classified environmentsWhy internal tools and status quo software can’t scale with complexityAnd much, much more… • Chapters •00:00 – Intro01:57 – John's background02:59 – What is Integrate?04:02 – Pain points in complex project management06:08 – John's interest in aerospace10:01 – Core product at Integrate11:20 – Why tools weren't implemented before12:50 – DoD project management & efficiency loss14:29 – Multiplayer coordination approach16:19 – Hardest integration problem17:40 – Security architecture20:17 – Go-to-market & government entry22:18 – $25M Space Force contract26:14 – Future Space Force goals27:59 – Government vs commercial customers29:16 – Pricing30:13 – Profitability, team, funding, scaling32:23 – Ideal investor33:20 – Competitors34:50 – Competing with internal tools36:01 – 10-year product vision37:36 – Strategic risks in the next decade39:42 – Hardest part of building Integrate41:34 – Misconceptions about working with the DoD42:55 – Advice for founders & younger self43:53 – John in another life • Show notes •John’s socials — https://x.com/jconafayIntegrate’s socials —https://x.com/Integrate_coIntegrate’s website — https://integrate.co/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear /  https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/  • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

Chris Kemp, CEO of Astra, shares his rollercoaster journey of taking the company public and navigating rapid ups and downs in the space industry. He discusses the dramatic collapse of Astra's valuation and the lessons learned from the failures of Rocket 3. Kemp provides insights into the decision to take Astra private, the success of their satellite propulsion business, and the ambitious development of Rocket 4. He reflects on his leadership style, the importance of teamwork, and how Astra aims to align with national defense needs while optimizing their launch capabilities.

Jeff Thornburg helped build Raptor at SpaceX. Now he’s building something new: a spacecraft designed for rapid maneuverability across orbits powered by solar thermal propulsion.In this episode of Valley of Depth, we get into the technical, strategic, and commercial implications of in-space mobility and why it matters now. Topics include:The hardest parts of building a rocket engine (and why most startups get it wrong)The origins of the Raptor engine and lessons from SpaceXWhy Portal is betting on solar thermal propulsionHow Supernova enables fast, responsive movement across LEO, MEO, and GEOThe case for refueling in orbit and designing without dependenciesWhy defense needs faster spacecraft and what commercial use cases followHow Thornburg sees Starship changing the economics of spaceand much more… • Chapters •00:00 – Intro01:44 – What drew Jeff to creating engines?05:13 – Why is building rocket engines still so difficult?11:50 – Jeff's time at SpaceX17:52 – Stratolaunch and Commonwealth Fusion and why Jeff moved on22:50 – Origin of Portal25:25 – Commercial use case27:00 – 5 year vision for Portal's architecture32:01 – Pricing34:52 – Solar thermal propulsion38:14 – What comes after Portal's Supernova?41:15 – Customer traction and Supernova flight45:44 – Competition in solar thermal propulsion49:20 – Fundraising prior to the first launch51:18 – Portal in the next 10 years54:53 – State of Starship • Show notes •Jeff’s socials — https://x.com/JeffThornburgAntares’ socials — https://x.com/PortalSpaceSysAntares’ website — https://www.portalsystems.space/Mo's socials — https://twitter.com/itsmoislamPayload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspaceIgnition’s socials — https://twitter.com/ignitionnuclear /  https://www.linkedin.com/company/ignition-nuclear/Tectonic’s socials  — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us •Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.Payload: www.payloadspace.comIgnition: www.ignition-news.comTectonic: www.tectonicdefense.com

Jordan Bramble, co-founder and CEO of Antares Nuclear, dives into the exciting world of microreactors, spotlighting their strategic importance for defense and space applications. He discusses the shifting public and political support for nuclear energy, driven by both climate concerns and national security. The conversation also touches on the complexities of nuclear fuel supply chains and the U.S.-China dynamics in nuclear technology. Bramble shares insights on how small modular reactors can complement traditional systems and the future of nuclear innovations.

Blake Scholl, Founder and CEO of Boom Supersonic, is on a mission to revive commercial supersonic travel. He discusses the U.S. government's decision to lift a 50-year ban, which opens new horizons for aviation. Scholl reveals the technological innovations Boom is creating to ensure sustainable and economically viable flights. He also highlights the challenges of engineering ‘quiet boom’ technology and the importance of collaboration with regulators. In a world where faster travel is becoming essential, Scholl believes the future of air travel is not just about luxury but necessity.

Even Rogers, CEO of True Anomaly and former Air Force weapons officer, discusses the urgent need for the U.S. to prepare for potential conflicts in space. He highlights a pivotal moment in 2007 that shifted the perception of space as a battleground. Even dives into the importance of advanced autonomous systems for defense and the role of both public and private sectors in innovation. He also addresses the strategic necessities for the Space Force and the complexities of missile defense, painting a picture of what space superiority truly means.