April 2025 Edition

Cyrus Ventures is continuing to make moves in the defense tech and energy sectors. This April update covers our upcoming Arbor Energy investment plus our recent backing of Icarus, Impulse Space, and Stoke Space. Several more promising deals are in the pipeline as we work through funding and terms.

Bob Urberger (co-founder of Radiant Nuclear) just joined our advisory team, bringing valuable technical expertise. I’ve also included market updates on thoughts on how these tariff discussions might affect our industries. Take a look!

Portfolio Spotlight

Cyrus is proud to support innovative companies in defense tech and energy:

• Arbor Energy Series A: Cyrus is finalizing an investment in Arbor Energy, with terms nearly set with the CEO for their Series A round. Arbor has secured the majority of funds needed from exceptional investors, including a large lead check from an Israeli climatech fund. A co-investment SPV is actively available—reach out to learn more about this opportunity.

• Icarus Pre-Seed Extension: Cyrus has closed its investment in Icarus, where the team is conducting flight tests in preparation for government demonstrations. Additionally the team has been maintaining positive conversations with potential purchasers pending successful stratospheric tests.

• Stoke Space & Impulse Space SPVs: Through the fund’s venture partnerships, Cyrus closed two SPVs into Stoke Space and Impulse Space, separate from our portfolio.

  • Stoke Space recently won a $5.3B NSSL contract alongside Rocketlab, and has a >$1B commercial pipeline. They’re aiming for a first vehicle launch by late 2025 or early 2026.

  • Impulse Space just closed a $250M raise led by Linse Capital and DFJ Growth, and is 2 for 2 on launched vehicle success with their Mira vehicle, which is actively conducting maneuvers in space.

Team & Strategy

Cyrus leverages an advisory team of industry veterans to drive our investment strategy and portfolio success. This month, we welcomed new technical advisor Bob Urberger, enhancing our expertise in aerospace and energy:

• Andrew Shapiro, CTO of Proteus Space: A satellite technology expert driving innovation in space systems engineering.

• Neil Mason, Chief of Mechanical at Antares Nuclear: A mechanical engineering expert advancing small modular reactor designs.

• Meharban Sobti, Founder of Eyehat Consulting: An electrical engineering and avionics specialist with deep experience in rocket technology.

• Bob Urberger, Co-founder and Former CTO of Radiant Nuclear: A computer engineering specialist and nuclear technology pioneer.

Cyrus leverages exclusive industry insights from our advisors, many of whom have collaborated throughout their careers, providing unique access to insights on engineering talent. This has prevented investments in less capable teams and led to introductions to brilliant engineers starting new ventures, where Cyrus can be an early investor. Our advisors’ technical expertise allows us to ask founders critical questions, distinguishing those with well-thought-out growth strategies from the merely performative. This approach has already facilitated strategic partnerships for Icarus, accelerating their path to government demonstrations.

Market Insights

Here are notable developments from recent months across defense and energy:

• Golden Dome Initiative: The Trump administration’s Golden Dome missile defense project, aiming to counter advanced missile threats with space-based interceptors, received a significant boost in a $150 billion funding increase proposed by the Armed Services Committees on April 27, 2025, per Breaking Defense. Of this, $25 billion is slated for the Golden Dome initiative, including $15 billion for satellites, sensors, launch infrastructure, and space-based interceptors.

• Anduril’s Counter-Drone Contract: In March 2025, Anduril secured a $642 million, 10-year contract with the U.S. Navy to deliver counter-drone systems for the Marine Corps, as reported by Defense One. This deal is one of many underscoring the growing importance of counter-unmanned aerial vehicles (UAVs).

• Defense Tech Contract Wins: Startups are notably winning increasingly larger contracts. Some recent notable wins (over $100M) include Shield AI’s $198 million contract with the U.S. Coast Guard in July 2024 for its V-BAT AI surveillance drones, Palantir’s $480 million contract in May 2024 for its Maven Smart System to enhance battlespace awareness, Anduril’s $250 million contract in October 2024 for its Roadrunner counter-drone interceptors, and Palantir’s $178 million deal in 2024 for the Army’s TITAN ground station program.

• U.S. vs. China Nuclear Power: The U.S. is accelerating nuclear innovation, with companies like Kairos Power and X-Energy selected by the Defense Innovation Unit to develop microreactors for military bases, per the DIU. Meanwhile, China’s nuclear capacity is growing rapidly, with 27 reactors under construction as of 2025, outpacing the U.S.’s 3, according to the World Nuclear Association. This gap highlights the urgency for U.S. investment in clean energy to maintain strategic leadership.

Tariff Related Market Considerations: Cyrus’ U.S.-based portfolio company, Icarus, and future company Arbor Energy, source materials domestically, providing a moat against potential 2025 tariffs on imported technologies.

Until Next Time

Thank you for reading this edition. Cyrus will be back in May with more insights and opportunities. As the fund’s GP, I’ve been traveling to connect with investors—recently in Austin, Aspen, and Las Vegas, and soon heading to New York and Miami. If you’d like to meet in person to discuss the Cyrus strategy and opportunities; reach out by emailing me here. I believe successful businesses grow from relationships with people you know, like, and trust, and face-to-face meetings are the foundation in building those connections.

Regards,
Jordan Yashari
Founder & General Partner
Cyrus Ventures