Welcome to Cyrus Ventures Radar

Welcome to the first edition of Cyrus Ventures Radar. This newsletter shares the latest moves, market insights, and investment opportunities from Cyrus Ventures in defense and energy—sectors shaping the future of innovation. From groundbreaking nuclear fusion tech to stratospheric drones and reusable rockets, this edition is packed with updates and opportunities you won’t want to miss. Each edition will highlight the fund’s activities, potential deals, and key industry trends. Let’s dive into what’s new and what’s next.

Fund Updates and Opportunities

Cyrus is backing Deep Tech founders with experienced teams, targeting opportunities in both defense and commercial markets. Here are two new investments with active co-investment opportunities:

• Arbor Energy’s Series A: We're supporting Arbor Energy's Series A round, a company converting organic material into clean electricity for data centers using rocket-propulsion technology.

• Icarus Pre-Seed Extension: We're also supporting Icarus's pre-seed round, a company developing solar-powered stratospheric drones that function as "cell towers in the sky," providing vast coverage at 1/250th the infrastructure cost of traditional networks.

Co-investment is actively available for both Arbor Energy and Icarus — reach out to discuss how you can join us in supporting these innovative teams.

Additional SPV Opportunities

Cyrus is currently raising an SPV for the following aerospace opportunity, which offers a unique chance to invest in a later-stage company outside our fund’s primary focus:

• Stoke Space Series C Extension: Stoke Space, a company developing 100% reusable rockets to reduce the cost of space access, saw significant demand for its Series C round—this SAFE note is an overflow opportunity. The Cyrus family office is already heavily invested in Stoke , reflecting our confidence in their vision.
  Reach out to discuss how to get involved in this SPV — commitments close by March 31, 2025.

Current Focus

Cyrus is in deep active discussions and review with 14 companies across defense and energy.

Key areas of interest include:

As shown in the chart, Cyrus is heavily focused on defense tech opportunities. For example, Cyrus is exploring a defense tech company developing a next-gen maritime communication system to enhance secure naval operations. More updates will be shared as these conversations progress, including new potential investments in the coming months.

Market Insights

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

• Defense Budget Proposal: The U.S. House passed a proposed FY2025 defense budget of $895 billion on March 7, 2025, though it faces Senate opposition over non-defense spending cuts, according to Reuters. This budget would bolster key areas like defense manufacturing and autonomous systems.

• Japan’s Defense Spending Increase: Japan approved a 9.4% increase in defense spending for FY2025, totaling $55 billion, as reported by The Diplomat in December 2024. This budget includes funds for Lockheed Martin F-35 jets and a new medium-range missile, reflecting global trends in defense investment.
  
  

  

  Japan’s Defense Budget Growth (The Diplomat, 2024)

• Nuclear Energy Push in India: In February 2025, India’s Union Budget 2025-26 introduced a Nuclear Energy Mission with a $2.4 billion investment to develop Small Modular Reactors (SMRs), aiming to operationalize five indigenous SMRs by 2033, per The Economic Times.

• Geothermal Energy Milestone: In January 2025, Fervo Energy completed a 400 MW geothermal project in Nevada, one of the largest of its kind, set to power over 300,000 homes by 2026, as reported by Bloomberg.

Until Next Time

Thank you for reading the first edition. Cyrus will be back in April with more insights and opportunities. Feel free to reach out with any questions or potential collaborations.
What trends are you watching in defense or energy? Reply to share your thoughts.

Regards,
Jordan Yashari
Founder & General Partner
Cyrus Ventures