Field of View (FOV) - June 2026

Early-Stage Aerospace & Defense Newsletter.

Author

Approach Venture
July 02, 2026

Comprised of experienced startup operators and former military, Approach Venture was formed to enable founding teams building the future of frontier technology to achieve their full potential.

Approach supports frontier technology startups across fundraise, business development, proposal writing and recruiting efforts as well as larger organizations with technology scouting, due diligence, market intelligence and formulating investment theses.

CONTACT APPROACH to learn more. Follow us on LINKEDIN.

Our team is pleased to welcome Brandon Waterbury to Approach who joins us following time at Leidos, SpinLaunch and Auriga Space leading a combination of business operations as well as proposal and capture efforts in pursuit of dual-use customers.

Welcome to Approach, Brandon!

BREAKING THE SINGLE-SOURCE CHOKEHOLD ON RDX AND HMX.

The binding constraint on Western warhead output is no longer design, fuzing or final integration. RDX and HMX, the nitramine explosives behind nearly every U.S. warhead and a large share of gun and rocket propellant, are produced domestically at essentially a single site: Holston Army Ammunition Plant in Kingsport, Tennessee, running an estimated two to three thousand tons of RDX per year against demand that now spans everything from quarter-pound counter-UAS payloads to hypersonic weapons. No new explosives plant has been built in the United States in roughly a hundred years, the government owns Holston's entire output and queues allocation by program priority, and the result is a single point of success that keeps the enterprise running and a single point of failure that stalls it. Warhead integrators delivering systems in-theater are quoting 52-week lead times on anything requiring explosive fill, with every new contract simply getting in line behind whatever the government prioritizes, and even the largest production-scaling awards (a recent multi-billion-dollar program to quadruple interceptor output among them) are waiting roughly a year for product. DoW is treating the gap as strategic, with a 2026 modernization push at Holston spanning new nitration, melt-cast and drying lines, a new RDX/HMX center of excellence stood up at Blue Grass Army Depot, and roughly $900M+ for energetics manufacturing in the FY26 budget, even as legacy assets like Radford sit largely un-bid because they predate modern safety code and carry unresolved liability.

A new wave of producers is attacking the chokepoint with continuous-flow synthesis of RDX and HMX that eliminates fuming nitric acid, runs low-waste and modular, and borrows the commercial chemical industry's playbook of prefabricated, off-site-built process modules in place of acre-scale stick-built batch plants. The parallel battle is qualification and certification: DDESB explosive safety board approvals and Navy and Indian Head qualification today run two to three years across multiple government gates, and the telling distortion is that it is currently easier to ship qualified material to allied end users in Ukraine, who will accept close-enough Class 1/Class 2 material against a third-party certificate of analysis, than to clear the domestic mil-spec path. For founders, the pull is clearest where a process demonstrates a credible, accelerated qualification pathway into existing munitions and missile programs of record, where it relieves the load-assemble-pack and coated-product (CXM, phlegmatized) bottleneck rather than just shifting it one step downstream, and where domestic, modular sourcing of RDX and HMX measurably removes Holston as the single point of failure on the warhead bill of materials.

PENTAGON WARGAMING ITS INDUSTRIAL BASE.

For decades, defense production readiness has been assumed rather than tested, an article of faith that primes and their qualified sub-tiers could surge if called upon. Ukraine, the Red Sea and Operation Epic Fury have made clear that assumption no longer holds, and the Department of War's new Defense Manufacturing Readiness Exercise (DMRE) is the clearest signal yet of how the Department intends to close the gap. The word exercise is the tell. Rather than buying finished systems, DoW is rehearsing the industrial base itself, identifying private-sector manufacturers, matching them to bounded production roles, and progressing them from screening into prototype and readiness milestones. The opening scenarios are deliberately narrow, Group 3 UAS (the 55 to 1,320 lb tactical tier) and munitions wiring harnesses and electrical interconnect assemblies, spanning design, component, subsystem, assembly, inspection, test and supplier-network roles. What is genuinely new is who DoW is recruiting: the exercise explicitly reaches for companies with little or no prior defense contracting experience, treating latent commercial manufacturing capacity as a strategic reserve to be mapped, stress-tested and activated on demand, a factory-floor analog to the Civil Reserve Air Fleet that the Department is calling a Civil Reserve Manufacturing Network.

The structural shift matters more than any single exercise. DMRE runs through the same OTA machinery, the Defense Industrial Base Consortium (DIBC), S2MARTS and Cornerstone's SAMDIB initiative, that has quietly become the Department's default fast lane for pulling non-traditional producers into the base, and it reframes surge capacity as something to be discovered and qualified in peacetime rather than assumed in a crisis. The center of gravity is moving toward attritable-platform builders, software-defined and advanced manufacturers, and contract producers who can demonstrate real, surge-capable capacity, precisely the profile the traditional acquisition system has struggled to reach. We expect the underlying model, bounded readiness exercises in critical production ecosystems, to spread well beyond UAS and wiring harnesses over the next 12 to 18 months, and to become one of the primary ways the Department maps and mobilizes the manufacturing base it will depend on in a protracted fight.

THE SPACEX LIQUIDITY CALENDAR.

SpaceX went public on June 12, pricing at $135 a share and raising $75 billion in the largest IPO in history. For founders competing for space and defense talent, the more important detail is the calendar SpaceX built around it. Instead of one lockup expiration date, employees are working through a staggered release schedule. The first meaningful liquidity comes in late July or early August, when 20% of eligible shares unlock around Q2 earnings, with an extra 10% possible if the stock has traded well above its IPO price. More tranches release every few weeks through the fall, a larger portion unlocks after Q3 earnings, and the remaining shares clear on December 8. Musk's own shares are held to a separate, longer lockup that runs a full year, but for most of the workforce, the equity that has kept people in their seats now has real dates attached to it.

This matters for how founders think about timing. Candidates who were waiting to see what happened with the IPO now have specific windows where that equity becomes usable, and that changes how they think about staying versus leaving. There isn't a single moment to plan around, there are several between now and December, with the largest wave likely once the full lockup clears in December. Founders who start building relationships with SpaceX talent now, before people are actively looking, will already know the players by the time equity turns into a real decision. Waiting until December means starting those conversations at the same time as everyone else.

FEATURED JOB OPENINGS.

LEAD MECHANICAL ENGINEER: Robotics startup developing advanced hardware systems that combine computing, communications, precision engineering, and automated manufacturing. This role leads the design and development of critical mechanical systems, owning hardware from early concept through validation and production while helping define how complex technologies transition into scalable products. You'll drive mechanical architecture, product integration, design-for-manufacturing, and reliability across highly integrated hardware platforms. Solve multidisciplinary challenges, influence key technical decisions, and help build the engineering foundation of a rapidly growing hardware company.

Location: Austin, TX (on-site)

PRINCIPAL MECHANICAL ENGINEER: Defense startup developing fixed-wing unmanned aircraft systems with active programs driving the need for scalable, runway-independent launch capabilities. This role owns the architecture and development of the aircraft's launch system. Lead the evaluation and design of launch approaches spanning pneumatic, hydraulic, rail, catapult, and other mechanical systems while working across structures, actuation, dynamic loading, manufacturing, and field testing to mature hardware from concept through production. You’ll shape a critical subsystem that directly impacts operational capability, making it an ideal opportunity for someone who enjoys solving multidisciplinary engineering challenges and building hardware that transitions quickly from prototype to real-world deployment.

Location: Fort Worth, TX (on-site)

LEAD QUALITY ENGINEER: Venture-backed advanced manufacturing startup developing composite production technology for A&D. This role will build the company's quality foundation while working closely with manufacturing and engineering teams to ensure products meet demanding performance and reliability standards. The position combines hands-on work across composite manufacturing, inspection, testing, and process improvement with ownership of the systems needed to support production at scale, including AS9100, supplier quality, and quality management processes. As the company grows, you’ll lead the broader quality organization, making it a strong fit for someone who enjoys balancing day-to-day manufacturing with long-term operational impact.

Location: Los Angeles, CA (on-site)

LEAD ELECTRICAL ENGINEER: Seed-stage energy technology startup developing next-generation power generation systems for industrial-scale applications. This role owns the electrical architecture behind the platform, leading power conversion, electrical integration, and system-level design from early concept through testing and production. Working closely with the founders and a multidisciplinary engineering team, you'll define key electrical systems including generators, power electronics, motor drives, transformers, and protection systems while helping guide technical decisions, supplier strategy, and hardware development. This role offers broad technical ownership and the opportunity to shape a first-of-a-kind energy platform as it moves from prototype to commercial deployment.

Location: Los Angeles, CA (on-site)

ROBOTICS SOFTWARE ENGINEER: Stealth, venture-backed advanced manufacturing startup developing robotic production systems that combine automation, motion control, welding, and additive manufacturing technologies. This role focuses on the software that powers the machines, building the infrastructure behind robotic control, hardware integration, telemetry, and real-time system behavior. You'll help bring complex industrial systems from development into production while solving challenges across robotics, machine orchestration, and hardware-software integration. Work closely with the hardware and help define the software foundation behind a new generation of automated manufacturing systems.

Location: Los Angeles, CA (hybrid)

LEAD TURBOMACHINERY ENGINEER: Energy startup developing supercritical CO₂ (sCO₂) power generation systems for future energy infrastructure. This role leads the design and performance of the rotating machinery at the core of the platform, owning compressor and turbine development from early concept through testing and production. You'll drive aerodynamic design, hardware validation, and system integration while collaborating across mechanical, thermal, structural, and manufacturing disciplines. Solve challenging turbomachinery problems and help bring first-of-a-kind sCO₂ power technology from prototype to commercial deployment.

Location: Los Angeles, CA (on-site)

HEAD OF FLIGHT SOFTWARE: Seed-stage space startup developing advanced spacecraft and in-space mobility systems for commercial and national security missions. This role leads the flight software organization, owning the architecture, development, and long-term direction of the embedded systems that power the vehicle. You'll drive software development across avionics, mission management, command and telemetry, communications, health monitoring, and hardware integration while helping mature systems from early development through flight readiness. It's a high-ownership role leading technical strategy while remaining hands-on in the development of flight-critical software for next-generation spacecraft.

Location: Los Angeles, CA (on-site)

LEAD ELECTRICAL ENGINEER: Seed-stage space startup developing high-speed alternative launch technology for government and commercial applications, with active government contracts and a growing engineering team. This role owns the design and development of critical electrical systems across a highly integrated platform, leading hardware architecture, electronics development, integration, and testing from concept through deployment. It's a strong opportunity for an engineer who wants broad technical ownership, enjoys building first-of-a-kind hardware, and is excited to help shape both the product and engineering organization during a critical stage of growth.

Location: East Bay, CA (on-site)

SENIOR APPLICATIONS ENGINEER: Venture-backed robotics company developing standardized automation platforms that are transforming aerospace and defense manufacturing. This role serves as the technical bridge between engineering and the customer, leading deployments from requirements and commissioning through production readiness and long-term system optimization. Working across robotics, motion control, machine vision, software, and electromechanical systems, you'll partner with multidisciplinary engineering teams while helping customers successfully integrate complex automation into real production environments. It's a strong fit for an engineer who enjoys hands-on problem solving, working directly with customers, and influencing both product development and deployment strategy as the company continues to scale.

Location: Oklahoma City, OK (on-site)

LEAD ELECTRICAL ENGINEER: Deep tech startup developing advanced photonic and electronic hardware for computing, communications, aerospace, and national security applications. This role owns the electrical architecture behind the company's core hardware platforms, leading design, validation, and production readiness from early development through manufacturing. You'll drive system-level decisions across high-speed electronics, PCB design, signal integrity, power distribution, and hardware integration while helping establish the engineering processes needed to scale production. It's an ideal opportunity for an engineer who enjoys broad technical ownership, solving multidisciplinary hardware challenges, and shaping both the product and engineering organization during a critical stage of growth.

Location: Austin, TX (on-site)

DIRECTOR OF TEST OPERATIONS: Growing space company developing advanced spacecraft propulsion systems for commercial and national security missions, backed by private investment and an expanding portfolio of government and commercial programs. This role leads the strategy, execution, and growth of the company's test operations organization, overseeing facilities, infrastructure, operational excellence, and long-term scaling as development programs accelerate. You'll build the systems, processes, and teams needed to support multiple concurrent test campaigns while helping shape future facility expansion and capital investments. Build the organization from the ground up and create the infrastructure that enables complex hardware programs to move rapidly from development to production.

Location: Thousand Oaks, CA (hybrid)

TRACKED SOLICITATIONS

Below contains several active and upcoming Phase I, D2P2 and other opportunities within the Aerospace & Defense ecosystem.

ACTIVE.

  • APFIT - Low-Rate Initial Production Funding Through OUSW R&E

  • Space Force's TACFI solicitation is now rolling, unlike the Air Force TACFI which closed on 6/29

  • USAF SBIR D2P2 - Platform-Agnostic, Open Architecture, Advanced Automated Search & Track and Target Recognition Enhancement for Airborne, Fixed-Wing Special Operations Applications

  • Navy SBIR Phase I - NAVAIR & NAVSEA cUAS Open Topic

  • Navy SBIR Phase I - Terminal Defense Weapon System Coordinator

UPCOMING. (Note: Space Force is looking VERY light on startup funding opportunities and solicitations since SBIR Reauthorization occurred)

  • Army STTR Phase I - Asymmetric Collaborative Counter Swarm

  • USAF SBIR D2P2 - Very Low-Cost Kinetic Defeat for C-sUAS

  • USAF SBIR D2P2 - Advancing Assured Access: Integrated Digital Capabilities for the 2 SLS to Accelerate Mission Tempo and Readiness

  • DARPA SBIR D2P2 - Art of Novel Signals: Predicting and Forecasting with High Confidence

  • MDA SBIR Phase I - Universal Automated Control Assessment, Validation & Risk Correlation Platform for Hybrid DoW Environments

  • MDA SBIR Phase I - Event-Based Sensing Hardware and Algorithms for Navigation

  • MDA STTR Phase I - - Novel Ignition Systems for Multi-Pulse Solid Propellant Rocket Motors

  • SOCOM SBIR D2P2 - Advanced Stand-Off Detection of Concealed Materials (ASDCM)

  • Army SBIR Phase I - Asymmetric Collaborative Counter Swarm

  • USAF SBIR Phase I - Commercial-Derived Insights for Novel Tactical Surveillance, Reconnaissance, and Tracking (TacSRT) Capabilities

  • OUSW STTR Phase I - Collaborative Aided Target Recognition Using Next-Generation Foundation Models for Multi-Domain Unmanned Systems

  • OUSW SBIR Phase I - Adaptive AI-Driven Waveform Design

  • Strategic Breakthrough Awards, a new contract vehicle that both industry and government are still awaiting clarity on regarding how it will actually be structured and executed.

  • On-Orbit Space Logistics Challenge through SpaceWERX - workshop taking place late July

VENTURE UPDATE

HARPOON VENTURES CLOSES OVERSUBSCRIBED $155M FUND IV.

HARPOON VENTURES closed its oversubscribed Fund IV at $155 million, pushing the San Diego firm past $450 million in total AUM. Founded in 2018 by former Navy SEAL and Olympic medalist Larsen Jensen, Harpoon backs early-stage founders building mission-critical technologies across AI, deep tech, and defense. Fund IV builds on a portfolio inclusive of Aalo Atomics, Astranis, Kodiak, MatX, n8n, Solugen, and Starcloud, and will also feed Harpoon's Black Flag program (12 companies across three cohorts). Another signal that institutional capital is leaning further into the critical-technology base, with a credible path into government markets increasingly table stakes.

Link to Last Month’s Newsletter HERE.