(Pronounced: ken-STRUCT as in "to build") Investing in extraordinary founders building technology to transform the most foundational industries of our economy.
Joined November 2019
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Construct Capital retweeted
The BEST @payloadspace & @tectonicdefense Investor Summit yet.
Over 150 companies and 140 investment firms representing over $8T of AUM in attendance.
Speakers:
Achal Upadhyaya — CEO, Interlagos
Adam Spice — CFO, Rocket Lab
Adarsh Kulkarni — Founder & CEO, Foundry Robotics
Akinori Yoshida — Director, SoftBank
Alan Tu — Portfolio Manager, WCM Investment Management
Alex Greenberg — COO, Loft Orbital
Amir Blachman — President, Outpost
Amol Helekar — General Partner, TCV
Andy Lapsa — CEO, Stoke Space
Andy Lowery — CEO, Epirus
Andy Markoff — CEO, Smack Technologies
Ashton Kutcher — Managing Partner, Decimal Capital
Brian Manning — CEO, Xona Space
Bridgit Mendler — CEO, Northwood
Chris Morales — Partner, Point72 Ventures
Chris Spagnoletti — CEO, Ursa Major
Connor Love — General Partner, a16z
Curt Blake — Senior of Counsel, WSGR
Dan Magy — CEO, Firestorm
Dan Piemont — CEO, Long Wall
Dan Wright — CEO, Armada
Dave Limp — CEO, Blue Origin
David Anderman — CEO, Sovera Space
David Tearse — CEO, Karman Industries
Dayna Grayson — Managing Partner, Construct Capital
Emma Bell — Investor, Activate Capital
Emma Norchet — Partner, T. Rowe Price
Eric Romo — COO, Impulse
Eric Truitt — CEO, Mantis Space
Erik Kriessmann — Partner, Altimeter
Even Rogers — CEO, True Anomaly
Frank Finelli — Senior Advisor, Carlyle
Greg Barrow — Co-Founder & President, Corridian
Hunter Somerville — Partner, StepStone Group
Ian Cinnamon — CEO, Apex
Jeff Thornburg — CEO, Portal
Jeremy Lewin — Director of Policy Planning, U.S. Department of State
John Gedmark — CEO, Astranis
Jonathan Biele — Managing Director, Office of Strategic Capital
Jonathan Cirtain — CEO, Axiom
Josh Araujo — CEO, Forterra
Julie Bush — CEO, Valinor
Kara Trohaugh — Director of Strategy, Force Structure and Requirements, U.S. Space Force
Karan Kunjur — CEO, K2 Space
Kevin Roche — Partner, Orrick
Lukas Czinger — CEO, Divergent
Mark Danchak — General Partner, General Innovation Capital Partners
Mark Groden — CEO, Skyryse
Marshall Smith — CEO, Starlab
Max Haot — CEO, Vast
Melanie Stricklan — SVP, Special Programs, Vast
Mikkel Vestergaard Frandsen — Founder & CEO, Sceye
Mike Annunziata — Managing Partner, Also Capital
Mike Palank — General Partner, MaC Ventures
Mislav Tolusic — Managing Partner, Marlinspike
Montana Ware — Partner, Orrick
Morgan Beller — Managing Partner, Decimal Capital
Nolan Van Nortwick — Investor, RIOT Ventures
Philip Johnston — CEO, Starcloud
Shahin Farshchi — General Partner, Lux Capital
Shey Sabripour — CEO, CesiumAstro
Soren Monroe-Anderson — CEO, Neros
Spencer McCollester — COO, Endurosat
Tess Hatch — Managing Director, Stifel
Thomas Ainsworth — Principal Deputy Assistant Secretary of the Air Force for Space Acquisition and Integration
Col. Tim Trimailo — Director, COMSO, Space Systems Command
Toby Ross — Partner, Baillie Gifford
Topher Haddad — CEO, Albedo
Turner Caldwell — CEO, Mariana Minerals
Will Bruey — CEO, Varda
Will Edwards — CEO, Firehawk
Zach Shore — CEO, Hermeus
Zane Mountcastle — CEO, Picogrid
Ahead of next week's Space & Defense Investor Summit, @daynagrayson revisited our core thesis at Construct and reminded us all why we’re here as investors. She joined @itsmoislam on the Arkaea Media Group x @NYSE Space & Defense Market Update to unpack Construct’s original point of view that there is a $50T opportunity for public company market cap, alone, that can be restored over the next decades as tech-first industrial companies mature and leapfrog their staid industrial peers.
Our thesis – which we've held since founding Construct Capital in 2020 – is that there is $50T+ of market cap to be created once the most foundational industries of our economy catch up from 30+ years of neglect, lack of tech innovation and underinvestment. These sectors drive half the GDP but the industrial public companies do not represent a similar share of the S&P and they should; the industrial sector declined from 15% of the S&P 500 in 1990 to just 8% by 2024. As manufacturing moved offshore and investment shifted toward software and the internet in the late 1990s, America's Foundational Industries fell behind, leaving decades of unrealized economic value.
We started Construct as we saw the best entrepreneurs from market making tech companies turn their attention to fixing the most Foundational Industries of our economy.
We believe advances in AI, automation and manufacturing can help close that gap, with the industrial sector's market cap potentially growing from $3.7 trillion today to $55 trillion by 2050.
A few highlights from their conversation:
1:05:27 | Our $50T thesis: The opportunity to create an entirely new generation of technology-first industrial companies.
1:11:24 | Is the lean startup for digital startups dead? Is it cheaper to build in the physical world? How advances in manufacturing are challenging traditional assumptions about the cost of building physical products.
1:12:13 | The rise of physical AI: The potential for AI to transform transportation, manufacturing and other physical industries.
1:14:30 | Capital flowing into defense: Why defense is an early adopter of industrial innovation, but the opportunity extends far beyond the sector.
Watch the conversation (Dayna joins at 1:01:00): tv.nyse.com/arkaea-x-nyse-sp…
Construct Capital's @daynagrayson on raising a fund for heavy industries in 2020, at a time when everyone was hyper-focused on software investing.
“The venture world was one that was honed and trained on SaaS."
"Everyone knew what a magic number should look like, what the Rule of 40 is and when it should be attained.”
“We had a fundamental belief that when venture reaches a point where associates take your deck and plug and chug the numbers and then give you an answer, it might not be venture anymore.”
With @itsmoislam at the @NYSE
Construct Capital retweeted
The Space & Defense Update is LIVE from the @NYSE
@itsmoislam and @JackKuhr are joined today by:
– @Gedmark, CEO of @Astranis
– @ConnorLoveCA, General Partner at @a16z
– @daynagrayson, Co-Founder of @constructcap
– @e_h_obrien, Managing Editor of @tectonicdefense
We're digging into:
– Astranis' $468M credit facility from the U.S. Export-Import Bank, and how it ramps domestic satellite production and launches.
– a16z's American Dynamism push, and where the firm sees the biggest opportunities in defense, manufacturing, and the industrial base.
– Why Construct Capital is investing in foundational industries, and what it takes to rebuild them.
– Lessons from a week in Kyiv, and what Ukraine's front lines are teaching defense tech.
Comment if you love space and defense (help us share the show!) 👇
xitter.twitterapi.xyz/i/broadcasts/1oKMvNolz…
Tonight, @CowboySpaceCorp is showing the world its rocket architecture and the roadmap ahead. We’re proud of what the team has built, and we’ll be tuning in. We hope you’ll join us at 6:30pm PT / 9:30pm ET.
Big Sky Rising is one week away.
October 26. 6:30 PM PT.
Our rocket architecture. Our roadmap. Revealed for the first time, with a live conversation featuring our CEO, @BaijuBhatt , and @ShawnRyan762
It's going to be special. Giddy up!
Livestream here on the day.
xitter.twitterapi.xyz/i/broadcasts/1pKkOXwQj…
RT @daynagrayson: Welcome to the partnership Leland Chamlin. As we grow @constructcap what was old once is new again and of utmost importan…
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Construct Capital retweeted
Long time listener, first time poster (well, besides my homebrewing themed anon back in college). Might as well make it count and formally reintroduce myself to the TL as the newest Partner at @constructcap
Big news at Construct! We're excited to announce that @Chamlin_L has been promoted to Partner.
Leland brings firsthand experience building and scaling manufacturing and supply chain companies, along with a hands-on approach that has made him an invaluable resource to our founders and team.
As Construct continues to grow, we're excited to have Leland helping shape the firm's future.
Congratulations, Leland! We're so lucky to have you on the team.
Read more: constructcap.com/articles/le…
Big news at Construct! We're excited to announce that @Chamlin_L has been promoted to Partner.
Leland brings firsthand experience building and scaling manufacturing and supply chain companies, along with a hands-on approach that has made him an invaluable resource to our founders and team.
As Construct continues to grow, we're excited to have Leland helping shape the firm's future.
Congratulations, Leland! We're so lucky to have you on the team.
Read more: constructcap.com/articles/le…
A power plant on an active underwater volcano, nearly a mile beneath the Pacific Ocean.
Our portfolio company @endurancegeo just accomplished something remarkable with Adélie, its subsea geothermal test plant. During a three-week deployment off the Oregon coast, the team drilled and completed the world's first subsea geothermal well, operated a power plant remotely from Seattle and successfully generated more electricity than the system consumed.
It's an important step toward unlocking a largely untapped source of clean, reliable energy. Subsea geothermal has the potential to provide continuous power to coastal communities and island nations that currently depend heavily on imported diesel.
Congratulations to Andrew Redd and the entire Endurance Energy team on this milestone.
We're excited to see what's next as they work toward commercial-scale generation.
Learn more about Adélie: enduranceenergy.com/
🤖 Made with AI
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Construct Capital retweeted
Endurance is on a historic run. During our mission to the Axial Seamount, we successfully drilled the world’s first subsea geothermal well and generated net-positive power a mile beneath the Pacific. This mission was the first end-to-end test of subsea geothermal, and our fifth deep-sea deployment in just over a year. For three weeks, we worked around the clock over an active underwater volcano, running the drill and generator and handling every deployment and recovery. Along the way, we:
- Landed our drill within feet of target, drilled two holes, and cased and completed the second as a geothermal well, flowing at 260°C.
- Landed Adélie, our 3-ton test plant, and ran it in real time from Seattle over subsea fiber.
- Drilled with filtered seawater, not drilling mud, and monitored the site on every dive.
- Recovered, serviced, and redeployed Adélie in about 16 hours.
- And on Sept. 27, connected to a 281°C natural vent, spun the turbine up to 26,000 rpm and ran the plant net positive for 8.7 seconds, peaking at 16.5 kW.
Net power is the threshold every new energy source has to cross. For Endurance, it proves subsea geothermal is real, and gives us the confidence to keep sprinting towards commercial scale.
With a test like this, success comes from what we learn: a battery protection trip ended the run, a pump cable failed on restart, and the new well was too restrictive to run the plant. Those lessons go straight into Gentoo, our next test plant, this winter and Leopard, our 2 MW commercial generator.
We’re incredibly proud of what we accomplished together. It took creativity, precision, an uncompromising focus on safety from everyone on board, and it’s only the beginning of what we’re capable of. We couldn’t have done it without Stabbert Maritime and the crew of the Ocean Guardian, the ROPOS team, the University of Washington, WASSOC, and the National Science Foundation.
Construct Capital retweeted
The future of American manufacturing is being built now.
We're hosting our first LA Tech Week event on October 14, Santa Monica. Join @jaimalik (@AmcaInc), @jimbelosic (@sendcutsend), West Owens (@HadrianInc), and @drc_harmoni (@getHarmoni) for a conversation on what it takes to reindustrialize America, from building and scaling manufacturing companies to investing in the next generation of American industry.
@Techweek_ #LATechWeek
Atomic Machines has emerged from stealth with $250 million to launch the Matter Compiler, an AI-native, all-digital manufacturing system that builds working micromachines directly from code.
Micromachines are standing where chips stood in 1987. Proud to back @jeffholden and the Atomic Machines team.
After six years in stealth, Atomic Machines is out. Our mission: on-demand, universal command of matter. First beachhead: the Matter Compiler, an AI-native manufacturing system that builds working micro-machines from code alone. No per-product tooling. No process development. Different code, different machine.
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Construct Capital retweeted
One of the coolest companies on the planet. Few people can thinks as big, and bend reality as readily as @jeffholden Proud to be a long time investor in Atomic.
After six years in stealth, Atomic Machines is out. Our mission: on-demand, universal command of matter. First beachhead: the Matter Compiler, an AI-native manufacturing system that builds working micro-machines from code alone. No per-product tooling. No process development. Different code, different machine.
Below roughly 50 microns, manufacturing has essentially one tool: the semiconductor process. It was built to make transistors on silicon wafers. Almost everything else that needs to be very small has had to fit that mold, or it doesn't get made.
Atomic Machines is changing that. Today, after six years in stealth, the company emerged with $250 million to launch the Matter Compiler, an AI-native, all-digital manufacturing system that builds working micromachines directly from code.
The Matter Compiler combines laser machining, picoliter deposition, electrochemical processing and robotic assembly across metals, polymers, glasses and ceramics. Every operation is measured and corrected in real time, and every part the system makes teaches it how to build the next one. Its first product, PrimeSwitch, is a power relay that opens in 50 microseconds. It's built to make hybrid circuit breakers practical as AI data centers move to 800-volt power, and it's shipping to early-access customers now.
Jeff Holden was Amazon's tenth engineer and Uber's first Chief Product Officer, where he started the self-driving program. Our co-founder Rachel Holt worked alongside him at Uber and saw firsthand how he turns ideas most people call impossible into systems that run at enormous scale.
We think micromachines are standing where chips stood in 1987. Proud to back Jeff and the Atomic Machines team.
nytimes.com/2026/10/07/scien…
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Dayna Grayson will be at TechCrunch Disrupt 2026 in San Francisco.
On Thursday, October 15, she'll judge the Startup Battlefield Final, where this year's finalists compete for the Battlefield Cup and $100,000.
If you're at Disrupt, come say hello.
#TechCrunchDisrupt #Disrupt2026
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Construct Capital retweeted
SPEAKER ANNOUNCEMENT:
@daynagrayson Co-Founder and Managing Partner at @constructcap, will be joining the Space & Defense Investor Summit.
Construct Capital is a venture capital firm investing in founders transforming foundational industries through technology, with a focus on manufacturing, supply chain, transportation, and critical infrastructure. Its portfolio includes companies such as @CowboySpaceCorp, @HadrianInc, @SwarmAero and @AmcaInc.
📍 The Beverly Hilton
🗓️ November 3 - 4, 2026
Construct Capital retweeted
Excited to share that this summer we at @constructcap have now raised over $1 billion in AUM. We closed a new select fund as part of our growing franchise.
We started Construct in 2020 after years of investing, operating, and gathering signals that reindustrialization needed to happen—the technical debt of the U.S. economy was simply becoming too great to sit ont he sidelines and not raise a fund around a dedicated strategy.
Today, we’re seeing some of the biggest technology companies of our generation emerge by transforming the industries that actually power and build our world: manufacturing, defense, energy, logistics, and critical infrastructure. And we’re just getting started rebuilding a U.S. economy where technology-driven industrialization plays a much greater role. bloomberg.com/news/newslette…
In 2020 we bet Foundational Industries (manufacturing, supply chains, energy, and defense) were undervalued by tech investors. Today: we’ve crossed $1B in AUM—one of ~25 of the roughly 2,000 venture firms launched since 2020 to get there—and have built a portfolio that includes @HadrianInc, @shipveho, @CowboySpaceCorp, @AmcaInc. The thesis is playing out.
Thank you to @blsuth at @Bloomberg for her thoughtful writeup on this milestone.
bloomberg.com/news/newslette…
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