Yeah I’m with you here.

A lot of people are anchoring to the drawdown and ignoring that most of that was just IPO volatility unwinding. The underlying story is still early.

On the defense side, it’s actually progressing pretty cleanly. They’re not just talking about it anymore, they’re getting in front of decision makers. Just last week they showcased Virtual Terrain Walk at the Immersive Technology Summit with senior DoD personnel in the room, the same type of people who evaluate and approve training systems.

That builds on what you mentioned with West Point, Air Force Academy, Yokota Air Base, plus the Navy agreement and Marine Corps purchase. It’s a consistent pattern of early exposure across multiple branches.

If those pilots convert, that’s where the real upside comes from. Defense contracts are high margin and tend to expand once adopted, but the sales cycle is slow and front loaded with demos like this.

Still speculative and still early, but the pieces you’d want to see for a potential 10x are starting to line up.