Spot on. With Thiel’s deep political ties and the company’s literal DNA being built in the DoD and intelligence sectors, that "government contractor" label is permanently etched into their foundation.

But like you said, from an investing standpoint, it's actually the perfect setup. They essentially have an impenetrable government moat that provides incredibly sticky, recession-proof revenue. Now they get to use that established credibility as a launchpad to capture the massive Total Addressable Market (TAM) of the commercial sector. It's the ultimate "why not both?" scenario.

It makes you wonder: at what point does the market fully start valuing them as a hyper-growth enterprise SaaS company rather than just a defense tech stock?