David Ulevitch

General Partner at Andreessen Horowitz and co-founder of the firm's American Dynamism investment practice.

Claims

As speaker

Mentioned in

Key positions and views

The U.S. should counter China's quantitative military advantages, like shipbuilding capacity, with qualitative technological superiority, such as indefensible hypersonic missiles.

The U.S. is on the cusp of a robotics-driven manufacturing renaissance that can reverse decades of industrial decline and reshore critical production.

A cultural shift is underway in Silicon Valley, spurred by the success of SpaceX and a reaction to events like Project Maven, creating a new generation of founders focused on solving critical national problems.

Economic interdependence acts as a major deterrent against China unilaterally cutting off its supply chain to the U.S., as the resulting shock to American consumption could collapse the Chinese economy.

The future of warfare, as evidenced in Ukraine, will be dominated by smaller, attributable, and autonomous systems rather than large, expensive, and vulnerable platforms.

Podcast consensus on Ulevitch

Points of consensus

▶David Ulevitch consistently argues that the United States is strategically vulnerable due to a weakened domestic industrial base, particularly in areas like steel and shipbuilding, and its supply chain dependence on China.Apr 2026

▶Across multiple appearances, he emphasizes that a new wave of tech talent, inspired by the success of companies like SpaceX, Tesla, and Palantir, is creating a flywheel effect for startups focused on solving critical national problems.Apr 2026

▶He consistently defines the "American Dynamism" investment thesis as a broad strategy that extends beyond defense to include energy, manufacturing, public safety, agriculture, and logistics.Apr 2026

▶Ulevitch points to the war in Ukraine as a key event that validated the need for smaller, autonomous, and attributable military systems over large, expensive platforms, a core tenet of his defense investment strategy.

Points of debate

▶Ulevitch presents a nuanced view on the China supply chain risk, stating the U.S. is "extremely vulnerable" to a cutoff, while also arguing China is unlikely to do so because the resulting collapse in U.S. consumption could collapse its own economy.Apr 2026

▶He juxtaposes a bleak assessment of the current U.S. manufacturing landscape, citing the near-total loss of steel smelters and inferior shipbuilding capacity, with a highly optimistic prediction that the country is on the "precipice of a robotics revolution" that will transform domestic manufacturing.Apr 2026

▶While championing the "American Dynamism" brand, Ulevitch acknowledges a debate within the venture capital industry, noting that competing firms actively use alternative phrases like "industrial revolution" or "resilience" for similar investment theses.Apr 2026

▶He describes a cultural shift in Silicon Valley back toward mission-driven work, spurred by Google's Project Maven withdrawal, while also noting the ongoing need to educate Limited Partners that the American Dynamism fund's scope is broader than just defense.

Key themes

▶American Industrial Renewal and VulnerabilityApr 2026

Ulevitch argues that the U.S. has allowed its core industrial capacity, such as steel production and shipbuilding, to atrophy, creating significant strategic vulnerabilities. He believes, however, that the country is on the verge of a technology-led resurgence in domestic manufacturing, driven by a "robotics revolution."

This theme positions technology, particularly robotics and advanced manufacturing, not just as a growth sector but as a critical component of national security and a solution to decades of industrial decline.

▶Asymmetric Competition with ChinaApr 2026

Ulevitch frames the U.S.-China relationship as a strategic competition where the U.S. is currently disadvantaged in manufacturing scale, particularly in defense shipbuilding. He advocates for an asymmetric response, focusing on developing technologically superior, indefensible weapons like hypersonic missiles rather than attempting to match China's production volume.

This strategy aligns perfectly with a venture capital model, which bets on disruptive, high-leverage technological breakthroughs to overcome the mass and scale of established incumbents, in this case, a nation-state competitor.

▶The 'American Dynamism' Investment ThesisApr 2026

Ulevitch defines "American Dynamism" as a broad investment category that supports companies building in the national interest across sectors like defense, energy, manufacturing, public safety, and logistics. He traces its ideological roots to a post-Project Maven cultural shift in Silicon Valley and the inspiration provided by the tangible successes of SpaceX and Tesla.

This is a deliberate effort to brand and legitimize a new investment category that aligns venture capital with national strategic goals, attempting to make patriotism and industrial policy a profitable and attractive thesis for founders and LPs.

▶The New Defense and Energy Tech StackApr 2026

Ulevitch highlights a portfolio of companies building next-generation hardware and software for critical industries. This includes Anduril's autonomous defense systems, Castellum's low-cost hypersonic missiles, Radiant Nuclear's portable microreactors, and Exowatt's thermal energy storage, all aimed at disrupting legacy systems.

Ulevitch is betting that a new generation of startups, leveraging modern software development practices and agile engineering, can out-innovate and displace the slow-moving, incumbent prime contractors in the defense and energy sectors.

Source episodes

Sentiment over time

Not enough data for timeline

Changes over time

2018

Cites Google's withdrawal from Project Maven as a pivotal event that caused a re-evaluation of priorities in Silicon Valley, creating an opening for more mission-driven, patriotic tech companies.

Late 2021

Co-launches the American Dynamism investment practice at Andreessen Horowitz with Catherine Boyle.

Post-February 2022

Observes that Russia's invasion of Ukraine validated the thesis that warfare is shifting away from large, expensive platforms towards smaller, autonomous systems, increasing demand for technologies from companies like Anduril.

Present

Actively invests through the American Dynamism fund in sectors like defense, space, public safety, and energy, while also expanding focus to mining and manufacturing and educating LPs on the thesis's broad scope.

Suggested prompts

How does Ulevitch's strategy for asymmetric technological competition apply to sectors beyond defense, such as energy or manufacturing? &nearr;What specific policy or regulatory changes are necessary for American Dynamism portfolio companies like Radiant Nuclear to succeed at scale? &nearr;How does the American Dynamism thesis reconcile the long timelines and high capital intensity of hardware-focused companies with traditional VC fund cycles and return expectations? &nearr;Beyond talent, what are the key dependencies and risks for the 'robotics revolution' that Ulevitch predicts will transform U.S. manufacturing? &nearr;

Key concepts

American Dynamism 3 ep Geopolitics (China) 2 ep Defense Tech 3 ep Energy Tech 2 ep Manufacturing & Industrial Base 2 ep Venture Capital Strategy 3 ep Anduril 2 ep Supply Chain Vulnerability 1 ep Public Safety Tech 2 ep Talent & Culture Shift 2 ep

Notable quotes

“if China is able to build 100 ships a year, what if we just had a missile that could knock out 100 ships a year that they couldn't defeat?”

David Ulevitch · $635M Exit → $600M Fund: David Ulevitch on Building a16z’s Hottest New Fund

“I think we're seeing now that there's a huge opportunity to drive manufacturing transformation in this country. we're on the precipice of a robotics revolution”

David Ulevitch · $635M Exit → $600M Fund: David Ulevitch on Building a16z’s Hottest New Fund

“I think Radiant is gonna turn on the first fueled nuclear reactor of a new design in like 50 plus years. I think they're gonna do it next year.”

David Ulevitch · $635M Exit → $600M Fund: David Ulevitch on Building a16z’s Hottest New Fund

“I think the war in Ukraine really put a very, very bright light on how our exquisite large platforms are not gonna be the platforms for the fight of the future. And we needed new products.”

David Ulevitch · Ben Horowitz & Marc Andreessen: Why Silicon Valley Turned Against Defense (And How We're Fixing It)

Report last updated: Apr 21, 2026

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