From F-18s to Term Sheets, with Chris Morales (Partner at Point72 Ventures)

This week on Pathfinder, we are joined by Chris Morales, Partner at Point72 Ventures, for a discussion on venture capital’s role in shaping the space and defense technology landscape. 

In this episode, Chris provides a detailed overview of Point72 Ventures’ strategic approach to investing, drawing on his background as a former naval officer and his experience in venture capital. The conversation covers key trends and challenges facing the space and defense sectors, with a focus on how startups can navigate this evolving ecosystem.

In addition, we discuss:

• Point72 Ventures’ investment framework and focus on emerging technologies critical to national security
• The growth of the space economy, from the adoption of proliferated LEO architectures to in-space mobility innovations
• Evaluating companies across different stages of maturity
• The role of government programs and non-dilutive funding
• SpaceX’s impact on market dynamics and its broader implications for venture-backed companies
• Structural and financial barriers that space and defense startups face, and how investors can help address them

 

• Chapters •

00:00 - Intro

01:02 - Chris's Thanksgiving must-haves

02:15 - Point72 Ventures overview

05:35 - History with space

06:42 - Why did Point72 Ventures first get into space?

09:00 - Chris's thesis about the space industry

10:49 - Proliferated LEO

12:11 - Predictive work and investments

13:02 - At what stage in a company is Point72 Ventures looking to invest?

13:53 - How does space fit into the investment strategy?

15:51 - What happens when a portfolio company isn't hitting their milestones?

17:12 - The process

18:39 - How Point72 Ventures separates itself and what it provides beyond capital

20:31 - Public and private sides of the firm

21:13 - Market dynamics

24:05 - Is there enough government funding for startups, and are they winning enough contracts?

27:29 - Does SpaceX's valuation make sense?

29:47 - Starship vs. Starlink business prediction

32:42 - Is SpaceX a monopoly?

33:26 - Is SpaceX a concern when it comes to investing in the industry?

35:04 - Biggest issues facing startups today and how can investors help

39:04 - Over and under-hyped areas of the market

40:36 - Space ventures in the next decade

42:25 - Gaps in the market

43:37 - Advice to founders looking to start a space company

45:00 - Mars

47:00 - What does Chris do for fun?

 

• Show notes •

Point72 Ventures’ website — https://p72.vc/

Point 72 Ventures’ socials — https://x.com/p72vc

Chris’ socials — https://x.com/MrChrisMorales

Mo's socials — https://twitter.com/itsmoislam

Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace

Pathfinder archive — Watch: https://www.youtube.com/@payloadspace

Pathfinder archive — Listen: https://pod.payloadspace.com/episodes

 

• About us •

Pathfinder is brought to you by Payload, a modern space media brand built from the ground up for a new age of space exploration and commercialization. We deliver need-to-know news and insights daily to 19,000+ commercial, civil, and military space leaders. Payload is read by decision-makers at every leading new space company, along with c-suite leaders at all of the aerospace & defense primes. We’re also read on Capitol Hill, in the Pentagon, and at space agencies around the world.

Payload began as a weekly email sent to a few friends and coworkers. Today, we’re a team distributed across four time zones and two continents, publishing five media properties across multiple platforms:

1) Payload, our flagship daily newsletter, sends M-F @ 9am Eastern

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