Private Markets Favor AI; Federal Dollars Support a Wider Critical Tech Mix

Percentage of private investment in NatSec100 companies is overwhelmingly concentrated in applied AI (even excluding OpenAI), while USG obligations are more evenly distributed across applied AI, contested logistics, quantum/battlefield information dominance, and other critical technology areas.

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Private Capital Raised USG Obligations

Share of Private Capital Raised by Critical Technology Area, 2023–2025