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December 2025
From Strategy to Delivery
CAPITAL, CAPABILITY, AND RESILIENCE AS
ALLIED PRIORITIES HEADING INTO 2026
To our Partners and Stakeholders,
Markets and ministries are converging. As 2025 draws to a close, discussions across allied capitals and innovation hubs have reinforced a consistent theme: capital is now a strategic asset in the contest for security, resilience, and advantage. From engagements with partners in the U.S. to Japan, as well as hands-on work across the UK defense innovation ecosystem, the focus has increasingly shifted from intent to execution.
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As we approach the holiday season and look ahead to the new year, we remain grateful for the trust and collaboration of our partners. We wish you and your families well over the festive period, and we look forward to continuing this work together in 2026.
BOKA NEWS
Supporting UK Defense Innovation at Harwell (Nov 5)
​Grant Hume, Partner, attended Harwell Science and Innovation Campus supporting the Oxfordshire, Berkshire and Chilterns Regional Defence and Security Cluster as it delivered its routes to UK Defence Market Programme for SMEs.
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The programme brought together startup founders, industry experts, and the UK Ministry of Defence to help “demystify” defense procurement, explaining how early-stage companies can engage more effectively with defense customers and how innovation can be delivered at pace.
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BOKA believes capital has a role to play: helping early-stage innovators navigate procurement complexity, align with real mission needs, and scale responsibly into defense and national security markets.
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Engagement in Japan with Allied Partners (Dec)
​In December BOKA’s CEO spent time in Japan meeting with allied partners and stakeholders as part of the firm’s expanding JAPAC engagement. These discussions focused on dual-use technology, capital alignment, and pathways for collaboration between allied investors, industrial partners, and governments.
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Japan continues to emerge as a critical partner in allied technology development. BOKA’s presence reinforces our commitment to building durable, cross-border investment and technology partnerships that can move at the pace required by today’s security environment.
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End-of-Year Wrap-Up: from Strategy to Delivery
​Across our engagements this year, in the U.S., UK, across Europe, Australia and Japan, a consistent message has emerged: innovation alone is not enough. What matters is delivery, scale, and the alignment of capital with operational outcomes.
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As we head into 2026, BOKA remains focused on backing teams that can bridge the gap between technology promise and real-world deployment, where capital, capability, and mission execution converge. We are excited for all of the advancements we will see in 2026.
PORTFOLIO SPOTLIGHT
​​Infleqtion
$2M U.S. Army Navigation & Timing Contract ↗
Infleqtion secured a $2 million Phase II SBIR contract from the U.S. Army to advance its Secured AI for Positioning at the Edge, Navigation, and Timing (SAPIENT) program. The 18-month effort will apply its Contextual Machine Learning (CML) to enhance resilient navigation and timing in adversarial environments, a vital capability for GPS-denied operations. This award builds on Infleqtion’s success in the xTechScalable AI Challenge and accelerates commercial and defense adoption of resilient edge AI.
Quantum Navigation Advances in Global Press ↗
Recent coverage in MIT Technology Review highlights how quantum-assisted navigation technologies could address military GPS jamming and denial threats, citing research into quantum timing and sensor fusion that aligns closely with Infleqtion’s mission. Broader recognition of quantum navigation underscores growing defense and industrial interest in technologies that mitigate adversarial GNSS disruption.
Partnership with Oak Ridge National Laboratory ↗
Infleqtion and Oak Ridge National Laboratory (ORNL) expanded a collaboration through the Department of Energy’s Quantum Science Center (QSC) to integrate quantum processing with high-performance computing (HPC). By linking neutral-atom quantum systems with exascale HPC, this partnership aims to accelerate hybrid computing pathways and unlock early practical quantum advantage in scientific and industrial domains.
ALL.SPACE
Hydra MAX Achieves TRL 6 Under U.S. Army NGTT Testing ↗
ALL.SPACE’s Hydra MAX multi-orbit satcom terminal has successfully completed testing under the U.S. Army Next Generation Tactical Terminal (NGTT) program, achieving Technology Readiness Level 6, a key step toward operational deployment. The terminal demonstrated simultaneous resilient connectivity across LEO, MEO, and GEO networks while on the move, addressing a long-standing tactical communications challenge in contested environments. Meeting TRL 6 and validating multi-orbit resilience positions Hydra MAX as a leading solution for mission-critical, beyond-line-of-sight communications aligned with Joint All-Domain Command and Control (JADC2) objectives.
Hydra MAX Sets the Standard for Next-Gen Military SATCOM ↗
In its press release detailing the milestone, ALL.SPACE highlighted Hydra MAX’s digital beamforming and multi-beam design, enabling sustained high-data-rate connectivity and robust performance even under rapid movement and harsh conditions. The terminal’s readiness for integration with allied satellite networks, including through collaboration on Telesat Lightspeed certification, underscores its strategic relevance across defense and allied SatCom architectures.
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Agile Space
New Manufacturing Floor Machines Installed ↗
Agile Space has installed new high-precision manufacturing machinery on its production floor, marking a key step toward scaling propulsion production capacity to meet growing demand from civil and national security programs. These capacity improvements support Agile’s ability to deliver propulsion hardware at scale while maintaining quality and test throughput, critical for upcoming mission manifests.
10-Second Development Hot Fire Test ↗
Agile recently completed a 10-second development hot fire test on one of its next-generation propulsion systems as part of iterative performance validation. This marks continued progress in maturing Agile’s propulsion stack toward flight-ready performance as the company eyes expanded civil, defense, and commercial engagements.
Agile Overview & Capability Narrative ↗
A concise overview of Agile Space’s mission, propulsion technology, test infrastructure, and market positioning is available in this Adobe Express summary — an excellent reference for partners and stakeholders looking to understand the company’s unique value proposition. Agile’s blend of advanced propulsion capability and scaled manufacturing readiness positions it well for both near-term mission support and longer-term commercial growth.
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IRIS Audio
Deployment with Shared Services Connected Ltd (SSCL) ↗
IRIS Audio’s AI-driven voice isolation technology is now being used by Shared Services Connected Ltd (SSCL) alongside Sopra Steria in UK government contact-centre operations. The deployment is helping improve call clarity, reduce background noise, and enhance advisor performance across ~85,000 monthly calls, supporting frontline service delivery in complex public-sector environments. This real-world use case underscores the practical value of IRIS Clarity in mission-critical, high-volume communication settings, from citizen services to defense and enterprise operations.
Growing Enterprise & Industry Momentum ↗
IRIS continues to see demand for its Clarity and API-integrated platforms, as enterprises and regulated services increasingly adopt AI-enhanced audio to improve compliance, intelligibility, and operational efficiency across voice communications.
MARKET WATCH
​​Undersea Infrastructure Becomes a Front-Line Security Priority (Nov 15) ↗
The UK announced Atlantic Bastion, a new initiative combining autonomous systems, AI, and naval assets to protect undersea cables and pipelines from hostile interference, particularly Russian activity in the North Atlantic. Protection of undersea infrastructure is shifting from niche naval capability to a core national security mission, accelerating demand for autonomy, distributed sensing, and resilient communications.
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Quantum Navigation Re-Enters the Defense Mainstream (Dec 16) ↗
MIT Technology Review examines how quantum navigation and timing technologies could address the military’s growing vulnerability to GPS jamming and spoofing, highlighting quantum clocks, inertial sensing, and sensor fusion as credible paths forward. Resilient PNT is no longer theoretical, quantum-enabled navigation is moving into operational planning and procurement conversations.
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The Pentagon Can’t Trust GPS Anymore (Nov 22) ↗
The Wall Street Journal reports that widespread GPS disruption in conflict zones is forcing the Pentagon to seek alternatives, including quantum physics–based approaches to navigation and timing. GPS denial has become a systemic vulnerability, not a future risk, driving near-term adoption of assured PNT solutions.
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Quantum Industry Faces Consolidation Moment (Nov 20) ↗
In an interview cited by Stocktwits, Infleqtion’s CEO argues that the quantum sector is approaching a $160bn consolidation opportunity, as defense and industrial buyers prioritise deployable systems over pure research platforms. Quantum is transitioning from fragmented innovation to platform-driven scale, favouring companies with real-world deployments and government traction.
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Europe Moves from Rhetoric to Structural Defense Reform (Nov 23) ↗
CNN reports that Germany has approved a new voluntary conscription framework, including mandatory physical assessments, marking a significant shift in Europe’s defense posture amid rising geopolitical risk. European defense policy is entering a structural reform phase, supporting sustained demand for training, autonomy, and readiness technologies.
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UK Defense Leadership Calls for National Readiness (Nov 28) ↗
UK defense leaders warned that Britain must prepare society, industry, and infrastructure for heightened conflict risk, stressing industrial capacity and technological readiness. Industrial scale and speed of delivery are becoming as critical as innovation, reinforcing the need for capital aligned with production, not just R&D.
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Financial Times: Defence Capital Mobilisation Accelerates (Dec 3) ↗
The Financial Times reports growing momentum behind European defense investment, as governments push private capital to support strategic industries and supply-chain resilience. Defense is no longer a peripheral allocation, it is becoming a mainstream capital market theme across Europe.
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U.S. Publishes 2025 National Security Strategy (Dec 5) ↗
The White House released the 2025 National Security Strategy, emphasising prioritisation, resilience, and the alignment of economic strength with national security objectives. Clearer strategic prioritisation favours technologies that directly support resilience, infrastructure protection, and operational advantage.
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Hidden Workforce Risk Enters the Boardroom (Dec 16) ↗
Bloomberg investigates how North Korean IT workers have covertly infiltrated Western companies, raising concerns around insider threat, sanctions evasion, and supply-chain security. Identity assurance, vendor vetting, and secure operational tooling are emerging as critical enterprise and defense priorities.
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U.S. Defense Authorization Act Passes, with Ukraine & Europe Support (Dec 17) ↗
The U.S. Senate approved the Fiscal 2026 NDAA, a $901 billion defence policy bill that maintains robust allied security commitments — including funding for Ukraine, Baltic security, and embedded troop levels in Europe, as it heads to the President’s desk. This legislative outcome reinforces long-term allied commitments and provides capital stability for defence ecosystems, signalling continued strategic alignment between U.S. policy and allied readiness investments.