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September 2025
Capital at the Front Line
TOKYO TO LONDON PROVES ONE THING: SPEED OF INVESTMENT WILL DECIDE SPEED OF ADOPTION
To our Partners and Stakeholders,
Allies and adversaries are moving fast. From Tokyo to London, the conversations this month were about speed, scale, and sovereignty — and the role of capital in making them real.
BOKA NEWS
Pacific Future Forum — Tokyo (Aug 29–30)
BOKA was a Featured Partner at Pacific Future Forum ’25 ↗ aboard HMS Prince of Wales. Alongside allies and industry leaders, we advanced conversations on all-domain resilience and Indo-Pacific security.
Strategic significance: This marked the launch of our new JAPAC strategy, with a particular focus on Japan. Through our strategic partnership with KPMG, we are engaging with Japanese trading houses to build investment and technology partnerships, creating a bridge between allied capital and Japanese industrial champions.​
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Australian British Defence Catalyst (ABDC) 2025 — London (Sept 3–5)
At the Australian British Defence Catalyst ↗, hosted by the Australian British Chamber of Commerce, BOKA Partner Sir Ben Wallace delivered a keynote that underscored two imperatives shaping allied defence innovation:
âš¡ Speed matters — adoption and delivery must stay ahead of the threat, with absolute clarity on mission outcomes.
💡 Commercial reality matters — capability decisions must align with investor confidence and pathways to scale, ensuring that companies can deliver and sustain growth.
In a panel discussion with Ticky Fullerton, Andy Bamford (NSSIF), and Fergus Hanson (Australian Office of National Intelligence), Sir Ben highlighted examples like NSSIF and Brave1, demonstrating that when governments act as responsive customers, rapid contracts and growth capital can accelerate technologies into competitive markets.
Strategic significance: This is core to BOKA’s mission, aligning capital with capability to move allied innovation from lab to field at speed.​
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DSEI London (Sept 9–12)
At DSEI ↗ 2025, we engaged governments, primes, and innovators. Highlights included the First Sea Lord’s address ↗ on the Royal Navy’s next phase of autonomy and unmanned systems, and the unveiling of the UK Defence Industrial Strategy 2025 ↗.
Strategic significance: These announcements frame the market environment for our portfolio companies and pipeline opportunities across AI, autonomy, and space systems.
PORTFOLIO SPOTLIGHT
Infleqtion — SPAC with Churchill Capital Corp X (Sept 8) ↗
Definitive merger agreement at $1.8B pre-money, expected >$540M gross proceeds. Upon closing, ticker will be INFQ.
ALL.SPACE — MoU with Telesat Lightspeed (Aug 19) ↗
Agreement to integrate ALL.SPACE’s multi-orbit terminals with Telesat’s LEO constellation, expanding global connectivity resilience.
Agile Space — Durango Expansion ↗ and Nyx Mission Propulsion ↗
Secured long-term lease at Durango-La Plata Airport to scale propulsion production; selected to provide propulsion for The Exploration Company’s Nyx ISS mission.
IRIS Audio — Compliance Whitepaper (Sept 1) ↗ and Enterprise Case Study (Aug 19) ↗
Updated research on call-centre compliance and intelligibility; new enterprise case study on IRIS Clarity deployment in financial services.
MARKET WATCH
UK –US “Technology Prosperity Deal” (Sept 16–18)
White House MoU ↗ outlines cooperation across AI, quantum, and civil nuclear.
Implications: new transatlantic lanes for dual-use scale.
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UK Defence Industrial Strategy 2025 (Sept 8)
UK Government release ↗ frames defence as an “engine for growth.”
The takeaway: stronger demand signals for SME and dual-use innovators.
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China–US Chip Tensions Escalate (mid-Sept)
Reuters coverage ↗ — Beijing launched anti-dumping and discrimination probes into US semiconductor suppliers.
Strategic significance: supply-chain risk, on-shoring tailwinds.
AUKUS & Allied Posture (early Sept)
Australian Govt statement ↗ confirms A$12B investment in nuclear-sub shipyard. Meanwhile, NATO DIANA ↗ advanced 15 dual-use innovators to Phase 2.
For allies and investors: momentum across capability pipelines and capital access.
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Space Networking Momentum (Sept)
Space Development Agency update ↗ — September cadence of national security constellation launches sustains demand for resilient comms and sensing.
Signal for the market: persistent allied investment in orbital resilience.