Revision History

Former Andreessen Horowitz partner Michelle Volz has launched Pax Ventures, a $50 million debut fund targeting "industrial-scale markets" across defense, energy, nuclear, space, manufacturing, and critical minerals — sectors she argues have been systematically neglected by mainstream venture capital. The oversubscribed fund, which has already made 21 investments, embodies the broader "American Dynamism" movement reshaping Silicon Valley as defense tech funding more than doubled to $17.9 billion in 2025 and global military spending hit $2.7 trillion.