Rise Of Europe's "War Unicorns" As Goldman Maps The Defense-Startup Ecosystem
Rise Of Europe's "War Unicorns" As Goldman Maps The Defense-Startup Ecosystem
The "
" startup boom we pointed out the other week isn't just an American story. It's happening across the West, as defense startups built around dual-use technology could become the next hot bubble.
Goldman analysts, led by Sam Burgess, told clients on Tuesday that European defense is seeing a "rise of the startups," which could reshape an industry long dominated by major defense contractors.
Burgess said there are more than 380 defense tech startups across Europe, and these companies have raised over $3 billion, heavily focused on dual-use areas like AI analytics, autonomy, sensing, cyber resilience, and next-generation communications.
He said these startups are clustered around major innovation hubs in London, Munich, Stockholm, Paris, and Helsinki, backed by early-stage investors and public programs, including the NATO Innovation Fund and the EIF Defense Equity Facility.
Here's a visual breakdown of the EU defense startups ecosystem:
"Recent conflicts, particularly the war in Ukraine, have underscored the need for rapid technological iteration, multi-domain integration, and a digitally enabled battlefield," Burgess said.
Burgess' note is exactly on point and follows our view of the rise of war unicorn startups as big defense primes face an "adapt or die" moment, as the war in Ukraine and a surge in dual-use technologies (drones, ground bots, and AI kill chains) have pushed Secretary of War Pete Hegseth to recently announce a move to accelerate the fielding of this new technology.
Translation: The DoW under Hegseth and the rest of the procurement process are moving away from bloated legacy defense primes toward defense tech startups, creating a boom as we've characterized by the rise of war unicorns like Palmer Luckey's Anduril Industries.
The shift away from big defense primes in the DoW's procurement process comes as the war in Ukraine has given military planners and strategists an uncomfortable preview of what conflict in the 2030s could look like. It's not just about expensive stealth jets, bombers, and big, fancy missiles and cannons. It's about ground robots, drones, and consumer-grade products that can easily be weaponized.
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Wed, 02/18/2026 - 05:45
Rise Of "War Unicorns" As Big Defense Primes Face An "Adapt Or Die" Moment | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
He said these startups are clustered around major innovation hubs in London, Munich, Stockholm, Paris, and Helsinki, backed by early-stage investors and public programs, including the NATO Innovation Fund and the EIF Defense Equity Facility.
Here's a visual breakdown of the EU defense startups ecosystem:
"Recent conflicts, particularly the war in Ukraine, have underscored the need for rapid technological iteration, multi-domain integration, and a digitally enabled battlefield," Burgess said.
Burgess' note is exactly on point and follows our view of the rise of war unicorn startups as big defense primes face an "adapt or die" moment, as the war in Ukraine and a surge in dual-use technologies (drones, ground bots, and AI kill chains) have pushed Secretary of War Pete Hegseth to recently announce a move to accelerate the fielding of this new technology.
Translation: The DoW under Hegseth and the rest of the procurement process are moving away from bloated legacy defense primes toward defense tech startups, creating a boom as we've characterized by the rise of war unicorns like Palmer Luckey's Anduril Industries.
The shift away from big defense primes in the DoW's procurement process comes as the war in Ukraine has given military planners and strategists an uncomfortable preview of what conflict in the 2030s could look like. It's not just about expensive stealth jets, bombers, and big, fancy missiles and cannons. It's about ground robots, drones, and consumer-grade products that can easily be weaponized.
ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Tyler Durden | Zero Hedge
Zero Hedge
Rise Of Europe's "War Unicorns" As Goldman Maps The Defense-Startup Ecosystem | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
The diplomat's words were captured in an interview with Russian newspaper Izvestia on Tuesday. Kelin 
"I think it has been incredibly beneficial to the relationship between our two countries, and it’s important to understand how important the relations between leaders are to the relations between countries." He continued, "President Trump is deeply committed to your success."
While Orbán has a strong relationship with President Donald Trump, he has been a roadblock to European leaders' efforts to increase Western support for Ukraine. Hungary has used its position in NATO and the EU to slow or limit aid to Ukraine and the economic war against Russia.
Some EU members were attempting to use frozen Russian assets as collateral for a massive loan to Ukraine. Orbán was key to preventing the EU from moving forward with the loan.
Budapest has repeatedly expressed displeasure with Kiev over Ukraine's disabling of the Russian pipeline that carries oil to Hungary. Hungary is now requesting that Croatia allow Russian oil transit to bypass Ukraine.
President Donald Trump has been willing to use his leverage to influence elections around the globe. In Argentina, he conditions a $20 billion assistance package on President Javier Milei’s party winning elections. The President has also voiced strong support or opposition to candidates in Honduras and Iraq.
Rubio told Orbán that Hungary could receive similar support as Argentina.
2019: Senator Rubio and others expressed concerns about Hungary's "democratic erosion" and urged the Trump administration to address issues like the rule of law, media freedom, and corruption during meeting with Orbán.
2026: Secretary Rubio endorsed Orbán. 
Both men have surfaced in past Indian investigations into alleged Adani misconduct — cases that were ultimately dropped. A 2007 diamond-trading probe and a 2014 over-invoicing inquiry connected them to companies tied to Vinod Adani, the chairman’s brother. Vinod was at the heart of many Hindenburg allegations, with the firm questioning his management of overseas shell companies and alleging financial improprieties relating to potential manipulation of Adani shares.
Hindenburg also identified Chang as linked to a disclosed “related party.” Earlier reporting cited evidence that their trades were coordinated with Adani-linked entities.
OCCRP 
The probe, announced on Feb. 16 by the European Commission, marks the bloc’s first formal proceeding against the company under the Digital Services Act (DSA), a set of sweeping online regulations that governs nearly all corners of the digital ecosystem, from e-commerce platforms to social media networks.
Brussels 
Another focus of the inquiry will be the alleged “lack of transparency” around the algorithms Shein uses to recommend content and products to users. Under the DSA, “very large platforms,” defined as those with over 45 million users in the EU, must disclose the main parameters of their recommender systems and offer at least one easily accessible option that is not based on profiling.
A spokesperson for Shein said the company takes its “obligations under the DSA seriously” and will cooperate with investigators.
“Over the last few months, we have continued to invest significantly in measures to strengthen our compliance with the DSA. These include comprehensive systemic-risk assessments and mitigation frameworks, enhanced protections for younger users, and ongoing work to design our services in ways that promote a safe and trusted user experience,” the spokesperson said in a statement to The Epoch Times.
The investigation is the latest in a series of actions the EU has taken that affect Chinese-owned tech and e-commerce firms.
From July 1, 2026, Brussels will begin collecting a flat 3-euro (about $3.55) charge on each low-value item in small parcels worth under 150 euros (about $178) sent directly from non-EU countries to consumers in the bloc, a measure widely seen as aimed at platforms such as Shein, Temu, and AliExpress. According to 
Files released by the Department of Justice show Epstein and Brende had three dinners in 2018 and 2019, and exchanged various text messages. One dinner occurred in September 2018, more than a decade after Epstein's 2008 conviction and guilty plea in Florida for procuring a child for prostitution, and another on June 13, 2019, shortly before Epstein's final arrest on federal sex-trafficking charges.
Like many powerful figures, Brende has claimed that he was unaware of Epstein's criminal history at the time of their meetings, and is said to have ordered the probe into his communications with Epstein.
"I was completely unaware of Epstein’s past and criminal activities," Brende said in a statement to Bloomberg. "Had I known about his background, I would have declined the initial invitation and any subsequent dinner invitations or other communications.”
"I recognize that I could have conducted a more thorough investigation into Epstein’s history, and I regret not doing so,” he added.
Klaus Schwab, who founded the WEF in 1971, has maintained that he is “certain” that he never met with Epstein, a press representative told 
Worden had alleged in July 2019 that her estranged spouse guessed her password and illegally viewed her account while stationed aboard the International Space Station. Court evidence later established the accusation was unfounded. Records showed Worden opened the account in April 2018 and that both women used it until January 2019, when she changed the login information. Investigators determined she had shared access to her banking details, including credentials, as early as 2015.
KBTX 
Yet despite the severity and duration of the storm, the national electric grid largely held. Hospitals remained open. Emergency services stayed online. Most homes stayed warm. That outcome was not accidental. It was the result of dependable, dispatchable generation—chief among it, coal.
During the coldest days of the storm, coal-fired generation across the Lower 48 surged, rising from roughly 70 gigawatt-hours per day to approximately 130. That additional generation represented a massive increase in available power at precisely the moment when electric heating demand spiked and system margins tightened. In practical terms, coal generation helped keep power flowing to tens of millions of households nationwide, sustaining heat and essential services during the most extreme conditions of Winter Storm Fern.
Coal plants responded exactly as they are designed to do: steadily, predictably, and at scale. In the Midcontinent Independent System Operator (MISO) region, coal supplied as much as 40% of electricity during peak hours. In PJM, coal accounted for roughly one-quarter of total generation. These were not marginal contributions—they were foundational to grid stability.
The contrast with weather-dependent resources was unmistakable. Wind generation declined as turbines iced over or were curtailed for safety. Solar output fell sharply as panels were covered by snow and daylight hours shortened. Hydropower faced limitations from frozen waterways and constrained inflows. Each of these resources plays a role in the broader energy mix, but Winter Storm Fern underscored their limitations during prolonged, widespread cold.
Coal’s advantage in these moments is straightforward: on-site fuel. Stockpiled coal insulated power plants from supply chain disruptions at precisely the moment when other fuels faced constraints. This is not a theoretical benefit. It is a practical one that has been demonstrated repeatedly during extreme weather events.
That lesson should sound familiar. After Winter Storm Uri in 2021, coal was often blamed for grid failures. Subsequent analyses showed the most significant disruptions stemmed from widespread natural gas system freeze-offs—not coal plant performance. In the years since, coal facilities invested in winterization, fuel access, and operational readiness. During Winter Storm Fern, those preparations paid off.
Federal policymakers recognized this reality in real time. The U.S. Department of Energy issued emergency orders under Section 202(c) of the Federal Power Act, temporarily allowing certain coal units to operate at higher output to maintain grid stability. Similar actions in 2025 prevented the premature retirement of coal plants in Colorado, Indiana, Washington, and Michigan—preserving more than 17 gigawatts of firm coal capacity that otherwise faced near-term shutdown.
These decisions were not ideological. They were driven by reliability.
Warnings from grid authorities reinforce the point. The Department of Energy and the North American Electric Reliability Corporation have both cautioned that continued coal retirements—without equivalent replacement by firm, dispatchable resources—increase the risk of outages, particularly during extreme winter conditions. At the same time, electricity demand is rising rapidly due to data centers, electrification, and industrial growth. The margin for error is shrinking.
Coal is not static. Modern coal plants operate with advanced emissions controls, improved efficiency, and increasingly sophisticated monitoring. Mining practices have evolved, and research into carbon management and advanced coal technologies continues. Coal also remains essential for steelmaking and other industrial uses, making domestic production a matter of economic and strategic importance.
Affordability matters as much as reliability. Regions that retired coal prematurely have often experienced higher electricity prices and greater exposure to fuel volatility. Coal’s stable fuel costs and on-site inventory provide a measure of price certainty that consumers increasingly lack—especially during weather emergencies, when energy costs hit household budgets the hardest.
Winter Storm Fern delivered a clear message. When the grid was under maximum stress, coal did not merely contribute—it carried a substantial share of the load. A resilient energy strategy does not eliminate reliable resources before dependable replacements are ready. It builds a diversified generation portfolio that includes coal, natural gas, nuclear, and emerging technologies, each performing the role it does best.
America’s energy future depends on reliability first. During one of the harshest winter tests in recent years, coal proved once again that it remains an essential part of keeping the lights on—and the heat running.
Emily Arthun is current CEO of the American Coal Council, she brings over twenty years of experience across the coal and hard-rock mining sectors Prior to her role at ACC, she worked with the Women’s Mining Coalition, supporting advocacy for domestic mining. Her industry experience includes Stillwater Mining Company and Cloud Peak Energy. She serves on the Washington Coal Club and Women’s Mining Coalition boards.
Colbert told his audience that Talarico was "supposed to be here,” but CBS lawyers informed the production team "in no uncertain terms…that we could not have him on the broadcast." The network also instructed Colbert not to mention the situation on air, an instruction he promptly ignored with theatrical defiance.
"Because my network clearly doesn't want us to talk about this, let's talk about this," Colbert announced before launching into his grievance session.
The FCC's equal time rule requires broadcast networks to provide equal airtime to opposing political candidates. According to the Philadelphia Enquirer, the FCC hasn’t applied the rule to late-night television 
The Salvadoran national’s case attracted attention across the country, including widespread protests, after the federal government 
The first round of the Presidential 1776 Award takes place online the week of Feb. 22–28, according to the program website. In the second round, winners from each state advance to one of five regional semifinals in May. Round three, the national finals, are planned for late June in Washington, just ahead of America’s semi-quincentennial.
“What better way to get our students excited about learning more of our nation’s deep and rich history than a friendly competition meant to challenge high schoolers to show off their knowledge of our great nation’s founding ideals?” Education Secretary Linda McMahon said in a news release.
“As we prepare to celebrate America’s 250th birthday, this competition is an opportunity for young people to push themselves, learn our history, and take pride in the principles that unite us. Game on!”
The James Madison Memorial Fellowship Foundation will provide the scholarship money.
The foundation’s Executive Secretary and CEO Julie Adams said the aim of this program extends far beyond just recognizing and awarding three top students.
“The knowledge of American civics and history is vital to the survival of the Republic,” she said in a news release. “We agree with our namesake James Madison, who wrote in 1822, ‘Knowledge will forever govern ignorance.’”
Teacher-scholars from the foundation wrote “challenging but fair questions” for the young competitors, Adams said.
The upcoming qualifying round, the “Impossible Civics Test,” is an electronically proctored multiple-choice online exam. Students will have 90 minutes to answer up to 4,000 questions on U.S. history across three 30-minute sections of increasing difficulty.
Top-performing students from every state who advance to the second round will engage in a short-answer verbal competition held in five regional locations simultaneously across the country. The top four students from each region will advance to the finals.
The championship in the nation’s capital is a short-answer verbal competition. The finalists get one point for each correct answer. The three winners will receive scholarships totaling $250,000.
The program 
The military statements said the three boats were allegedly "operated by Designated Terrorist Organizations." The post further referred to those killed as "male narco-terrorists," detailing that eight were killed on two boats in the eastern Pacific - or the Western side of Latin America - and three were killed on a boat in the Caribbean.
No American forces were harmed, the post said, in the assault conducted at the direction of Marine Corps Gen. Francis Donovan, who serves as the commander of Southern Command.
War (Defense) Secretary Pete Hegseth celebrated the fresh strikes in a post 
Other holdings that were trimmed included Davita, Constellation Brands, AON, Pool and Liberty Latin.
It wasn't all sales: in Q4, Berkshire increased its stakes in oil producer Chevron and insurance firm Chubb during the period, to 6.5% and 8.7%, respectively. The conglomerate unveiled its initial investment in Chubb in May 2024, after secretly building it the previous year. Chubb’s shares rose roughly 11% over the fourth quarter after a trade publication reported that the firm made an informal approach to buy American International Group. Berkshire also added modestly to its Dominos Pizza stake.
Berkshire also launched a small new position in New York Times, adding 5.1 million shares valued at $352 million at the end of Q4, making it Berkshire's 29th largest holding out of 38.
Buffett, who stepped down as CEO at the end of 2025, appeared to be back on the hunt for purchases in recent quarters, reaching a deal to buy Occidental Petroleum's petrochemical business for $9.7 billion and building a $5.6 billion stake in Alphabet. Both positions were unchanged in Q4.
The full breakdown of Berkshire's Q4 13F is below.
Source: 
This unexpected statement of Trump's was serious enough for Zelensky to issue a response later the same day. The Ukrainian leader said in a just published interview with Axios that the Ukrainian public itself won't let him cede territory.
It seems this is his way of evading the mounting criticism and pressure from Trump - basically by passing it off as unpopular domestically. According to 
Chloe Cole, who drew national attention after speaking out against subjecting children to gender-reassignment procedures such as hormones and surgeries, has an April 5, 2027, trial date, according to Mark Trammell, CEO of the Center for American Liberty, which represents several detransitioners.
Cole and others, known as detransitioners, stopped or reversed a medical gender transition that they started earlier.
She 
The New York jury awarded Varian $2 million—$1.6 million for pain and suffering, and $400,000 for future medical expenses.
The Fox verdict sent shockwaves through the gender medicine industry, while offering hope for other detransitioners.
Trammell said that while medical negligence lawsuits aren’t new, those involving transgender medicine are.
“How do you put a price tag on a young woman having her breasts amputated and potentially never being able to have a child?” he asked.
The hope is that detransitioners will now see that they can win a legal victory.
“I look at that as a tremendous, tremendous victory, not just for Fox Varian, but for other detransitioners who are maybe thinking about filing lawsuits,” he said.
Trammell said that the success of medical negligence cases depends on establishing that doctors and hospitals failed to meet the standard of care. That’s why 
Trammell said states have already helped protect vulnerable children by passing laws banning transgender-related hormone treatments and surgery for minors.
However, state lawmakers could have a bigger impact by creating a carve-out on the statute of limitations for medical malpractice.
In many states, lawsuits must be filed within two years of the alleged malpractice, but it can take children much longer to realize the harm they suffered.
In Texas, 60 lawmakers signed a letter supporting a detransitioner’s case, heard on Feb. 11 by the Texas Supreme Court, that was originally dismissed based on the expiration of the statute of limitations. The state lawmakers vowed to support legislation next year to extend the statute of limitations for detransitioners.
Soren Aldaco filed a 
The advisor said the US threatened measures against the State Oil Marketing Organization (SOMO), the Central Bank of Iraq, as well as security and diplomatic sectors, and unnamed political figures.
Economic steps could include restricting Iraqi oil sales, limiting Baghdad’s access to US dollars, and targeting banks, which the advisor warned could trigger "an almost complete halt in foreign trade" and create serious obstacles to paying public-sector salaries.
A member of the CF confirmed the authenticity of the message, saying it reached the alliance through a senior figure who met US chargé d’affaires Joshua Harris.
The US embassy in Iraq later disclosed that Harris had met Abdul Hussein al-Moussawi, head of the National Approach Alliance, and reiterated Washington’s readiness to "use the full range of tools to counter Iran’s destabilizing activities in Iraq."
Trump said on Friday, "We are monitoring the situation regarding the prime minister. We will see what happens. We have some thoughts about it, but in the end, everyone needs America."
Earlier, Maliki said stepping aside would endanger Iraq's sovereignty and that he would withdraw only if the CF formally requested it, condemning what he described as "blatant American interference in Iraq’s internal affairs."
Internal resistance within the alliance has reportedly grown, with one member stating: "No one wants … to risk the collapse of the political system if Washington carries out its threats."
Earlier this month, Washington 
Chief Financial Officer Kris Sennesael said on Western Digital’s quarterly earnings call Jan. 29. that the company planned to sell its remaining 7.5 million Sandisk shares before the one-year anniversary of the separation.
And so, according to a statement Sandisk launched the sale on behalf of its former parent in a statement Tuesday that didn’t disclose how many shares it would sell.
According to the statement, Western Digital is expected to exchange the SanDisk shares for debt held by affiliates of JPMorgan and Bank of America.
For now, WDC is flat in the after-hours trade but SNDK is down around 8%, extending the losses during the day...
Amid a global shortage of flash memory, that has sent DRAM prices soaring since September, demand for Sandisk’s products, which are used in computers and mobile phones, has, as Bloomberg reports, been linked to the tech industry’s characteristic boom and bust cycles, keeping valuations in check.
The banks will sell the stock to the underwriters of the offering, whom they represent.
Did WDC's decision just mark the top in the memory melt-up?
In a fresh interview with Turkish media, Patrushev said Moscow is advancing a "multipolar world order on the oceans" to counter what he blasted as Western hegemony.
"We will tap into the potential of BRICS, which should now be given a full-fledged strategic maritime dimension," he said. These fresh mid-February drills are being called Maritime Security Belt 2026.
It turns out Russian and Chinese warships have already been in the region as part of prior Iran-hosted drills, and without doubt they've lingered to keep a very close eye on developments after President Trump started threatening Tehran over its nuclear as well as ballistic missiles programs.
Also coming off last month's BRICS naval drills in South Africa which were dubbed "Will for Peace 2026" - Chinese, Russian, and Iranian ships have in recent years showed deepened coordination and cooperation, in an increased number of joint drills.
"The Maritime Security Belt 2026 exercises in the Strait of Hormuz, where Russia, China, and Iran sent their ships, proved to be relevant," he added.
If the US were to launch a 'surprise' attack on Iran, it remains unlikely that either Russia or China would come to Tehran's direct aid and engage militarily with Washington.
However, it's possible more Chinese and Russian ships would be sent to patrol flashpoint waters, making things more delicate and difficult in terms of US Navy maneuvering and firing.
Likely Moscow and Beijing would team up to issue a UN Security Council condemnation, and would seek to rally the globe against another Iraq-style war in the Middle East, with likely disastrous consequences for the whole region.
The second round of Iran-US talks wrapped up Tuesday in Geneva with mixed results. The Iranians have said the sides could be headed toward a new deal, and yet diplomats have admitted it was a heavy, and not very positive or amicable atmosphere. So things remain ultra-tense and charged, to say the least.