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The last record-breaking IPO, SpaceX, wasn’t a fluke, and the next big IPO won’t be a SaaS company or a consumer app either. It’s going to be in the growing industry of civilization technology, i.e., the companies that undergird the structures and systems necessary for civilization to survive in a tumultuous and changing landscape. Given the growing size of the human population, the rapid pace of the changing technological landscape, and the increasing uncertainty of environmental trajectories, civilization-level technologies will continue to capture outsized investments and then, ultimately, market share.
What is Civilization Technology?
Civilization technology includes businesses that support the capacity to maintain today’s level of civilization globally and to adjust for the growing size of populations and their demands in the future. This includes businesses across the sectors of energy and nuclear (fission SMRs, fusion, grid), AI infrastructure and compute (data centers, chips, power for AI), advanced manufacturing and reshoring, defense and national security, space and aerospace, robotics and industrial automation, supply-chain resilience, biosecurity and synthetic biology, and water and agriculture. At the highest level, they focus on protecting either the built environment or the physical environment that allows our built environment to survive. By extension, they protect the fundamental basics that humans require to survive.
Companies like SpaceX, Blue Origin, and Tesla are the obvious picks, but the field includes a wide swath of businesses that range in size from small startups to behemoth businesses.
Who to Watch?
Defense and autonomy. The obvious pick is Anduril. Revenue doubled to roughly $2.2 billion in 2025, and it’s widely regarded as the sector’s most significant potential IPO. The dark horse is Saronic, the autonomous naval shipbuilder that raised $1.75 billion this spring at a $9.25 billion valuation, more than doubling its worth in about a year.
Fusion and energy. The obvious pick is the fusion field, where public markets have already arrived, is TAE, which is going public via a $6 billion merger with Trump Media. Additional players include General Fusion via SPAC and privately held Helion, which is fresh off a $465 million raise at a $15.5 billion valuation to build Microsoft’s power plant.
Biotech and biosecurity. The obvious pick is Colossal Biosciences, Texas’s first decacorn at a $10.3 billion valuation after its $400 million Series C. The business is a headline maker with its de-extinction business, but the underlying technology platforms, which include genetic engineering, artificial wombs, and its ViaGen cloning acquisition, allow for applications from conservation to agriculture to human health. The dark horse is the broader biosecurity layer — companies building pathogen surveillance, rapid vaccine platforms, and synthetic biology infrastructure.
AI infrastructure and compute. The obvious picks are Anthropic, which filed on June 1st, and Databricks, which is anticipated to file on this year’s IPO calendar. But the dark horse thesis is companies that are data-center builders, grid-buildout firms, and power-delivery companies, who all get paid regardless of which lab wins.
Space. SpaceX‘s record listing reset the sector’s ceiling, so the question now is who rides its coattails. The obvious pick is Firefly Aerospace, already public after an $868 million IPO and expanding from launch into Elytra, its in-orbit servicing tug. The dark horse is Stoke Space, which extended its Series D to $860 million by trying to solve for full, rapid reuse of both rocket stages. Behind them, satellite-servicing startups like Starfish Space and Orbit Fab are turning orbit itself into serviceable infrastructure.
Now what?
Over the past two decades, technologists optimized for the way people used systems. But, as technology has become more capable of tackling harder problems, the money and the opportunity are now in the hard stuff: power plants, rockets, autonomous ships, reactors, genomes. The companies solving for civilization’s load-bearing problems will be the companies that end up also becoming the load-bearers of the economy.
The last record-breaking IPO, SpaceX, wasn’t a fluke, and the next big IPO won’t be a SaaS company or a consumer app either. It’s going to be in the growing industry of civilization technology, i.e., the companies that undergird the structures and systems necessary for civilization to survive in a tumultuous and changing landscape. Given the growing size of the human population, the rapid pace of the changing technological landscape, and the increasing uncertainty of environmental trajectories, civilization-level technologies will continue to capture outsized investments and then, ultimately, market share.
What is Civilization Technology?
Civilization technology includes businesses that support the capacity to maintain today’s level of civilization globally and to adjust for the growing size of populations and their demands in the future. This includes businesses across the sectors of energy and nuclear (fission SMRs, fusion, grid), AI infrastructure and compute (data centers, chips, power for AI), advanced manufacturing and reshoring, defense and national security, space and aerospace, robotics and industrial automation, supply-chain resilience, biosecurity and synthetic biology, and water and agriculture. At the highest level, they focus on protecting either the built environment or the physical environment that allows our built environment to survive. By extension, they protect the fundamental basics that humans require to survive.
Companies like SpaceX, Blue Origin, and Tesla are the obvious picks, but the field includes a wide swath of businesses that range in size from small startups to behemoth businesses.
