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20 - ORGANIZATIONS/PRIVATE/Founders Fund.md
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@ -27,7 +27,7 @@ The firm operates with a smaller headcount than its peers and has historically k
The firm's investment thesis is set out in the 2014 book *[[Zero to One|Zero to One: Notes on Startups, or How to Build the Future]]*, coauthored by Thiel and [[Blake Masters]]. The book argues that competition is for losers and that durable value comes from building monopolies around proprietary technology, and it licenses the firm's preference for capital-intensive, defensibility-focused bets in domains that traditional venture capital had avoided. The thesis rejects the conventional venture preference for consumer-internet distribution deals in favor of bets on firms that can establish structural dominance in a foundational category.[^2]
The thesis has produced concentrated bets. Founders Fund was the first institutional investor in SpaceX (2008), took an early position in Palantir Technologies alongside the In-Q-Tel seed, led the early rounds of Anduril Industries beginning in 2017, and has built a substantial defense-and-sovereign-infrastructure portfolio across Clearview AI, Anduril, and adjacent firms. The defense-tech concentration is the commercial counterpart to the [[Neoreaction]] thesis that state capacity should be privatized and concentrated in private firms.[^1][^2]
The thesis has produced concentrated bets. Founders Fund was the first institutional investor in SpaceX (2008), took an early position in Palantir Technologies alongside the [[In-Q-Tel]] seed, led the early rounds of Anduril Industries beginning in 2017, and has built a substantial defense-and-sovereign-infrastructure portfolio across Clearview AI, Anduril, and adjacent firms. The defense-tech concentration is the commercial counterpart to the [[Neoreaction]] thesis that state capacity should be privatized and concentrated in private firms.[^1][^2]
### Notable Investments and Returns