Ex-Army Soldier & Defence Investor Steve Baxter on Iran, Ukraine and Why the US Is Re-Arming
Steve Baxter, founder of Beaten Zone Venture Partners, explains his strategy of investing in Australian defense startups with the explicit goal of transitioning them to the US market to capture higher valuations and accesummaryHe highlights a structural shift in global defense spending from legacy contractors to agile startups, driven by modern warfare demands for cheap, rapidly innovating unmanned systems and software-defined capabilities.summaryValuation Arbitrage: Australian defense assets trade at 2-3x revenue multiples due to perceived reliance on the single customer (ADF), whereas US defense tech trades at 30-100x multiples. The investment thesis is to acqutakeaway














