The Next Supercycle, with Erik Kriessmann (Partner at Altimeter)

This week on Valley of Depth, we’re joined by Erik Kriessmann, Partner at Altimeter – the $10B crossover firm known for backing generational companies across tech, defense, and space. From sourcing early-stage deals to helping build world-class teams, Erik’s path into venture started with a deep focus on talent, giving him a rare edge in identifying high-potential founders and building lasting partnerships. In this episode, Erik shares how Altimeter thinks about concentrated investing, why the firm bets big on supercycles, and what it takes to earn a seat at the table with the best teams in tech. We also cover: How Altimeter defines a “supercycle” The firm’s bets across AI, defense, and aerospace What separates a good founder from a great one Why Altimeter backed Anduril and K2 His take on the Mars hype (spoiler: not yet) And how SpaceX changed the game for everyone …and much more. • Chapters • 0:00 - Intro 1:05 - Did Erik know he was going to be an investor? 1:44 - Erik's career journey 9:05 - Going from building talent teams to working with CEOs directly 12:07 - The investment philosophy core to Altimeter's growth 15:31 - Public vs private side of Altimeter 16:42 - How decisions get made 19:35 - What is today's super cycle? 21:14 - What technologies is Altimeter currently excited about? 22:40 - What does Erik look for in a founder? 24:25 - How do geopolitics weigh in on Altimeter's investments? 27:20 - Space super cycle 28:56 - What is Erik on the lookout for in the space industry 31:04 - How about Mars? 33:42 - Why did Altimeter first invest in Anduril? 36:09 - Navigating the DoD procurement process 37:50 - Expanding margin with the government customer 40:27 - Are we in a defense tech bubble? 41:56 - Has Altimeter invested in pure play defense names outside of Anduril? 44:03 - Exit paths for Altimeter's investments 45:34 - Foreign defense investment opportunities 47:34 - What would Erik be doing if he wasn't an investor? 49:42 - What's Erik listening to these days? • Show notes • Erik’s socials — https://x.com/ekriessmann Brad’s socials — https://x.com/altcap Mo's socials — https://twitter.com/itsmoislam Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace Ignition’s socials — https://twitter.com/ignitionnuclear / https://www.linkedin.com/company/ignition-nuclear/ Tectonic’s socials — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/ Valley of Depth archive — Listen: https://pod.payloadspace.com/ • About us • Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies. Payload: www.payloadspace.com Ignition: www.ignition-news.com Tectonic: www.tectonicdefense.com