1789 Capital
1789 Capital is a conservative-values venture capital firm co-founded in 2022 by Omeed Malik, Rebekah Mercer, and Chris Buskirk, with Donald Trump Jr. as a partner since late 2024, investing across defense technology, AI, aerospace, fintech, and conservative media. The firm manages over $2 billion in assets under management across multiple fund vehicles as of December 2025.
1789 Capital is a Palm Beach, Florida-based venture capital firm founded on October 3, 2022 by investment banker Omeed Malik, Republican donor Rebekah Mercer, and conservative commentator Chris Buskirk. Donald Trump Jr. joined as a partner following the 2024 election. The firm describes itself as an anti-ESG, conservative-values fund and manages at minimum three vehicles — Fund I LP (venture), a Growth Equity Fund, and a real estate fund launched in partnership with the Frisbie Group. SEC EDGAR Form D filings (CIK 0001965234) show Fund I raised from a single investor at inception in February 2023; by October 2025 the offering had grown substantially. Bloomberg reported the firm crossed $1 billion in assets under management in September 2025. According to financial reporting and SEC filings, total AUM across vehicles exceeded $2 billion by December 2025 1, 2.
Between April and November 2025, federal contract databases confirm that at least four 1789 Capital portfolio companies received Department of Defense awards totaling $99.5 million, with an additional $620 million conditional loan to Vulcan Elements from the Pentagon's Office of Strategic Capital — described by OSC itself as the largest loan in the office's history 3, 4. Cerebras Systems received $45.6 million across seven contracts including a $40.1 million DARPA award; PsiQuantum received $33.3 million across two AFRL contracts; Firehawk Aerospace received $14.9 million across five AFRL and Army contracts; and Vulcan Elements received $5.6 million in direct contracts plus the $620 million OSC loan for rare earth magnet production 3. The firm's broader defense portfolio also includes SpaceX — a bidder for the $2 billion-plus Golden Dome satellite tracking constellation — and Anduril Industries, which participated in the $2.5 billion Series G round in June 2025 and holds SHIELD, SBI prototype, and $22 billion IVAS contract positions 5, 6.
Senators Elizabeth Warren, Richard Blumenthal, and Andy Kim sent formal letters to the Pentagon in January 2026 requesting answers about the conflict structure. Four government ethics experts cited in contemporaneous reporting stated that the fund's structure creates a conflict of interest because Trump Jr. is an active partner — not a passive investor in a blind trust — in a fund whose portfolio companies receive government contracts awarded by an administration led by his father. Former White House ethics official Richard Painter stated: "I have never seen a president's family be directly involved in the defense industry in this way." 1789 Capital's own published statement acknowledged: "we understand what the administration wants to do, because we helped craft some of the messaging" 7, 4.
Conflict of Interest Structure
The conflict-of-interest structure documented around 1789 Capital centers on Trump Jr.'s active partnership in a fund whose portfolio companies receive government contracts from an administration led by his father. Unlike arrangements involving blind trusts or divested holdings, Trump Jr. holds an active partner role at the fund while those portfolio companies compete for and win federal procurement awards. 1789 Capital advisors have characterized all positions as "passive minority" investments with "zero involvement in operations," a claim that addresses legal disclosure but not the underlying financial alignment: the fund's returns improve when its portfolio companies win government contracts, regardless of whether the fund directs company operations 7.
The Warren/Blumenthal/Kim Senate letter, issued January 2026, identified a specific sequencing pattern for Vulcan Elements: 1789 Capital invested in the company approximately three months before the Pentagon's Office of Strategic Capital awarded it a $620 million conditional loan — the largest OSC loan on record. Vulcan's CEO publicly denied knowing Trump Jr. personally, which the fund's defenders cited as evidence against a direct quid pro quo. The Senate letter did not allege a direct quid pro quo; it documented the structural alignment between the fund's financial interests and the procurement decisions of an administration in which the fund's principals, by their own acknowledgment, helped craft policy messaging 7, 4.
The Office of Strategic Capital's own consultant structure adds a secondary layer. OSC retained two "special government employees" — Linda Lourie of WestExec Advisors (which advises defense and technology companies seeking government contracts) and Kirsten Bartok Touw of New Vista Capital (which invests in aerospace, defense, and logistics companies) — in roles with lighter ethics disclosure requirements than full federal employees. Senator Warren characterized this as "an opportunity to refresh their Rolodexes without appropriate guardrails." OSC now reports to the USD(R&E) office following Pentagon consolidation of DIU and CDAO, meaning the same office that oversees primary mechanisms for channeling Pentagon capital to startups also sits atop the Vulcan Elements loan approval chain 8.
A parallel structure exists at the Vice Presidential level. Narya Capital — co-founded by Vice President JD Vance, who retained a $500,000–$1 million stake per his 2025 disclosure — invested in Golden Dome-adjacent defense company True Anomaly in two funding rounds. True Anomaly subsequently won a Golden Dome SBI prototype contract and the Victus Haze award. Analysis of the two funds' portfolio companies finds no direct overlap — 1789 Capital and Narya Capital hold different positions — meaning they operate as non-competing channels rather than a coordinated single vehicle 9.
1789 Capital
Fund Structure and Growth
1789 Capital Management LLC was incorporated in Florida on October 3, 2022. The primary investment vehicle, 1789 Capital Fund I LP (SEC CIK 0001965234), is structured as a Delaware limited partnership with GP entity 1789 Capital Fund I GP LLC. The initial Form D, filed February 9, 2023, disclosed minimal capital raised from a single investor — likely seed capital from Rebekah Mercer. By the October 21, 2025 amendment, the fund had grown significantly. By December 2025 the firm managed at minimum three vehicles: Fund I (venture), a Growth Equity Fund, and 1789 Real Estate, the last launched in partnership with the Frisbie Group targeting South Florida properties including Palm Beach and Boca Raton 2.
Bloomberg reported the firm crossed $1 billion in assets under management in September 2025. Fox Business and TechCrunch reported the fund had grown from $200 million to $2 billion in AUM during 2025, with the fund subsequently closed to new investors. No FEC donation records appear under the "1789 Capital" entity name, and no lobbying registrations have been found. The firm has stated openness to accepting investors from "pro-American" countries including potentially sovereign wealth funds; review of the record shows no confirmed Gulf state investment documented as of the investigation date 1, 2.
The fund's principals bring distinct institutional backgrounds. Omeed Malik served as a prime brokerage executive at Bank of America Merrill Lynch, departing in 2018 following a settled defamation claim against BofA in circumstances described as contentious. His prior firm MF Global, where he worked in global distribution, collapsed in 2011 — the eighth-largest US bankruptcy, with $1.6 billion in customer funds missing; Malik departed before the collapse. He later managed SPAC vehicles Colombier Acquisition Corp I, which merged with PSQ Holdings (PublicSq), and Colombier Acquisition Corp II, which merged with GrabAGun. Rebekah Mercer is a trustee of the Heritage Foundation, which produced the Project 2025 Arctic and Greenland policy sections, and whose praise for Project Vault — a critical minerals reserve initiative that directly benefits Vulcan Elements — has been documented. Chris Buskirk is a Claremont Institute fellow who operates the American Greatness publication 10, 11, 12.
Defense Portfolio and Contract Awards
HigherGov federal contract database records, cross-referenced against SAM.gov entity registrations, confirm the following awards to 1789 Capital portfolio companies as of early 2026 3:
Cerebras Systems: $45.6 million across seven contracts, including a $40.1 million DARPA Distributed Radio Base Station Experiment (DRBE) award, $2.6 million in AFRL and Army SBIR contracts, and $2.9 million from DOE/NETL. The Warren/Blumenthal/Kim Senate letter cited a $45 million figure for Cerebras, which aligns closely with the HigherGov total 3, 4.
PsiQuantum: $33.3 million across two AFRL contracts — $22.5 million for quantum computing research and development (2022) and $10.8 million for quantum photonics (2025). The Senate letter cited $10.8 million, capturing only the 2025 contract; the actual HigherGov total is three times that figure 3.
Firehawk Aerospace: $14.9 million across five contracts, including a $9.0 million AFRL hybrid rocket engine award, a $4.5 million Army SBIR III munitions contract, and $1.3 million in additional AFRL SBIRs. The Senate letter cited $4.9 million; the HigherGov total is three times higher 3.
Vulcan Elements: $5.6 million in direct contracts (AFRL rare earth magnet and supply chain contracts totaling $4.3 million, a $0.9 million DLA magnet qualification contract, and $0.2 million from Army HEPPS), plus the $620 million conditional loan from the Pentagon's Office of Strategic Capital — the largest OSC loan on record. The OSC loan was awarded approximately three months after 1789 Capital's investment in the August 2025 funding round 3, 7, 8. Vulcan Elements also connects to the broader critical minerals policy landscape: it is a direct beneficiary of Project Vault, the $12 billion federal critical mineral reserve initiative Connection #3151.
The fund's larger defense positions include Anduril Industries, in which 1789 Capital participated in the $2.5 billion Series G round led by Founders Fund in June 2025. Anduril is an awardee under the Golden Dome SHIELD program, the SBI prototype contract, and the $22 billion IVAS program. SpaceX is also in the portfolio, with SpaceX bidding $2 billion-plus for the Golden Dome satellite tracking constellation layer; SpaceX holds $7.18 billion in all-time DoD obligations, principally Air Force NSSL Phase 3 and DISA Starlink/Starshield contracts Connection #2796, Connection #2801, 5.
Additional defense-adjacent portfolio companies include Hadrian (defense parts manufacturer, $260 million Series C) and Firehawk Aerospace ($4.9 million USAF contract for rocket engines). The fund also holds positions across the Elon Musk corporate ecosystem — xAI, Neuralink, X (Twitter) — alongside AI infrastructure companies Groq, Perplexity AI, Reflection AI, and PsiQuantum, fintech firms Plaid and Ramp, and conservative media properties including Substack, Tucker Carlson Network (Last Country Inc), and Polymarket 5.
Policy Network Connections
The connection between 1789 Capital and the Heritage Foundation runs through Rebekah Mercer's trustee role at Heritage. Heritage produced the Project 2025 Arctic and Greenland policy sections recommending "enhanced economic ties" with Greenland, published multiple Greenland and Arctic security papers, and subsequently praised Project Vault as "Trump's Bold Plan To Stop China From Starving Our Military." Project Vault is the federal initiative under which Vulcan Elements — a 1789 Capital portfolio company — received its $620 million OSC loan and is positioned as a primary beneficiary of the $12 billion critical mineral reserve 12, Connection #3165.
Omeed Malik's career history includes work in Senate and House contexts prior to founding 1789 Capital, and the fund's published statement — "we understand what the administration wants to do, because we helped craft some of the messaging" — places the fund's principals inside the policy formation process rather than at arm's length from it. Review of records shows no formal lobbying registrations or FEC filings under the "1789 Capital" entity name, meaning this policy influence is not captured in standard political disclosure databases 4, 1.
The fund's defense supplemental exposure extends beyond the specific contract awards documented above. Analysis indicates the Iran war supplemental funding discussion initiated in early 2026 benefits the same portfolio companies — SpaceX, Anduril Industries, Hadrian, and Vulcan Elements — that are already receiving DoD awards, because the supplemental is oriented toward restocking the same weapons categories and expanding the industrial base for the same autonomous systems platforms Connection #2762, 13. Anduril's Arsenal-1 factory in Ohio, targeting July 2026 production start for Fury, Roadrunner, and Barracuda autonomous weapons systems, is being built against this demand signal 14.
DOGE's role in this network is structural rather than direct. DOGE's elimination of contract oversight positions within the Department of Defense — including the Director of Operational Test and Evaluation office that had asserted jurisdiction over Golden Dome — removed testing and oversight mechanisms that would otherwise apply to the same programs from which 1789 Capital's portfolio stands to benefit. Corey Lewandowski's role as DHS contract approval authority over Anduril's $511 million in CBP border tower contracts since January 2025 represents a separate second-hop relationship documented in the fund's network graph viz_data secondHop, 7.
Oversight and Congressional Scrutiny
The Warren/Blumenthal/Kim Senate letter, issued in January 2026, formally requested Pentagon answers on five categories: the sequencing of 1789 Capital investments relative to subsequent contract awards; Trump Jr.'s reported role in screening Pentagon position candidates; the OSC consultant conflict structure; the "passive minority" defense claim in light of Trump Jr.'s active partner role; and the fund's stated openness to foreign sovereign wealth fund investment 7, 4.
As of the investigation date, no Pentagon response to the Senate letter has been documented in the source record. The fund's defense — that all investments are passive minority positions with zero operational involvement — has been publicly reiterated but not independently verified against fund governance documents. OSC's internal decision records on the Vulcan Elements loan, including any conflict screening performed given 1789 Capital's prior investment, have not been made public 7.
The broader oversight gap is structural. Golden Dome's eighteen SBI prototype contracts were awarded via Other Transaction Authority, which shields them from the Defense Federal Acquisition Regulation Supplement's public disclosure requirements. DOT&E oversight was removed after it asserted jurisdiction over the program. Congress, per January 2026 reporting, had not received basic program architecture documentation despite $37.8 billion having been appropriated. The combination — OTA contract opacity, gutted testing oversight, and an administration declining to brief Congress on program structure — means the full scope of 1789 Capital portfolio company involvement in the Golden Dome production phase cannot currently be independently assessed from public records 15, 9.
All Connections
6 total
All Connections
6 totalIran war supplemental funding benefits 1789 Capital portfolio: SpaceX, Anduril, Hadrian, Vulcan Elements
1789 Capital invested in Anduril 2.5B Series G (Jun 2025) led by Founders Fund. Creates Trump family financial interest in Anduril Golden Dome contracts (SHIELD, SBI, IVAS 22B).
1789 Capital holds SpaceX position. SpaceX is bidding 2B+ Golden Dome satellite tracking constellation. Creates direct Trump family financial benefit from SpaceX government contracts via Trump Jr partnership.
No direct investment overlap. 1789 Capital and Narya Capital (True Anomaly investor) both operate in defense tech VC with separate portfolios. Both fund principals (Trump Jr, Vance) are immediate family/office of President/VP. Both portfolios benefit from Golden Dome procurement.
1789 Capital portfolio company Vulcan Elements (rare earth magnets, 620M DoD loan) is direct beneficiary of Project Vault 12B critical mineral reserve
Mercer connection creates policy-to-investment pipeline
All Findings
14 total
All Findings
14 totalfinancial (9)
1789 Capital (co-founded by Omeed Malik and Chris Buskirk, Trump Jr as partner) grew from $200M to $2B AUM in 2025. Portfolio includes SpaceX, Anduril, Hadrian (defense manufacturer), Vulcan Elements. At least 4 portfolio companies won government contracts in 2025. Vulcan Elements received $620M DoD loan (largest ever from Pentagon's Office of Strategic Capital) for rare earth magnets. Trump Jr joined firm right after inauguration. SpaceX ($2B+ Golden Dome) and Anduril ($22B IVAS, $151B SHIELD) are positioned for massive Golden Dome contracts. Creates direct family financial benefit from Pentagon procurement decisions.
Massive expansion of US munitions industrial base underway as Iran war creates urgent demand: (1) Lockheed Martin Munitions Acceleration Center in Camden AR for THAAD/PAC-3 surge — THAAD production quadrupling from 96 to 400/yr; (2) Anduril Arsenal-1 in Ohio — $1B, 5M sqft factory targeting Jul 2026 production start for Fury, Roadrunner, Barracuda autonomous weapons + 6,000 solid rocket motors/yr by end 2026; (3) Anduril opened new $75M solid rocket motor facility in McHenry MS (Aug 2025) — first new SRM facility in US in 50 years; (4) Lockheed JASSM/LRASM capacity to 3,960/yr by late 2026; (5) Solid rocket motor supply chain 6x expansion. Multi-billion dollar capital investments spanning 20+ facilities.
The industrial base expansion was underway before the Iran war but the conflict now provides overwhelming justification for acceleration and additional funding. Key investment patterns: (1) Traditional primes (Lockheed, RTX, Northrop) expanding existing facilities with government co-investment; (2) New entrants (Anduril, SpektreWorks) building greenfield capacity optimized for autonomous/low-cost systems; (3) Supply chain investments (Vulcan Elements rare earths, solid rocket motors) backed by 1789 Capital / Trump Jr connections; (4) Arsenal-1 will produce 'tens of thousands' of autonomous weapons annually — the same systems now being combat-tested in Iran. The war validates the investment thesis and creates political cover for accelerated spending.
1789 Capital Golden Dome exposure: Fund grew from 200M to 2B AUM in 2025 with Trump Jr as partner. Portfolio includes SpaceX (2B+ Golden Dome satellite contract), Anduril (SHIELD awardee, SBI prototype winner, 22B IVAS), Hadrian (defense manufacturer, 260M Series C). 735M in government contracts to portfolio companies in first year of Trump admin. Vulcan Elements received 620M DoD loan -- largest ever from Pentagon Office of Strategic Capital. Creates direct Trump family financial benefit from Golden Dome procurement.
1789 Capital conflict chain: (1) Founded 2022 by Omeed Malik, Rebekah Mercer, Chris Buskirk. Trump Jr joined as partner in 2024. (2) AUM exploded from 200M to 2B in 2025 -- fund now closed to new investors. (3) Portfolio companies with Golden Dome exposure: SpaceX (consortium lead, 2B satellite contract), Anduril (SBI prototype, SHIELD awardee, IVAS 22B), Hadrian (defense manufacturing). (4) Vulcan Elements (rare earth magnets for defense) received 620M DoD loan -- largest ever from Pentagon Office of Strategic Capital. (5) Sludge reported (June 2025) Trump Jr could profit from Golden Dome specifically. (6) At least 4 portfolio companies won government contracts in 2025, totaling 735M. (7) This creates a direct financial channel from Pentagon procurement decisions to the Presidents sons investment vehicle. Unlike blind trusts or divested holdings, Trump Jr is an active partner in the fund making investment decisions alongside the administration making procurement decisions.
1789 Capital SEC Form D filings reveal fund structure and growth: Fund I LP (CIK 0001965234) filed initial Form D Feb 2023 showing M sold to 1 investor against M target. By Oct 2025 amended to .5M sold of .5M offering. Dec 2025 amendment shows /bin/zsh additional sold. Founders listed on Form D: Omeed Malik, Christopher Buskirk, Rebekah Mercer. Separate Growth Equity Fund grew from M to B AUM through Dec 2025. New B real estate fund (1789 Real Estate) launched with Frisbie Group for South Florida properties (Palm Beach, Boca Raton).
SEC EDGAR Form D filings for 1789 Capital Fund I LP provide the clearest picture of fund capitalization. The initial Feb 9 2023 filing showed just M raised from a single investor, likely Mercer seed capital. The Oct 21 2025 amendment showed dramatic growth to .5M sold. Total AUM across all funds reportedly exceeds B as of Dec 2025. The firm now manages at minimum three vehicles: Fund I (venture), Growth Equity Fund, and Real Estate Fund. Fund I is structured as a Delaware LP with GP entity 1789 Capital Fund I GP LLC. The firm is open to foreign investors from 'pro-American' countries, including potentially sovereign wealth funds.
1789 Capital complete portfolio mapping (as of early 2026): Defense/Space: Anduril Industries (participated in .5B Series G), SpaceX, Hadrian (defense manufacturing), Firehawk Aerospace (.9M USAF contract), Vulcan Elements (M DoD loan). AI/Computing: Cerebras Systems (M govt contract), Groq, Perplexity AI, Reflection AI, PsiQuantum. Musk companies: xAI, Neuralink, X (Twitter), SpaceX. Fintech: Plaid, Ramp. Consumer/Media: Juul Labs, Happy Dad, Enhanced Games, PublicSq (via Colombier SPAC), GrabAGun (online firearms, Colombier II SPAC), Substack, Tucker Carlson Network (Last Country Inc), Polymarket.
1789 Capital portfolio spans defense tech, AI, Musk ecosystem, fintech, and conservative media. The defense portfolio is the most consequential given Trump Jr conflicts: Anduril (SHIELD, SBI, IVAS), SpaceX (Golden Dome constellation), Hadrian (defense parts), Firehawk (rocket engines), Vulcan Elements (rare earth magnets). Investment sizes typically M-M per deal. The SPAC vehicles (Colombier I and II) managed by Omeed Malik have merged with PublicSq and GrabAGun respectively -- conservative consumer brands. Notably absent from portfolio: Palantir (publicly traded), True Anomaly (Narya, not 1789).
Trump Jr VC firm 1789 Capital portfolio companies received 5+ DoD contracts and largest-ever OSC loan (M) within months of his joining
Warren/Blumenthal/Kim letter identified: Trump Jr. joined 1789 Capital (VC firm) after 2024 election. Within months, portfolio companies received DoD awards: Cerebras Systems M (AI chips, Apr 2025), PsiQuantum .8M (quantum chips, Apr 2025), Firehawk Aerospace .9M (rocket engines, Aug 2025), Vulcan Elements M (drone magnets, 2025). Unnamed 1789-backed startup received M OSC loan — described as largest loan ever from Office of Strategic Capital. Trump Jr. reportedly helped screen Pentagon position candidates and evaluated support for his investment priorities. 1789 Capital acknowledged: 'we understand what the administration wants to do, because we helped craft some of the messaging.'
HigherGov contract data confirms 1789 Capital portfolio companies received $99.5M in federal contracts. Cerebras Systems: $45.6M (7 contracts - DARPA DRBE $40.1M, AFRL/Army SBIRs $2.6M, DOE/NETL $2.9M). PsiQuantum: $33.3M (2 AFRL contracts - quantum computing R&D $22.5M in 2022, quantum photonics $10.8M in 2025). Firehawk Aerospace: $14.9M (5 contracts - AFRL hybrid rocket $9.0M, Army SBIR III munitions $4.5M, AFRL SBIRs $1.3M). Vulcan Elements: $5.6M (6 contracts - AFRL rare earth magnets/supply chain $4.3M, DLA magnet qualification $0.9M, Army HEPPS $0.2M). All companies are SAM.gov registered. Most contracts via AFRL. Warren/Blumenthal/Kim letter figures largely confirmed with some discrepancies: PsiQuantum total ($33.3M actual vs $10.8M cited), Firehawk ($14.9M actual vs $4.9M cited).
1789 Capital: Trump-linked VC fund ($1B+), founded by Omeed Malik/Rebekah Mercer, investing in A&D including defense manufacturing
1789 Capital Management LLC: (1) Founded Oct 3, 2022 in Palm Beach FL. (2) Founders: Omeed Malik (investment banker), Rebekah Mercer (heiress), Chris Buskirk (CIO). (3) Anti-ESG, conservative-values investment firm. (4) Topped $1B in assets per Bloomberg Sept 2025. (5) Investment sectors: AI, software, aerospace & defense, healthtech, fintech. (6) Notable defense portfolio company: Hadrian (defense manufacturing startup). (7) No FEC donation records found under '1789 Capital'. (8) No lobbying registrations found. (9) The fund's defense investments could benefit from Iran war supplemental spending and Golden Dome programs. The Mercer connection (Robert Mercer is major conservative/Trump donor) creates a direct line between political financing and defense investment returns. Lead #14947.
1789 Capital (Trump Jr, Mercer, Malik, Buskirk) received M+ in Trump admin contracts for portfolio companies; Vulcan Elements got M DoD loan; invested in Anduril, Hadrian, SpaceX, Cerebras
1789 Capital portfolio has received over M in Trump administration contracts between April-November 2025, including: Vulcan Elements (M DoD loan for rare earth magnets, December 2025), Cerebras Systems (M), Firehawk Aerospace (.9M), plus Vulcan's earlier M. The fund crossed B AUM in Sept 2025. Key partners: Donald Trump Jr (partner), Rebekah Mercer (co-founder, also Heritage Foundation trustee which produced Project 2025 Greenland recommendations), Omeed Malik (president, ex-BofA Merrill Lynch, worked in Senate/House), Chris Buskirk (CIO, Claremont Institute fellow). Portfolio includes Anduril (Golden Dome frontrunner), SpaceX (Golden Dome satellite layer), Hadrian (defense manufacturing). Senators Warren, Blumenthal, Kim raised alarm about potential for Trump Jr-linked companies to profit from DoD contract awards.
intelligence (4)
Office of Strategic Capital (OSC) deep dive: Pentagon finance office established Dec 2022 by SecDef Austin to attract private capital for national security tech. Authorized $984M in loans (FY24-25). Largest single loan: $620M to Vulcan Elements (rare earth magnets) — company backed by 1789 Capital (Trump Jr partner) which invested just 3 months prior. Warren flagged multiple conflicts: OSC consultants Linda Lourie (WestExec Advisors, advises tech/defense companies) and Kirsten Bartok Touw (New Vista Capital, supports defense/logistics companies) hired as 'special government employees' with lighter ethics rules. OSC now reports to Emil Michael's USD(R&E) office after Pentagon consolidated DIU and CDAO under R&E.
OSC structural conflicts: 1. CONSULTANT CONFLICTS: Warren identified two consultants hired as Special Government Employees (SGEs): - Linda Lourie: Senior adviser at WestExec Advisors (founded by Tony Blinken, advises tech/defense companies seeking government contracts). WestExec helps companies navigate Pentagon procurement while Lourie simultaneously advises the Pentagon on which companies to fund. - Kirsten Bartok Touw: Managing partner at New Vista Capital (supports emerging aerospace, defense, and logistics companies). Her fund invests in the very companies OSC is designed to lend to. SGEs face lighter ethics rules than full federal employees — not subject to full myriad of ethics laws. Warren called this 'an opportunity to refresh their Rolodexes without appropriate guardrails.' 2. VULCAN ELEMENTS CASE STUDY: - Aug 2025: Vulcan raises $65M from private investors including 1789 Capital (Trump Jr is partner) - Nov 2025: OSC awards Vulcan $620M conditional loan (largest OSC loan ever) + $50M Commerce Dept equity - 3-month turnaround from VC investment to $620M government loan. 1789 Capital has had 4+ portfolio companies win government contracts in 2025. - Vulcan CEO denied knowing Trump Jr personally. But the pattern is: 1789 invests → government contract follows. 3. ORGANIZATIONAL CONSOLIDATION: Pentagon consolidated DIU (Defense Innovation Unit) and CDAO (Chief Digital and AI Office) under USD(R&E). This means Emil Michael — former Coatue Management advisor with tech industry relationships — now oversees the primary mechanisms for channeling Pentagon capital to startups: OSC (loans), DIU (prototyping/contracts), and CDAO (AI procurement). 4. STRUCTURAL ANALYSIS: The OSC creates a feedback loop: VC funds invest in startups → OSC provides government loans that de-risk those investments → startups use loans to scale → government awards production contracts → VC fund returns multiply. The same political network that appoints OSC leadership also manages the funds that benefit from OSC decisions.
SYNTHESIS: The Iran war operationalizes and validates the entire defense tech capture structure mapped in the investigation. Pre-war positioning (2024-early 2026): DOGE cleared traditional contractors ($71B terminated), 'commercial first' policy favored tech companies, Golden Dome created $151-542B target, RTX framework agreements signed Feb 4, reconciliation allocated $152B (accelerated to 1 year), 1789 Capital portfolio companies received $735M+ in contracts. War began Feb 28: Palantir AI directed strikes, Anduril Lattice managed drone swarms, SpaceX/Starshield provided comms, LUCAS drone deployed in 7 months from demo. Result: defense stocks at all-time highs, supplemental funding discussion begun, Gulf allies dependent on US for interceptor resupply, every missile expended is a future contract. The people who set the policy, own the companies, and profit from the stocks are the same network.
The wartime capture cycle operates as follows: (1) APPOINTEES set policy: Emil Michael (USD R&E) oversees MDA and missile defense requirements, chairs Missile Defense Executive Board; Pete Hegseth (SecDef) directs commercial-first procurement and fast-track weapons; Stephen Feinberg (DepSecDef) shapes threat assessments; (2) POLICY creates demand: Golden Dome requirements, DOGE elimination of competitors, framework agreements for expanded production; (3) WAR depletes inventory: Operation Epic Fury consumes hundreds of Tomahawks, JASSMs, SM-3/SM-6/PAC-3/THAAD interceptors; (4) DEPLETION triggers contracts: RTX framework agreements activate, supplemental funding requested, Gulf FMS orders; (5) COMPANIES profit: RTX, Lockheed, Palantir, Anduril, SpaceX stocks surge; (6) INVESTORS profit: 1789 Capital (Trump Jr), Founders Fund (Thiel), a16z (Andreessen), Coatue (Laffont) hold positions in beneficiary companies; (7) INSIDERS trade: Congress members with defense stock holdings vote on war funding, Polymarket bets placed with apparent foreknowledge. This is not a conspiracy theory — it is the documented, structural result of eliminating ethics constraints while placing financially interested parties in decision-making positions during wartime.
1789 Capital ethics investigation: Senators Warren, Blumenthal, Kim sent formal letters to Pentagon demanding answers on conflicts. Four government ethics experts said fund structure creates conflict of interest -- Trump Jr as partner in fund that benefits from father's Pentagon procurement decisions. Between Apr-Nov 2025, portfolio companies received M+ in direct contracts plus M DoD loan to Vulcan Elements. Former WH ethics official Richard Painter: 'I have never seen a president's family be directly involved in the defense industry in this way.' Fund defense: advisor claims all investments are 'passive minority positions' with 'zero involvement in operations.'
The ethics scrutiny is bipartisan in recognition even if investigation is Democrat-led. Key timeline: 1789 Capital invested in Vulcan Elements approximately 3 months before the M OSC loan was announced. Cerebras received M govt contract Apr 2025. Firehawk received .9M USAF contract Aug 2025. Total portfolio company government awards exceed M in year one of Trump admin. The 'passive minority' defense is legally relevant but practically irrelevant -- the fund profits from government contract flow whether or not it directs company operations. This represents the most direct presidential family financial benefit from Pentagon spending since the founding era.
SYNTHESIS: 1789 Capital and True Anomaly represent parallel conflict-of-interest vectors through the two highest offices. 1789 Capital (Trump Jr) and Narya Capital (Vance) are structurally analogous: both defense tech VC funds where sitting President/VP family members retain financial interest while portfolio companies win Golden Dome contracts. 1789 portfolio (SpaceX, Anduril, Hadrian, Vulcan Elements) received 735M+ in Year 1 govt awards. Narya portfolio company True Anomaly won SBI prototype and Victus Haze contracts. The two funds do not share portfolio companies -- they operate as complementary channels. Erebor Bank overlap: 1789 Capital and Erebor share Anduril as common investment target (1789 invested in Anduril Series G; Luckey co-founded both Anduril and Erebor). No direct LP overlap found between 1789 and Erebor investor base (Founders Fund, 8VC, Lux, a16z). Foreign sovereign wealth exposure: 1789 stated openness to accepting investors from 'pro-American' countries including SWFs -- no confirmed Gulf state investment yet.
The structural pattern: POTUS family member joins VC fund that invests in defense companies, then those companies win massive government contracts from the administration. This pattern operates in parallel across both executive offices -- Trump Jr through 1789 Capital and Vance through retained Narya Capital stake. The mechanism is amplified by Golden Dome's deliberate opacity: OTA contracts shield SBI awards from public disclosure, DOGE gutted DOT&E oversight, and Congress has not received basic program architecture. The 'passive minority position' defense used by 1789 Capital advisors does not address the core issue: the fund profits from contract flow whether or not it directs company operations. Combined, 1789 and Narya portfolio companies are positioned for billions in Golden Dome production contracts.
identity (1)
Omeed Malik background and SPAC empire: Born ~1979-80 NJ, Colgate BA, Emory JD. Career: MF Global (SVP, reorganized global distribution), Bank of America Merrill Lynch (prime brokerage exec, exited 2018, settled defamation claim against BofA). Founded Farvahar Partners (merchant bank). Co-founded 1789 Capital (Oct 2022) with Chris Buskirk and Rebekah Mercer. SPAC vehicles: Colombier Acquisition Corp I (chairman/CEO, 2021) merged with PSQ Holdings/PublicSq; Colombier Acquisition Corp II merged with GrabAGun (online firearms). Spoke at Doha Forum and SCALE Global summits. No direct connection to Erebor Bank investor base found.
Malik is the operational driver of 1789 Capital -- Mercer provides capital and conservative network access, Buskirk provides media/intellectual conservative credibility (he runs American Greatness), and Trump Jr provides political access. Malik's MF Global stint is notable -- MF Global collapsed in 2011 under Jon Corzine in the 8th largest US bankruptcy, with 1.6B in customer funds missing. Malik left before the collapse. His defamation claim against BofA after departing prime brokerage in 2018 was settled, suggesting the departure was contentious. The SPAC vehicles (Colombier I and II) are separate from 1789 Capital funds but represent the same conservative investment thesis. Partners also include Paul Abrahimzadeh, Andy Nasser, Joe Voboril, Jordan Cohen (COO), Emanuel Zareh.
- 1.Finding #5115
- 2.Finding #4755
- 3.Finding #5091
- 4.Finding #5048
- 5.Finding #4756
- 6.Finding #4733
- 7.Finding #4758
- 8.Finding #4709
- 9.Finding #4764
- 10.Finding #4757
- 11.Finding #6141
- 12.Finding #6146
- 13.Finding #4730
- 14.Finding #4727
- 15.Finding #4735