I’ve been thinking over the last 24Hrs or so and I’m beginning to wonder if my investment thesis for $ONDS has been too small. And for those that have followed me on Ondas over the last year +, understand that’s saying something, considering how aggressively I’ve believed in what Eric has been building. For the past year, my thesis has centered on the emergence of a vertically integrated autonomous dual use powerhouse. A company assembling the sensors, communications, robotics, counter-UAS, precision strike, and command-and-control capabilities necessary to support a new era of warfare. I still believe that thesis, but the announcement of Regna AI, powered by Palantir, has me reconsidering the magnitude of the opportunity. Something I don’t think many respect (clearly not the financial market). I increasingly believe Ondas is building something much bigger than an autonomous defense company. It’s building the physical and intelligence infrastructure for an autonomous world. And that is something quite hard to really rationalize But let’s think about the architecture for a sec… Sensors generate intelligence. Secure networks move information. Autonomous platforms execute missions. AI interprets the environment, coordinates assets, and supports decisions at the tactical edge. SkyWeaver begins connecting these layers. Regna AI introduces the potential for mission-specialized intelligence to operate across them. And critically, Regna isn’t being built exclusively for Ondas hardware. It’s initially wholly owned by Ondas, with ambitions to serve sovereign governments, defense contractors, critical infrastructure operators, and industrial enterprises. That distinction is fucking enormous. The opportunity is no longer limited to how many drones, interceptors, or robotic systems Ondas can manufacture and deploy. Now, Ondas has real deep moats there, but I think that alone far undercuts the opportunity. It’s potentially about how many autonomous systems, regardless of manufacturer, can operate within an intelligence architecture that Ondas helps enable. And here’s where the economics become fascinating. Hardware generates revenue through production and deployment. Mission-critical software can potentially generate high margin recurring revenue through licensing, integration, support, and continuous capability expansion. Combine the two, and the business model begins to look fundamentally different. More importantly, Regna creates another potential source of shareholder value, which is equity ownership in an independent sovereign AI platform that could scale far beyond Ondas’ existing markets. None of that economic upside is guaranteed. Commercial deployments, monetization, margins, and ownership economics still need to be proven. But I keep coming back to one thought. We are watching governments prepare to deploy autonomous systems at a scale the world has never seen. Those systems will need to communicate, interpret, coordinate, and operate in increasingly complex environments where centralized connectivity cannot be assumed. Someone has to build that architecture. And Ondas is increasingly positioning itself across the layers required to deliver it. And perhaps what’s most compelling is that @CeoOndas isn’t new to this vision. He’s spent years operating at the intersection of autonomous systems, secure communications, and defense technology. What we’re witnessing today may be the culmination of a strategy that has been taking shape long before the market began to appreciate its potential. I’ve spent a considerable amount of time thinking about what Ondas could be worth as a leading autonomous defense company. It feeds my frustration as to why the market doesn’t see it. I’m starting to think the bigger question is what Ondas could be worth if autonomous defense is merely the foundation of a much larger sovereign intelligence platform. That is a very different investment thesis that is taking form.