Notboring

Announced Project Waterworth in 2025 — a 50,000km subsea cable spanning five continents, the longest in history, driven by AI data demand #催化劑

First mover in commercial deep-sea mining: filed the first-ever commercial license via a US regulatory pathway in 2025, bypassing the stalled ISA process; estimates NPV of first two projects at $24B #催化劑 #價位

Classic Innovator's Dilemma: ocean defense primes (Lockheed, RTX, L3Harris, Leidos, GD) sell cost-plus, crewed, campaign-based systems; their best customers (navies) demand mil-spec redundancy which prevents pivoting to autonomy-first models; a new cohort will take share as autonomous systems become good enough #比較

Incumbent maritime defense prime facing Innovator's Dilemma from autonomy-native entrants; rationally serves current customers well, but incentivized structure prevents pivoting to scale-priced autonomous platforms #比較

Incumbent maritime defense prime; same Innovator's Dilemma dynamic as $LMT and $RTX — cost-plus model and crewed-vessel heritage are structural disadvantages against autonomy-native entrants #比較

Incumbent subsea services prime (alongside Oceaneering, Fugro, Subsea 7); campaign-based vessel model is structurally disrupted by persistent autonomous fleets that collapse the $/km²-month cost basis #比較

General Dynamics Electric Boat is a legacy shipbuilder (cost-plus, multi-year hull contracts) — the model Saronic and Blue Water Autonomy are rebuilding from scratch around autonomous surface vessels #比較