Lightcone Ventures is a growth-capital fund built around Kam Ghaffarian, who has personally helped build major hard-tech companies like Intuitive Machines, Axiom Space, X-energy, and Quantum Space, and it focuses on civilization-scale physical-world industries such as space, energy, re-industrialization, physical AI, advanced compute, and defense rather than software. With roughly $300 million to invest, the fund targets Series B–D companies that already have a working product, typically writing checks between $2 million and $60 million (with $7 million as a common size), and it does not invest in pure software businesses.