In this episode recorded live from the 2025 Reagan National Defense Forum in Simi Valley, hosts Lauren Bedula and Hondo Geurts sit down with Baiju Bhatt, co-founder of Robinhood and founder and CEO of Aetherflux. Baiju shares his remarkable journey from the son of Indian immigrants, his mother arriving pregnant with two suitcases of pots and pans, to democratizing access to America's financial system with Robinhood, and now building an American power grid in space. The conversation explores why patriotism is back in vogue in Silicon Valley, how constraints breed creativity, and why he couldn't sit out the space race happening in his lifetime without regretting it "as a geezer." Baiju makes the case that America's fundamental advantage is entrepreneurship and capitalism, and that energy is emerging as one of the most critical problems the economy must solve, both on Earth and in low Earth orbit.

Five Key Takeaways:

1. America wins through capitalism: The United States' distinct advantage over competitors like China is entrepreneurship and capitalism, not bureaucratic central planning. As Baiju puts it, "we're not going to out centrally plan the Chinese...the times that the United States wins is when we bring to bear capitalism," which drives both rapid execution and diverse approaches to solving hard problems.
2. Fear regret, not failure, and fail fast: Rather than being paralyzed by potential failure, Baiju advocates getting "failures out of the way quickly" and not waiting too long to pressure test ideas. The real risk isn't trying and failing, it's the regret of never trying at all, especially when historic opportunities like the commercialization of space are happening in your lifetime.
3. Energy is the next critical infrastructure for space commerce: Aetherflux is building a power grid in low Earth orbit because energy access hasn't been this critical since World War II or the 1970s oil crisis. The vision is to take energy-hungry applications "above the grid," removing super high-power applications from Earth's strained energy infrastructure by powering them from space.
4. Constraints breed creativity and humility breeds success: Despite his success with Robinhood, Baiju deliberately maintains the constraints and humility that got him there, recognizing that "what we're trying to do is extraordinarily difficult." Coming in with bravado isn't the recipe for success, being diligent, systematic, and constantly testing your assumption is.
5. Silicon Valley's "group hug" with defense is transformative for America: The convergence of entrepreneurship, technology, and national security represents a fundamental shift where economic prosperity and national defense are no longer separate tracks. This alignment, driven by competition and recognition that key technologies from AI to space require both sectors working in concert is "hugely important for America."