The lineage

This isn't an industry, it's a network. Read it top to bottom: PayPal at the top, and every path ends at Anduril. Click any box to open its page.

Five PayPal alumni founded or lead Founders Fund, Sequoia, and Craft. Thiel and Lonsdale then co-founded Palantir, which produced Stephens, who co-founded Anduril while staying a Founders Fund partner, and Lonsdale, who founded 8VC. Founders Fund, 8VC, and Craft all fund Anduril. Andreessen Horowitz and Thrive, the two outsiders, joined by co-leading its largest rounds. Valor and Gracias sit one step off this tree, in Musk's circle rather than PayPal's, and are left out for that reason.

14 funds, 17 people, 44 companies on this map.