Von Munch: Milestone-gated financing requires clear terminal value but unpriced intermediate steps
Carrie Von Munch · A blueprint for scalable fusion power · May 21, 2026 · at 37:31
Carrie Von Munch explains the prerequisites for when multi-stage, tranche-based venture funding models make sense in deep tech and biotech.
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“I think the, there are two things that kind of have to be true for a structure like this to make sense. I think one of them is that you have to have Very high conviction in how the market will value this big end thing. Or not end thing, but like this big intermediate milestone that you're resourcing a business toward. That's certainly true in biotech. You know what certain endpoints are worth in the market. It's true in fusion. Nobody questions that net facility gain is a massively valuable milestone for the whole business. And then you also have to kind of think that the market on the whole is not going to know how to value the intermediate milestones along the way.”
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