Welcome to Printing Money Episode 43. Arno Held returns to join Danny Piper (Principal, NewCap Partners) for this episode. Arno is freshly independent from AM Ventures, as Principal at Held Holding.
Episode 43 was recorded on Election Day. We don’t know how well the episode will play in years to come, but in the immediate rear-view, what’s discussed is pretty salient. The boom in defense-related investment has been “a blessing and a curse” for 3DP/AM. Election Day’s blue wave could shift that narrative.
There have a been a number of 3DP deals not in the defense arena over the past few months, so after discussing macro trends, Arno and Danny discuss a hefty number of interesting AM transactions, covering topics not limited to space and satellites, battery production, consumer 3D printing, construction, and low-cost metal AM.
Easter eggs: Mentioned but not timestamped: Johnson Controls, Alloy Enterprises, TDK, Fabric8Labs, Stratasys, Bambu Labs, 3D Systems, Materialise, Velo3D, a16z, Ric Fulop, Desktop Metal, 1789 Capital, Lockheed Martin, Renishaw, Big Metal Additive, Lincoln Electric, FormAlloy, Gefertec, MX3D, Fortius Metals, Atlix, EOS, Ursa Major, and more!
Please enjoy Episode 43 and check out our previous episodes too.
This episode was recorded November 3, 2026.
Timestamps:
00:12 – Welcome to Episode 43 and welcome back to Arno Held, under new banner!
01:05 – Recent industry events have included IMTS and NAMIC’s Global AM Summit
02:07 – From laser-focused on early stage and VC, to now an ecosystem wide lens
04:16 – Applications are proving out Arno’s thesis in real-time
07:52 – Western publicly traded 3DP/AM OEMs are in a long-term slump and short-term slump
09:35 – China’s impact on the 3DP/AM industry now and looking forward
14:14 – On the 3DP/AM defense investment exuberance; Hadrian raises $1.37B Series D
19:48 – Anduril rumored to be nearing raise at $100B valuation
27:16 – Nikon invests in Vast
30:42 – Domin receives GBP 30M investment from Legatum
34:24 – SWISSto12 closes $70M Series C
38:04 – Hike Medical raises $14M, bringing total raised to $22.5M
40:48 – Impossible Objects raises $40M Series B
45:18 – Radian Forge $2.5M raise for WAAM
49:09 – Amaero announces, shelves, and finally completes US-listing
52:12 – ICON completes $200M Series D, including BlackRock
56:49 – Creality IPOs on the Hong Kong Exchange
59:00 – China’s Global Laser Box raises nearly $30M
1:01:57 – Sakuu SPAC (again!)
1:06:27 – SK Capital’s Precera acquires Additive Metal Services
1:07:00 – Looking forward to Formnext in Frankfurt next week
1:08:25 – Thanks to Arno for joining, and thanks to you for listening!
1:08:47 – Disclaimer
Disclaimer:
This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.
Danny Piper is a registered representative of Finalis Securities LLC, member FINRA/SIPC. This material has been prepared for information and educational purposes only, and it is not intended to provide, nor should it be relied on for tax, legal, or investment advice. Investors should consult with their own tax, legal, and financial professionals before investing. Real estate investments are generally highly risky. They can be volatile, unpredictable, illiquid, and are subject to ebbs and flows and market shifts. Investors also risk the loss of all principal investments.
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