Interlagos Research
Investment Thesis
Interlagos is a deep tech venture firm founded in 2024 by former senior SpaceX leaders. The firm's thesis is that the biggest venture returns of the next decade will come from applied science and advanced manufacturing companies that are hard to build precisely because they require rare operational, engineering, and manufacturing know-how, the kind that SpaceX alumni have in abundance. Interlagos backs technical founders solving physical-world problems in space, defense, robotics, energy, and biotech, and positions itself as an operationally hands-on partner rather than a passive check-writer, drawing on the founders' decade of scaling hardware programs at SpaceX.
Sector Focus
Interlagos concentrates on deep tech verticals:
- Space systems and launch/orbital infrastructure (satellites, propulsion, in-space servicing)
- Aerospace and defense hardware (hypersonics, autonomous systems, drones)
- Robotics and industrial automation
- Advanced/software-defined manufacturing
- Climate and energy hardware (space-based solar, water technology)
- Selective biotech and biowearables, an emphasis brought in by venture partner Pablo Lubroth's health/biotech background
Stage Focus
Interlagos invests from company inception through Series B, with the flexibility to write both small first checks into pre-product teams and large checks into growth-stage rounds where it can take a lead or co-lead position. It has shown a willingness to be a first institutional check (Vital Lyfe's seed) as well as a large late-stage lead (Apex's $200M Series D).
Check Size
Check sizes span a wide range depending on stage and role in the round, from single-digit millions in early rounds to tens of millions in growth-stage lead positions. Individual partners have been reported with check ranges from roughly $500K up to $40M depending on the deal and sector.
Lead Tendency
Interlagos leads or co-leads the majority of its disclosed deals: it led Apex's $200M Series D, led Vital Lyfe's $24M seed alongside General Catalyst, and co-led both Shinkei Systems' $22M Series A (with Founders Fund) and Aetherflux's (now Cowboy Space Corporation) $50M Series A (with Index Ventures). It has also taken smaller participating positions in larger syndicates, such as Castelion's Series A and Series B and Impulse Space's Series D.
Recent Activity
Interlagos closed its debut fund's first close toward a $550M target announced in October 2024 and has been deploying briskly since: eight-plus disclosed investments across 2025 and into mid-2026, including a follow-on into Cowboy Space Corporation's $275M Series B in May 2026 and participation in Impulse Space's $500M Series D in June 2026, the firm's most recent disclosed deal.
Portfolio Highlights
Notable portfolio companies and outcomes:
- Apex (satellite bus manufacturing) - unicorn, valuation above $1B after Interlagos-led Series D
- Castelion (hypersonic weapons manufacturing) - unicorn, raised $70M Series A and $350M Series B
- Cowboy Space Corporation, formerly Aetherflux (orbital solar power / AI data centers) - unicorn, $2B valuation after $275M Series B
- Impulse Space (orbital transfer vehicles) - $500M Series D, $4.26B valuation
- Shinkei Systems (AI-driven seafood processing robotics)
- Vital Lyfe (portable, autonomous water-making technology)
- Senra Systems (software-driven aerospace wire harness manufacturing)
- Neros Technologies (autonomous drones)
- Adaptyx Biosciences (continuous biomarker-monitoring wearables)
Team
- Tom Ochinero, Chairman & Founding Partner: Nearly a decade at SpaceX, rising to SVP of Commercial Business, reporting directly to president Gwynne Shotwell; sits on Apex's board following Interlagos's Series D investment.
- Achal Upadhyaya, Managing Partner & CEO: Ten years as a senior engineer at SpaceX, later led space and defense investing at Cantos Ventures before co-founding Interlagos.
- Pablo Lubroth, Venture Partner: Co-founder of Decoding Bio, brings a biotech/digital-health lens to the firm's otherwise hardware-heavy thesis.
- Note: founding CFO Spencer Hemphill (formerly ~10 years at Sequoia Capital) has since departed Interlagos for Evantic Capital; current finance leadership is unconfirmed.
Decision Process
Interlagos operates as a small partnership; investment decisions run through its founding and venture partners rather than a large investment committee. Founders are encouraged to pitch via interlagos.com or [email protected], with warm introductions reported to improve response likelihood and typical response times of a few weeks.
Founder Preferences
Interlagos favors technical, mission-driven founders tackling hard physical-engineering problems, frequently with backgrounds at SpaceX, other aerospace/defense primes, or elite technical programs, rather than pure software or consumer-internet founders.
Geographic Focus
Primarily United States-based startups, with the firm's own hub in El Segundo, California (Los Angeles South Bay, adjacent to SpaceX's headquarters) and a partner presence in New York City.