Everyone underestimates the same thing about drones: the flying is solved. The hard, unglamorous, value-creating part is everything on the ground — the operations layer that turns a box of aircraft into a reliable service.
Flight is a commodity; operations are the moat
A single autonomous flight is a demo. A hundred flights a day, across weather, airspace, maintenance windows and compliance regimes, is an infrastructure company. That's the layer I care about — and the same thesis runs through two of my portfolio bets, Garuda Aerospace and Redwing.
Draft — to finish
*(Outline: fleet scheduling as the real product; why regulation is a feature not a bug; the parallel to cloud — nobody sells "a server", they sell uptime.)*