This paper studies the dynamics of complex heterogeneous R&D alliance constellations through the interplay between trust, control and risk using a dialectic lens. Based on a study of one unique complex collaborative innovation project, involving thirteen different actors, we show how the dynamics evolve over time. We use the dialectic tension between private and common interests to show how the dynamics enfold as an intricate network of interactions that affect collaborative management models, i.e. project management, project logic including demonstrators, decision structures, and the division of work in terms of workshare. Our results show how the dynamics during formation and execution unfold in vicious and virtuous cycles continuously affecting the behaviour of the actors and the way they strive to reach an evolving searched equilibrium between common and private interests. Based on the results of this study, we suggest that the dynamics are volatile and that the searched equilibrium changes continuously over time. The study recognizes the need to study complex heterogeneous alliances in more detail to understand complex systems innovations. Finally, we offer some managerial implications.