All the fundraising deals in the defense tech market (from Q2 2025 to Q2 2026)
Download our beautiful pitch about the defense tech market
In our defense tech market deck, you will find everything you need to understand the market
The defense tech market recorded 64 disclosed equity rounds worth $17.70 billion between Q2 2025 and Q2 2026.
Funding accelerated sharply as investors backed autonomous systems, weapons, spacecraft and large manufacturing programs.
Anduril alone raised $7.50 billion and represented 42% of all defense tech market funding during the period.
And if you want to better understand this new industry, you can download our pitch covering the defense tech market.
Insights
- The defense tech market raised $17.70 billion across 64 deals, but the ten largest rounds captured 79.1% of all disclosed funding.
- Anduril raised $7.50 billion through two rounds, equal to 42.4% of the total defense tech market funding recorded over five quarters.
- Q2 2026 was the strongest quarter, with $7.69 billion raised across 13 deals, mainly because Anduril completed a $5 billion Series H.
- Q3 2025 was the weakest quarter, with $378.9 million raised, but it had a more balanced funding mix than the other quarters.
- Autonomy and robotics attracted $12.81 billion, or 72.3% of defense tech market funding, across 24 disclosed rounds.
- The average defense tech funding round was $276.6 million, although this figure was heavily increased by a small number of billion-dollar rounds.
- Only one defense tech round was below $2 million, while 33 rounds were larger than $50 million.
- The largest defense tech round represented at least 27.7% of quarterly funding in every quarter covered by the dataset.
- European defense tech companies attracted major rounds in autonomy, sovereign intelligence, air defense and mass-produced weapons.
- Mission software created many new companies, but physical platforms and manufacturing programs attracted the largest investment checks.
This market map, featured in our defense tech market deck, highlights top companies and startups in the defense tech market
Summary table of the funding deals in the defense tech market (last 5 quarters)
We define the defense tech market as product and platform technologies built to deliver military or national-security mission capabilities and sold into defense, intelligence, or closely related national-security buyers.
We include autonomy and robotics, C2 and mission software, ISR and sensing, resilient communications, cyber capabilities, space security technologies, and other mission systems where defense or national security is a primary go-to-market.
We exclude general government IT services, generic enterprise software or security with no mission focus, purely commercial aerospace or industrial technology without a defense go-to-market, and public-safety tools that are not primarily defense or national-security mission oriented.
You can also read our detailed analysis to understand how funding activity in the defense tech market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the defense tech market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Scout AI | Coordinates military robots and unmanned vehicles with artificial intelligence. | $15M | Q2 2025 |
| Theseus | Helps military drones navigate when GPS signals are blocked or manipulated. | $4.3M | Q2 2025 |
| ARX Robotics | Builds modular unmanned ground vehicles for European armed forces. | $33.5M | Q2 2025 |
| True Anomaly | Builds spacecraft and software for military surveillance and security in orbit. | $260M | Q2 2025 |
| Quantum Systems | Produces reconnaissance drones and battlefield intelligence software for allied forces. | $172.7M | Q2 2025 |
| TEKEVER | Produces long-endurance surveillance drones for European governments and Ukraine. | $75.7M | Q2 2025 |
| CX2 | Builds electronic-warfare sensors and intelligence payloads for contested environments. | $31M | Q2 2025 |
| CHAOS Industries | Builds distributed radar networks that detect drones, missiles and aircraft. | $275M | Q2 2025 |
| Anduril Industries | Builds autonomous military platforms, weapons, sensors and mission software. | $2,500M | Q2 2025 |
| Helsing | Develops military artificial intelligence, autonomous weapons and combat systems. | $648M | Q2 2025 |
| Mach Industries | Builds autonomous weapons and advanced manufacturing systems for U.S. defense. | $100M | Q2 2025 |
| Onebrief | Provides planning, collaboration and wargaming software for military headquarters. | $70M | Q2 2025 |
| Blue Water Autonomy | Builds large autonomous ships for naval and military logistics missions. | $50M | Q3 2025 |
| Delian Alliance Industries | Builds autonomous surveillance and border-defense systems for European governments. | $14M | Q3 2025 |
| ARX Robotics | Builds military ground robots and software for operating unmanned fleets. | $11.9M | Q3 2025 |
| Xtend | Produces tactical drones for strike, reconnaissance and indoor military missions. | $30M | Q3 2025 |
| Stark | Builds autonomous strike drones and loitering munitions for European forces. | $62M | Q3 2025 |
| Arkeus | Develops optical sensors that automatically find and classify military targets. | $5M | Q3 2025 |
| Commcrete | Builds compact satellite terminals for soldiers and autonomous military systems. | $29M | Q3 2025 |
| Kela Technologies | Connects battlefield sensors, weapons and commercial technologies through one platform. | $60M | Q3 2025 |
| Bone AI | Builds autonomous military robots for South Korean and Asian defense customers. | $12M | Q3 2025 |
| Auterion | Provides operating software and swarm coordination for military drone fleets. | $105M | Q3 2025 |
| Govini | Provides acquisition and industrial-base intelligence to U.S. defense organizations. | $150M | Q4 2025 |
| Vermeer | Helps drones navigate with cameras when GPS is unavailable. | $10M | Q4 2025 |
| CHAOS Industries | Builds radar networks for counter-drone, border and missile-defense missions. | $510M | Q4 2025 |
| Method Security | Develops autonomous cyber tools for government attack testing and network resilience. | $26M | Q4 2025 |
| Fortem Technologies | Builds radar-guided drones that capture hostile unmanned aircraft. | $30.5M | Q4 2025 |
| Quantum Systems | Produces reconnaissance drones and intelligence software for NATO forces. | $194M | Q4 2025 |
| Heven AeroTech | Develops hydrogen-powered drones for long military surveillance and logistics missions. | $100M | Q4 2025 |
| Moonshot Space | Develops electromagnetic launch systems for hypersonic testing programs. | $11M | Q4 2025 |
| Castelion | Builds mass-produced hypersonic missiles and propulsion systems for allied forces. | $350M | Q4 2025 |
| Vatn Systems | Produces low-cost autonomous underwater vehicles for naval missions. | $60M | Q4 2025 |
| Digantara | Tracks satellites and orbital threats with sensors and intelligence software. | $50M | Q4 2025 |
| Valinor Enterprises | Builds and acquires technology companies serving defense and government missions. | $54M | Q1 2026 |
| Terra Industries | Builds drones and autonomous security systems for African governments. | $11.75M | Q1 2026 |
| Onebrief | Provides operational planning and wargaming software to military headquarters. | $200M | Q1 2026 |
| Shield Space | Protects satellites from jamming, cyberattacks and hostile interference. | $2.5M | Q1 2026 |
| Shotling | Develops low-cost kinetic systems for defeating battlefield FPV drones. | $0.76M | Q1 2026 |
| Tenna Systems | Detects radio interference and electronic-warfare activity through spectrum intelligence. | $13.5M | Q1 2026 |
| Terra Industries | Produces drones and command systems for African defense customers. | $22M | Q1 2026 |
| Breaker | Lets military operators coordinate autonomous vehicles with natural-language commands. | $6M | Q1 2026 |
| Code Metal | Translates and verifies software for defense, aerospace and embedded systems. | $125M | Q1 2026 |
| Frankenburg Technologies | Develops affordable missile interceptors for European air defense. | $32.4M | Q1 2026 |
| Chariot Defense | Builds battlefield power distribution and energy-management systems. | $34M | Q1 2026 |
| NODA AI | Coordinates mixed fleets of crewed and uncrewed military systems. | $25M | Q1 2026 |
| TYTAN Technologies | Builds autonomous interceptor drones for European air-defense missions. | $32.4M | Q1 2026 |
| Smack Technologies | Develops artificial intelligence for military planning and operational analysis. | $32M | Q1 2026 |
| Vanguard Defense | Provides data governance software for government artificial-intelligence programs. | $5M | Q1 2026 |
| Performance Drone Works | Produces modular military drones for reconnaissance and strike missions. | $110M | Q1 2026 |
| Shield AI | Builds autonomous aircraft and software for operations in contested environments. | $1,500M | Q1 2026 |
| Saronic Technologies | Builds autonomous ships and maritime platforms for allied naval forces. | $1,750M | Q1 2026 |
| Hermeus | Develops high-speed unmanned aircraft for U.S. national-security missions. | $200M | Q2 2026 |
| Fortem Technologies | Builds radar and autonomous interceptor drones for counter-UAS defense. | $25M | Q2 2026 |
| Rilian | Develops artificial-intelligence agents for cyber and national-security operations. | $17.5M | Q2 2026 |
| True Anomaly | Builds spacecraft and software for surveillance and military operations in orbit. | $650M | Q2 2026 |
| Scout AI | Develops foundation-model software for autonomous military systems. | $100M | Q2 2026 |
| Firestorm Labs | Builds military drones and portable factories that produce airframes near operations. | $82M | Q2 2026 |
| Havoc AI | Develops collaborative autonomy for coordinated military systems. | $100M | Q2 2026 |
| Anduril Industries | Builds autonomous military platforms, weapons, sensors and mission software. | $5,000M | Q2 2026 |
| Arkeus | Produces optical sensors that identify threats in contested environments. | $18M | Q2 2026 |
| Mach Industries | Builds autonomous weapons and manufacturing infrastructure for U.S. defense. | $300M | Q2 2026 |
| ICEYE | Operates radar satellites that provide intelligence in all weather conditions. | $520M | Q2 2026 |
| Twenty | Develops offensive cyber software for national-security organizations. | $100M | Q2 2026 |
| Stark | Builds autonomous strike drones and loitering munitions for European forces. | $580M | Q2 2026 |
In our defense tech market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the defense tech market changed over time?
Q2 2026 was the most active quarter, with $7.69 billion raised, mainly because Anduril completed a $5 billion Series H.
Q3 2025 was the least active quarter because no defense tech company raised more than $105 million.
Defense tech market funding increased by 94.4% between Q1 2026 and Q2 2026, and by 83.8% compared with Q2 2025.
The underlying trend remains positive after removing the largest deal from each quarter, but the increase becomes much less dramatic. Defense tech funding still moves unevenly because a few large manufacturing rounds can reshape an entire quarter.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q2 2025 | 12 | $4.19B | Anduril contributed almost 60% of the quarter through its $2.5 billion Series G. |
| Q3 2025 | 10 | $378.9M | Funding was lower but more evenly distributed across software, drones, sensors and communications. |
| Q4 2025 | 11 | $1.49B | CHAOS Industries, Castelion and Quantum Systems drove a recovery in larger defense tech rounds. |
| Q1 2026 | 18 | $3.96B | Saronic and Shield AI contributed most of the capital, while deal activity reached its highest level. |
| Q2 2026 | 13 | $7.69B | Anduril's $5 billion round pushed quarterly defense tech funding to a new high. |
| Total | 64 | $17.70B | Funding was large but highly dependent on a small group of scaled defense platforms. |
This chart, included in our defense tech market deck, shows why Anduril is winning in defense tech
Which startups in the defense tech market raised the largest rounds over the last months?
These startups raised the most recently in the defense tech market:
- Anduril raised $5 billion to fund large factories, new military platforms and international expansion.
- Anduril raised $2.5 billion to expand manufacturing and deliver more autonomous weapons, aircraft and underwater systems.
- Saronic raised $1.75 billion to build shipyard capacity and manufacture autonomous naval vessels at fleet scale.
- Shield AI raised $1.5 billion to increase aircraft production and deploy Hivemind autonomy across more military programs.
- True Anomaly raised $650 million to manufacture more spacecraft and expand its military space platform.
- Helsing raised $648 million to scale autonomous systems and strengthen military deployments across Europe.
- Stark raised $580 million to build European factories and deliver autonomous strike systems at larger scale.
- ICEYE raised $520 million to expand satellite production and build more sovereign radar constellations.
- CHAOS Industries raised $510 million to scale radar manufacturing after strong demand from defense customers.
- Castelion raised $350 million to increase missile production, flight testing and manufacturing capacity.
And, yes, we do cover most of them in our our beautiful pitch about the defense tech market.
You may also want to check our ranking of the most funded startups in the defense tech market as well as our list of the most valued startups.
This chart, included in our defense tech market deck, shows annual funding in defense tech startups
Is the defense tech market shifting toward smaller or bigger deals?
The average defense tech funding round was $276.6 million across the five quarters covered by this analysis.
The quarterly average ranged from $37.9 million in Q3 2025 to $591.7 million in Q2 2026. The difference mainly came from billion-dollar rounds completed by Anduril, Shield AI and Saronic.
Without the largest rounds, the defense tech market would still show strong funding, but typical deal sizes would be much lower and more stable.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 12 | $348.77M | 0 | 8 |
| Q3 2025 | 10 | $37.89M | 0 | 3 |
| Q4 2025 | 11 | $135.59M | 0 | 6 |
| Q1 2026 | 18 | $219.80M | 1 | 6 |
| Q2 2026 | 13 | $591.73M | 0 | 10 |
| All quarters | 64 | $276.63M | 1 | 33 |
This chart, included in our defense tech market deck, compares the main business model options for defense AI contractors
How concentrated was funding activity in the defense tech market?
Defense tech market funding was highly concentrated, with the largest deal accounting for between 27.7% and 65% of funding in each quarter. Across all five quarters, the ten largest rounds captured 79.1% of total funding.
This concentration shows that investors placed the largest checks into established defense tech companies with factories, contracts and complete mission platforms.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 12 | 59.7% | 81.8% | 99.5% |
| Q3 2025 | 10 | 27.7% | 59.9% | 100.0% |
| Q4 2025 | 11 | 34.2% | 70.7% | 99.3% |
| Q1 2026 | 18 | 44.2% | 87.2% | 97.8% |
| Q2 2026 | 13 | 65.0% | 81.0% | 99.2% |
| All quarters | 64 | 28.2% | 52.2% | 79.1% |
This chart, featured in our defense tech market deck, shows the share of revenue generated by each customer segment in the defense tech market
Which categories in the defense tech market received the most funding?
Autonomy and robotics received $12.81 billion, or 72.3% of defense tech market funding. The category includes several companies building complete aircraft, ships, drones, robots and mission platforms.
Space security received $1.48 billion, or 8.4% of the total. True Anomaly and ICEYE attracted most of this capital because spacecraft and satellite constellations require large upfront investment.
Weapons and strike systems received $1.44 billion, or 8.1% of the total. Funding supported missile production, autonomous strike systems and new manufacturing capacity.
| Category | Number of deals | Total raised | Startups and amount |
|---|---|---|---|
| Autonomy and robotics | 24 | $12.81B | Anduril ($7.50B); Shield AI ($1.50B); Saronic ($1.75B); Helsing ($648M); Quantum Systems ($366.7M); Hermeus ($200M); Havoc AI ($100M); Firestorm Labs ($82M); Auterion ($105M); ARX Robotics ($45.4M); TEKEVER ($75.7M); Performance Drone Works ($110M); Terra Industries ($33.75M); Blue Water Autonomy ($50M); Xtend ($30M); TYTAN Technologies ($32.4M); Bone AI ($12M); Theseus ($4.3M); Heven AeroTech ($100M) |
| Space security | 5 | $1.48B | True Anomaly ($910M); ICEYE ($520M); Digantara ($50M); Shield Space ($2.5M) |
| Weapons and strike systems | 7 | $1.44B | Stark ($642M); Castelion ($350M); Mach Industries ($400M); Frankenburg Technologies ($32.4M); Moonshot Space ($11M) |
This chart, included in our defense tech market deck, shows how tactical networking platform technology has evolved over time
Who are the biggest investors in the defense tech market?
Accel was linked to six major defense tech deals across artificial intelligence, sensing, space and cyber companies.
General Catalyst participated in five deals, with a strong focus on military software and defense company formation.
8VC participated in five deals across maritime autonomy, defense robotics, cyber operations and electronic warfare.
Andreessen Horowitz participated in five deals, including large rounds for Anduril, Saronic and Castelion.
Founders Fund participated in four deals and backed several of the defense tech market's largest manufacturing programs.
Bessemer Venture Partners participated in four deals covering drones, maritime systems and autonomy software.
Riot Ventures participated in four disclosed deals involving autonomous ships, aircraft and military spacecraft.
Valor Equity Partners participated in four deals involving sensing networks, autonomous security systems and maritime defense.
Booz Allen Ventures participated in four deals focused on military autonomy, drones and mission software.
NATO Innovation Fund participated in four deals supporting European drones, robotics, interceptors and strike systems.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded | Startups |
|---|---|---|---|
| Accel | 6 | $2.57B | Helsing, CHAOS Industries, Code Metal, True Anomaly and Twenty |
| General Catalyst | 5 | $1.01B | Helsing, Onebrief, Valinor Enterprises and Chariot Defense |
| 8VC | 5 | $1.83B | CX2, Terra Industries, Saronic Technologies and Rilian |
| Andreessen Horowitz | 5 | $7.17B | CX2, Saronic Technologies, Chariot Defense, Anduril and Castelion |
| Founders Fund | 4 | $8.13B | Anduril, Valinor Enterprises and Stark |
| Bessemer Venture Partners | 4 | $1.89B | Auterion, Breaker, NODA AI and Saronic Technologies |
| Riot Ventures | 4 | $4.21B | Blue Water Autonomy, Shield AI, Saronic Technologies and True Anomaly |
| Valor Equity Partners | 4 | $818.75M | CHAOS Industries and Terra Industries |
| Booz Allen Ventures | 4 | $232M | Scout AI, NODA AI, Performance Drone Works and Firestorm Labs |
| NATO Innovation Fund | 4 | $783.6M | ARX Robotics, TEKEVER, TYTAN Technologies and Stark |
This chart, included in our defense tech market deck, shows how autonomous defense systems have driven growth in the defense tech market over time
What does this funding activity tell us about the defense tech market?
Defense tech has become a scale-financing market
The defense tech market raised $17.70 billion, but the ten largest rounds captured 79.1% of this capital. Investors increasingly favor companies that already have customers, factories and operational products.
Anduril changes the market's headline numbers
Anduril raised $7.50 billion across two rounds, equal to 42.4% of all defense tech funding in the dataset. Quarterly averages would be much lower without Anduril.
Autonomy is the leading defense technology architecture
Autonomy and robotics attracted $12.81 billion, more than seven times the funding received by space security. Investors are backing systems that combine software, sensors, vehicles and weapons.
Investors are financing new prime contractors
Anduril, Shield AI, Saronic, Helsing, Stark and True Anomaly raised amounts once associated with mature aerospace groups. The capital supports factories, fleets, shipyards and complete military platforms.
European defense tech is moving into industrial production
Helsing, Stark, Quantum Systems, ICEYE, TEKEVER and TYTAN attracted large rounds for European manufacturing and sovereign defense capabilities. Capital remains concentrated among a limited number of leading platforms.
Mission software attracts more companies than capital
Planning, orchestration, cyber and data platforms produced many defense tech deals. However, autonomous hardware, spacecraft and weapons attracted much larger rounds because physical production requires more capital.
Related blog posts
- All funding deals in defense tech
- Which companies have raised the most funding in defense tech?
- How strong is fundraising in the defense tech market right now?
