All the fundraising deals in the defense tech market (from Q1 2025 to Q1 2026)
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The defense tech market has entered a new phase of maturity, with 43 publicly announced funding rounds above $500k recorded between Q1 2025 and Q1 2026.
Total capital deployed across those five quarters exceeded $9 billion, dominated by a handful of mega-rounds but supported by a growing base of early-stage companies.
Autonomy, robotics, and AI-enabled mission systems captured the lion's share of that capital, reflecting a structural shift in how governments and militaries are thinking about the future of warfare.
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In our defense tech market deck, we will give you useful market maps and grids
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/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/security with no mission focus, purely commercial aerospace/industrial tech 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 | Quarter | Source(s) |
|---|---|---|---|---|
| Overland AI | Builds off-road autonomy software and unmanned ground vehicles for U.S. military missions. | $32M | Q1 2025 | Axios |
| Castelion | Builds mass-produced hypersonic strike weapons and propulsion for the U.S. and allies. | $70M | Q1 2025 | Castelion |
| Saronic | Builds autonomous surface vessels for U.S. Navy and allied maritime operations. | $600M | Q1 2025 | TechCrunch |
| Epirus | Builds high-power microwave systems that disable drone swarms and enemy electronics for U.S. defense. | $250M | Q1 2025 | Axios |
| Alpine Eagle | Builds AI-enabled counter-drone systems for European and NATO defense users. | $11.1M | Q1 2025 | TechCrunch |
| Shield AI | Builds autonomy software and autonomous aircraft for contested military environments. | $240M | Q1 2025 | TechCrunch |
| Kela Technologies | Builds a battlefield operating system that integrates commercial and military systems for Israel and allies. | $39M | Q1 2025 | New Market Pitch |
| SpearUAV | Builds vehicle-launched encapsulated loitering munitions for Israel and allied defense users. | $18.5M | Q1 2025 | Euro SD |
| Allen Control Systems | Builds autonomous anti-drone gun systems for U.S. base and force protection. | $30M | Q1 2025 | Fortune |
| Scout AI | Builds AI software to coordinate defense robots and autonomous military systems for U.S. DoD. | $15M | Q2 2025 | PR Newswire |
| Theseus | Builds GPS-denied navigation software so military drones keep flying even under jamming. | $4.3M | Q2 2025 | TechCrunch |
| ARX Robotics | Builds modular unmanned ground vehicles and autonomy software for European defense users. | $33.5M | Q2 2025 | ARX Robotics |
| True Anomaly | Builds autonomous spacecraft and command software for U.S. national-security space missions. | $260M | Q2 2025 | SpaceNews |
| Quantum Systems | Builds AI reconnaissance drones and software for NATO and allied military users. | $172.7M | Q2 2025 | Quantum Systems |
| Tekever | Builds maritime ISR drones and sells government surveillance-as-a-service across Europe and Ukraine. | $75.7M | Q2 2025 | New Market Pitch |
| CX2 | Builds electronic-warfare tools, autonomous drones, and SIGINT payloads for the U.S. military. | $31M | Q2 2025 | Axios |
| CHAOS Industries | Builds radar and sensor networks for aerial-threat detection and counter-UAS, mainly in the U.S. | $275M | Q2 2025 | Business Wire |
| Anduril | Builds autonomous defense systems, sensors, loitering systems, and battlefield software for U.S. and allied militaries. | $2,500M | Q2 2025 | TechCrunch |
| Helsing | Builds AI defense software, strike drones, and autonomy systems for European militaries. | $648M | Q2 2025 | CNBC |
| Mach Industries | Builds low-cost VTOL cruise-missile concepts and strike systems for the U.S. military. | $100M | Q2 2025 | TechCrunch |
| Onebrief | Builds military operational-planning and staff workflow software, focused on the U.S. military. | $70M | Q2 2025 | New Market Pitch |
| Blue Water Autonomy | Builds large unmanned ships for U.S. maritime security and long-range logistics missions. | $50M | Q3 2025 | PR Newswire |
| Delian Alliance Industries | Builds border-surveillance towers and autonomous security systems for European and Mediterranean governments. | $14M | Q3 2025 | TechCrunch |
| ARX Robotics | Follow-on extension to keep scaling European UGV vehicles and autonomy software. | $11.9M | Q3 2025 | Tracxn |
| Xtend | Builds tactical drone systems and teleoperation/autonomy software for Israel and allied defense users. | $30M | Q3 2025 | New Market Pitch |
| Stark | Builds AI-enabled strike drones and mission software for European defense markets. | $62M | Q3 2025 | Tech.eu |
| Arkeus | Builds hyperspectral ISR sensors with on-edge AI processing for defense surveillance users. | $5M | Q3 2025 | New Market Pitch |
| Commcrete | Builds miniaturized tactical SATCOM devices for defense users needing resilient communications. | $29M | Q3 2025 | SiliconAngle |
| Kela Technologies | Larger follow-on round for its battlefield operating system platform across Israel and allies. | $60M | Q3 2025 | New Market Pitch |
| Bone AI | Builds AI-powered defense robotics for South Korean and broader Asian defense markets. | $12M | Q3 2025 | TechCrunch |
| Auterion | Builds drone operating systems, autonomy, and swarm software for military drone fleets. | $105M | Q3 2025 | New Market Pitch |
| CHAOS Industries | Second large round to accelerate scaling of its air-defense radar and sensing network business. | $510M | Q4 2025 | New Market Pitch |
| Fortem Technologies | Builds counter-drone radar and interceptor-drone systems for defense and homeland-security users. | $30.5M | Q4 2025 | New Market Pitch |
| Quantum Systems | Second large round to keep scaling NATO and allied drone ISR deployments across Europe. | $194M | Q4 2025 | New Market Pitch |
| Heven AeroTech | Builds hydrogen-powered long-endurance drones for defense missions, reaching a $1B valuation. | $100M | Q4 2025 | PR Newswire |
| Moonshot Space | Builds electromagnetic launch systems for hypersonic weapons testing and national-security use cases. | $11M | Q4 2025 | New Market Pitch |
| Castelion | Follow-on mega-round to scale hypersonic missile manufacturing and broaden its strike-weapons business. | $350M | Q4 2025 | TechCrunch |
| Vatn Systems | Builds autonomous underwater vehicles for U.S. and allied naval warfare at scale. | $60M | Q4 2025 | PR Newswire |
| Digantara | Builds space-surveillance and space-intelligence systems with an India/U.S. sovereign-space focus. | $50M | Q4 2025 | TechCrunch |
| Harmattan AI | Builds autonomy and mission-system software for French and European defense aircraft, drones, and EW. | $200M | Q1 2026 | TechCrunch |
| Terra Industries | Builds multi-domain defense systems including drones, towers, and command software for African sovereign security. | $11.75M | Q1 2026 | TechCrunch |
| Onebrief | Follow-on mega-round for its military command operating system, reaching a $2.15B valuation. | $200M | Q1 2026 | Business Wire |
| Shield AI | Mega follow-on round for its AI autonomy platform, reaching a $12.7B valuation after a major U.S. Air Force deal. | $1,500M | Q1 2026 | TechCrunch |
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How has funding activity in the defense tech market changed over time?
Q2 2025 was by far the most active quarter in the defense tech market, pulling in over $4.1 billion, but that figure was almost entirely driven by Anduril's $2.5 billion Series G alone.
Q3 2025 was the quietest quarter, with only $378.9 million raised across 10 deals, reflecting a temporary dip between large rounds rather than a slowdown in underlying activity.
From Q4 2025 to Q1 2026, total defense tech funding rose from roughly $1.3 billion to $1.9 billion, a roughly 46% increase quarter over quarter, and Q1 2026 came in about 48% above Q1 2025 one year earlier.
If you strip out the single largest deal each quarter, the underlying activity looks much more stable, with most quarters settling into a $300 to $700 million range, suggesting that the base of mid-sized defense tech rounds is quietly growing even as the mega-rounds grab the headlines.
| Quarter | Number of deals | Total raised | Comment |
|---|---|---|---|
| Q1 2025 | 9 | $1,290.6M | Saronic ($600M) and Epirus ($250M) together drove nearly two-thirds of all Q1 2025 defense tech funding. |
| Q2 2025 | 12 | $4,185.2M | Anduril's $2.5B Series G alone accounted for 60% of all defense tech funding raised this quarter. |
| Q3 2025 | 10 | $378.9M | The quietest quarter by dollars, with no mega-round and a mix of smaller Series A and seed deals. |
| Q4 2025 | 8 | $1,305.5M | CHAOS Industries' $510M Series D led the quarter, supported by follow-ons from Castelion and Quantum Systems. |
| Q1 2026 | 4 | $1,911.75M | Shield AI's $1.5B Series G dominated, making Q1 2026 the highest average deal size of the five-quarter window. |
| All quarters | 43 | $9,071.95M | Five quarters of defense tech funding, heavily concentrated in a handful of autonomy and robotics mega-rounds. |
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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 $2.5 billion in a Founders Fund-led Series G to scale its autonomous defense systems manufacturing and cement its position as the leading defense tech prime challenger at a $30.5B valuation.
- Shield AI raised $1.5 billion in a Series G led by Advent and JPMorganChase after landing a major U.S. Air Force contract that pushed its valuation up 140% to $12.7 billion.
- Helsing raised $648 million to scale its AI defense software and strike-drone platform across European militaries, becoming one of the largest European defense tech raises on record.
- Saronic raised $600 million to build "Port Alpha" and scale autonomous warship production, positioning itself as the go-to supplier for unmanned naval platforms for the U.S. Navy.
- CHAOS Industries raised $510 million in its Series D after already closing a $275 million Series C earlier in the year, reflecting rapidly growing demand for its air-defense radar and sensing network from U.S. defense buyers.
- Castelion raised $350 million in a Lightspeed and Altimeter-led Series B to scale its hypersonic missile manufacturing capacity, following an earlier $70 million Series A in the same year.
- True Anomaly raised $260 million to build autonomous spacecraft and software for U.S. national-security space missions, establishing space security as a standalone funding category within defense tech.
- Epirus raised $250 million to scale production of its Leonidas high-power microwave system, which disables drone swarms, one of the fastest-growing threat categories facing U.S. forces.
- Harmattan AI raised $200 million in a Dassault Aviation-led round to expand its AI mission-system software into new defense aircraft and drone domains across Europe, reaching unicorn status.
- Onebrief raised $200 million in a Battery Ventures and Sapphire Ventures-led Series D, reaching a $2.15 billion valuation and acquiring Battle Road Digital to add next-gen military wargaming to its command planning platform.
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.
In our defense tech market deck, we answer all the common questions from investors and entrepreneurs
Is the defense tech market shifting toward smaller or bigger deals?
Across all five quarters, the average defense tech funding round came in at roughly $211 million, but that figure is heavily pulled up by a small number of very large rounds.
The average deal size in the defense tech market swung from $143 million in Q1 2025 to $349 million in Q2 2025, then dropped back to $38 million in Q3 2025 before rising again to $163 million in Q4 2025 and peaking at $478 million in Q1 2026 -- these swings reflect the outsized influence of individual mega-rounds rather than a consistent market-wide shift toward larger checks.
If you strip out the single largest deal per quarter, the defense tech market looks considerably more stable, with most quarters settling into a $20 to $80 million average, suggesting a healthy mid-market of growth-stage rounds running underneath the headline numbers.
| Quarter | Number of deals | Avg deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 9 | $143.4M | 0 | 4 |
| Q2 2025 | 12 | $348.8M | 0 | 8 |
| Q3 2025 | 10 | $37.9M | 0 | 3 |
| Q4 2025 | 8 | $163.2M | 0 | 5 |
| Q1 2026 | 4 | $477.9M | 0 | 3 |
| All quarters | 43 | $211M | 0 | 23 |
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How concentrated was funding activity in the defense tech market?
Defense tech funding is highly concentrated: in Q1 2026, the single largest deal, Shield AI's $1.5 billion raise, accounted for 78.5% of all capital raised that quarter, and in Q2 2025, Anduril's $2.5 billion alone captured nearly 60% of all defense tech dollars.
Even in the least concentrated quarter, Q3 2025, the top three defense tech deals still captured nearly 60% of total funding, confirming that even in a quieter quarter, the defense tech market is far from evenly distributed across companies.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 9 | 46.5% | 84.5% | 100.0% |
| Q2 2025 | 12 | 59.7% | 81.8% | 99.5% |
| Q3 2025 | 10 | 27.7% | 59.9% | 100.0% |
| Q4 2025 | 8 | 39.1% | 80.7% | 100.0% |
| Q1 2026 | 4 | 78.5% | 99.4% | 100.0% |
| All quarters | 43 | ~55% | ~81% | ~99.9% |
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Which categories in the defense tech market received the most funding?
Autonomy and robotics captured roughly $6.5 billion, or about 71% of all defense tech funding over the five quarters, because the largest rounds -- Anduril, Shield AI, Helsing, Saronic, Quantum Systems -- all sit squarely in this category; this is not just a software story, it is money going into physical mission systems that militaries can deploy faster and at lower cost than legacy platforms.
ISR and sensing raised about $815 million across five deals, a figure driven primarily by CHAOS Industries' two large rounds, which together totaled $785 million and reflected surging demand from defense buyers for distributed radar and sensing networks capable of detecting drone threats at scale.
Weapons and strike systems captured around $582 million across four deals, with Castelion's two rounds (totaling $420 million) doing most of the heavy lifting, as investors backed the idea that affordable, mass-producible hypersonic strike systems represent one of the clearest capability gaps in modern defense.
| Category name | Number of deals | Total raised | Startups and amount |
|---|---|---|---|
| Autonomy & robotics | 20 | $6,490.85M | ARX Robotics, Anduril, Blue Water Autonomy, Bone AI, Harmattan AI, Helsing, Heven AeroTech, Overland AI, Quantum Systems, Saronic, Scout AI, Shield AI, Tekever, Terra Industries, Theseus, Vatn Systems, Xtend, Auterion |
| ISR & sensing | 5 | $815.1M | Alpine Eagle, Arkeus, CHAOS Industries, Delian Alliance Industries |
| Weapons / strike systems | 4 | $582M | Castelion, Mach Industries, Stark, SpearUAV |
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Who are the biggest investors in the defense tech market?
General Catalyst was the most active named investor in the defense tech market over this period, appearing in four deals including Saronic, Alpine Eagle, Onebrief, and Helsing, reflecting a deliberate strategy to back scaled defense platforms across both U.S. and European markets.
8VC participated in three deals, backing Overland AI, Epirus, and CX2, with a clear focus on autonomy and electronic warfare platforms targeting U.S. defense buyers.
Andreessen Horowitz also appeared in three deals, investing in Castelion, Saronic, and CX2, concentrating its defense tech exposure on strike systems, autonomous naval platforms, and electronic warfare.
Lightspeed Venture Partners led two of the largest rounds in the dataset, both for Castelion, anchoring the Series A in Q1 2025 and co-leading the $350 million Series B in Q4 2025.
Point72 Ventures backed two defense tech companies, Overland AI and CX2, with a consistent focus on ground autonomy and electronic warfare capabilities for U.S. military buyers.
NATO Innovation Fund appeared in two deals, ARX Robotics and Delian Alliance Industries, making it one of the most active institutional defense tech investors with an explicitly European and allied security mandate.
Project A backed ARX Robotics twice, participating in both the Q2 2025 Series A and the Q3 2025 extension round, showing high conviction in European unmanned ground-vehicle technology.
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 |
|---|---|---|---|
| General Catalyst | 4 | $1,329.1M | Saronic, Alpine Eagle, Onebrief, Helsing |
| 8VC | 3 | $303M | Overland AI, Epirus, CX2 |
| Andreessen Horowitz | 3 | $701M | Castelion, Saronic, CX2 |
| Lightspeed Venture Partners | 2 | $420M | Castelion (Q1 2025), Castelion (Q4 2025) |
| Point72 Ventures | 2 | $63M | Overland AI, CX2 |
In our defense tech market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
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- Which companies have raised the most funding in defense tech?
