Updated October 202670+ pagesPDF

Defense Tech Report

Funding, valuations and who’s ahead

Cover of NewMarketPitch's Defense Tech report: funding, valuations and who's ahead, 2026 edition
How much does it cost to shoot down a drone? Often far more than the drone. A Stinger missile costs ~$480k, as much as ~14 Shaheds. Interceptor drones now stop Shaheds for $2,000 to $15,000, and lasers are tested at a few dollars a shot. Chart from NewMarketPitch's Defense Tech report.
Does Anduril take most of the defense tech money? Not most, but by far the biggest share. Anduril alone took 27% of the $32.8B raised by defense startups recently. With nine others, the top 10 take 73%. Chart from NewMarketPitch's Defense Tech report.
Who is really ahead in defense tech, Anduril or Helsing? Anduril, on 4 lines of 6. It is worth three times more, raised three times more money and holds a US Army framework contract worth up to $20B. Both have their own factories, and both had setbacks in Ukraine. Chart from NewMarketPitch's Defense Tech report.
How long would startup money fund US defense? About 10 days. Defense startups are on pace to raise ~$28B in 2026, while the US budgets ~$2.7B a day for defense. Europe and Canada’s extra NATO money, ~$300B a year, would last ~4 months. Chart from NewMarketPitch's Defense Tech report.
Do battle-tested Ukrainian startups get the money? Barely. Ukraine built ~4 million drones in 2025, yet its startups raised only ~$59M in disclosed rounds recently. That is ~1% of what German startups raised. Chart from NewMarketPitch's Defense Tech report.
Is Anduril worth more than the old defense giants? More than some of them. At $61B, Anduril is worth more than Thales, Rheinmetall, L3Harris or Saab. Yet its ~$4.3B of expected 2026 sales are 2 to 6 times smaller than theirs, and ~19 times smaller than Lockheed’s. Chart from NewMarketPitch's Defense Tech report.
Are defense startups winning Pentagon contracts? Not many yet. The 100 best-funded US national-security startups raised ~$118B but have won ~$16B of federal contracts. Anduril is the exception, with an Army framework contract worth up to $20B. Chart from NewMarketPitch's Defense Tech report.
Did the defense stocks that listed in 2025 and 2026 hold up? Mostly not. Seven of the 11 defense companies that listed in 2025 and 2026 trade below their IPO price, most of them down ~50%. Swarmer, Arxis and Karman are the exceptions, up 60% to 96%. Chart from NewMarketPitch's Defense Tech report.
Are defense startups keeping their promises? Not all of them. Of 7 public promises, 1 was kept early, 3 slipped or are disputed and 3 are still open. Factories arrive on time. Weapons that must pass tests or work at the front slip. Chart from NewMarketPitch's Defense Tech report.

70+ pages in the full report

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Inside the report

  • Who’s raising, how much, from whom
  • What each startup is worth, then and now
  • Who wins contracts, who only promises
  • Anduril, Helsing, Shield AI head to head
  • Drones: who builds them, what stops them
  • The US, Europe and Ukraine, side by side
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Verified data with sourcesUpdated in October 2026