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Funding & analysis

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Total Raised

Round sizes
Mega-rounds ($250M–$2.5B) have exploded since mid-2025, with Anduril ($2.5B), Saronic ($1.8B), Hadrian ($1.4B), and Shield AI ($1.5B) leading. Median round size jumped from ~$50M (2023) to $300M+ (2026). Seed and Series A activity remains steady but dwarfed by late-stage capital.
Stage mix
Capital is heavily concentrated in Series C and beyond. Eight of the top 10 rounds by size occurred at Series C or later in the past 18 months. Early stage (seed/A) still produces 15–20% of deal volume but captures only 5% of capital deployed. Late-stage intensity reflects investor appetite for scale and de-risking.
Lead investors
Founders Fund, Andreessen Horowitz, and Lux Capital lead recurring multi-round syndications. Newcomers like Advent International ($1.5B Shield AI round), Valor Equity Partners, and Eclipse Ventures show sustained commitment. Financial giants BlackRock and Sands Capital entered via mega-rounds, signaling institutional mainstreaming of defense tech.