Defense Tech Daily — 2026-05-13
Anduril raises $5B at $61B valuation; Pentagon awards 10,000-missile framework to four vendors
Companies mentioned: Anduril, B Capital, CBO, CoAspire, Cowboy Space, Davie Defense, Exaforce, Havoc, Khosla Ventures, L3Harris, Leidos, Lockheed Martin, Missile Defense Agency, Pentagon, SAIC, Shield Capital, SkyFi, Space Force, Star Catcher, Thrive Capital, TrustPoint, U.S. Air Force, U.S. Coast Guard, U.S. Navy, Zone 5, a16z
Funding Activity
Anduril's $5B raise at a $61B valuation is the headline, and it deserves to be. Led by Thrive Capital and a16z, this is the largest private defense tech round in history and puts Anduril in rarefied air—valued above several publicly traded primes at points in recent years. The investor mix matters: Thrive Capital is not a defense fund, and its willingness to lead a round of this size means the smartest generalist money in tech now treats defense as a top-tier category. Separately, Havoc pulled in a $100M Series A with SAIC and Lockheed Martin on the cap table, signaling the primes are using venture investing to access ground autonomy capabilities they struggle to build organically. Star Catcher raised $65M for space power beaming from Shield Capital and Cerberus Ventures, and Cowboy Space (fka Aetherflux) grabbed $275M at a $2B valuation for orbital data centers—an aggressive bet on dual-use space infrastructure.
Government Contracts
The Pentagon's framework agreements with Anduril, CoAspire, Leidos, and Zone 5 for over 10,000 containerized cruise missiles—with plans for 12,000 hypersonic missiles on top—is the most consequential munitions procurement signal in years. The structure (framework agreements rather than traditional IDIQ or OTA) suggests the Pentagon wants maximum flexibility to scale orders rapidly across vendors. Two of the four awardees are newer entrants, a deliberate effort to diversify the production base beyond legacy primes. Meanwhile, Davie Defense won a $3.5B contract for Coast Guard Arctic Security Cutters, and TrustPoint received a $4M Space Force award for LEO navigation—small dollars but a strategic bet on GPS alternatives.
Partnerships & M&A
- Exaforce raised $125M for agentic cybersecurity, a category with obvious defense dual-use potential as DOD grapples with chronic cyber workforce gaps.
- SkyFi is being tested by Special Operations Forces for mobile satellite imagery access on tactical Android devices—a lightweight partnership that could scale into a significant program of record if SOF operators validate the workflow.
- The CBO's $1.2T estimate for Golden Dome missile defense over 20 years—driven largely by 7,800 space-based interceptors—sets the stage for what could be the largest defense procurement program in U.S. history. Investors tracking missile defense primes and space industrial base companies should note: even if the program is scaled back, the spending floor will be enormous.
What to Watch
- MQ-9A Reaper replacement requirements were just greenlit by the Air Force. This opens a major new competitive drone program—watch for RFI/RFP timelines and which companies (GA-ASI, Anduril, others) position for it.
- House Foreign Affairs Committee is marking up proposals to speed U.S. weapons exports and FMS reforms this week. If passed, this could meaningfully expand the addressable market for defense tech companies selling to allies.
- Navy funding crunch expected this summer due to Middle East operations could force hard tradeoffs in shipbuilding and modernization accounts—creating both risk for some programs and urgency-driven opportunity for companies offering cost-effective solutions.
Deals & Contracts
Anduril — Funding Round ($5B)
General Defense Tech
Anduril's $5B raise at a $61B valuation, led by Thrive Capital and a16z, is the largest private defense tech round ever and cements the company as the de facto fifth prime. Thrive Capital leading (rather than a defense-native fund) signals that top-tier consumer/tech crossover VCs now view defense as a core allocation—not a side bet. At $61B, Anduril is now valued above L3Harris's market cap at certain points in recent years, a staggering comparison for a company barely a decade old.
Anduril, CoAspire, Leidos, Zone 5 — Government-backed Funding
General Defense Tech · Framework Agreement
The Pentagon's framework agreements with four vendors for 10,000+ low-cost containerized cruise missiles—plus plans for 12,000 cheap hypersonic missiles—represent a paradigm shift toward mass-producible, attritable munitions. This is the clearest industrial signal yet that DoD is serious about quantity over exquisite systems. Notably, two of the four awardees (CoAspire, Zone 5) are relatively new entrants, suggesting the Pentagon is intentionally diversifying beyond primes to build surge capacity.
Davie Defense — Government-backed Funding ($3.5B)
General Defense Tech
A $3.5B award to Davie Defense for five Arctic Security Cutters is one of the largest Coast Guard procurement contracts in recent memory and underscores the growing strategic importance of the Arctic domain. The selection of a Canadian shipyard (Davie) for a U.S. Coast Guard program highlights the dire state of domestic shipbuilding capacity and the willingness to go allied for critical hulls.
Cowboy Space — Funding Round ($275M)
Space Defense
Cowboy Space (formerly Aetherflux) raising $275M at a $2B valuation for rockets whose upper stages become orbital data centers is an audacious dual-use play. The pivot from space-based solar power to orbital compute is notable—if viable, it could serve both commercial cloud and classified DoD processing needs in denied environments. At under two years old, the valuation is aggressive and reflects investor appetite for space infrastructure bets with potential government customers.
Exaforce — Funding Round ($125M)
Cybersecurity
Exaforce's $125M Series B for agentic cybersecurity—AI agents that autonomously detect and respond to threats—has clear dual-use defense implications as DoD and IC agencies struggle with cyber workforce shortages. HarbourVest leading alongside Khosla Ventures signals institutional confidence in the category. Watch for whether Exaforce pursues FedRAMP/IL certification, which would be the tell that government revenue is a priority.
Havoc — Funding Round ($100M)
Unmanned Systems
A $100M Series A for an autonomous vehicle software/hardware developer is large, but the investor list tells the real story: SAIC and Lockheed Martin as strategic investors alongside B Capital and UP Partners signals this is defense-first autonomy. Military ground autonomy remains an underpenetrated category compared to aerial drones, and having two major defense primes on the cap table gives Havoc immediate integration pathways into programs of record.
Star Catcher — Funding Round ($65M)
Space Defense
Star Catcher's $65M Series A for space-based power beaming, backed by Shield Capital (a defense-native VC) and Cerberus Ventures, targets a critical enabling infrastructure gap. Persistent power in orbit is a prerequisite for the proliferated LEO architectures that DoD is betting on; without it, constellations remain tethered to solar panel constraints. Shield Capital's involvement is a strong signal that the defense community sees this as operationally relevant, not just a science project.
TrustPoint — Government-backed Funding ($4M)
Space Defense · Space Force
A $4M Space Force award for TrustPoint's LEO C-band navigation demonstration is modest in dollar terms but strategically significant: GPS alternatives are a top Space Force priority given demonstrated jamming and spoofing threats in Ukraine and the broader conflict with Iran. TrustPoint's approach—using LEO signals rather than MEO—could offer stronger signal strength and faster time-to-fix, making it attractive for contested environments.
Tags: autonomous vehicles, counter-drone, cybersecurity, drones, funding, government contract, missiles, space defense