Hydrogen-powered defense systems including long-range UAVs, missiles, and munitions for the U.S. military
Defense📍 Huntington Beach, CAFounded 2023
Current Valuation
$470M
as of 2026-Q1
PRIVATE
IPO Outlookprivate
Is Mach Industries going public?
No. Mach Industries is private and has not filed to go public. There is no S-1 on file.
What is Mach Industries' valuation in 2026?
Mach Industries is valued at $470M as of 2026-Q1, set by its Series B (2025-Q4). That is the last confirmed mark, not a live price — private shares do not trade continuously.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Mach Industries was founded by then-19-year-old Ethan Thornton (MIT dropout) and develops hydrogen-fueled defense platforms including the Stratos balloon system and a portfolio of glide and loitering munitions. Public reports peg the company near $470M valuation in early 2026 after a Series B led by Bedrock; some later reports suggested a multi-billion-dollar Series C is being discussed but is unconfirmed. Holds multiple DoD contracts.
Company Profile
CEO
Ethan Thornton
Founded
2023
HQ
Huntington Beach, CA
Employees
~200
Total Raised
$150M
Growth
rapid DoD contract growth
IPO Status
private
Fundraising Status
Series B
privateTotal raised $150M
Secondary Market
Implied price / share
$2.95
Last round price / share
$3.62
vs last round
-18.5%
Open interest
10
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Latest Funding Round
Round
Amount
Date
Lead Investor
Post-Money
Series B
—
2025-Q4
Bedrock Capital
—
Vertical Intelligence — Defense / Aerospace
Federal awards
4
prime contracts, last 36 months
Obligated
$1.65M
top: Department of Defense
Largest award
$1.5M
Department of Defense
Latest award
2026-01-21
Largest award: BAA STRATEGIC STRIKE (W911NF24C0085)
Name-verified against recipient "MACH INDUSTRIES INC" on USASpending.gov as of 2026-08-19. Prime awards only — subcontracts and classified work are not visible in the public registry. Verify on USASpending.gov ↗
Talent Signal
Hiring trend
● First snapshot
trend accrues with monthly sweeps
Open roles
95
via ashby
Product-build share
78%
engineering, research, product, design
Trajectory
steady
heavy product build — 78% of open roles are product-building functions (engineering/research/product) — 43 of 95 open roles are engineering.
Actively hiring with no tracked executive churn.
Open roles by month
Open roles by function
■ product-building ■ go-to-market / G&A
Electrical EngineerFlight Test Engineer Propulsion Engineering TechnicianSupplier Industrialization EngineerSoftware Engineer (Deployment Systems)Forward Deployed Autonomous Systems Engineer
Counted from Mach Industries's live job board as of 2026-08-17; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Ethan Thornton
Investors
Sequoia Capital · Bedrock Capital · Khosla Ventures · 8VC
Products
Stratos high-altitude balloon platform
Glide munitions
Hydrogen-powered drones
Long-range strike systems
Competitors
Anduril · AeroVironment · L3Harris · Lockheed Martin
DefenseMunitionsHydrogenDoDFounder under 25
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2026-Q1. Refreshed quarterly.