Autonomy, sensing, munitions, and the new primes — private defense technology ranked by valuation, with secondary-market pricing where shares change hands.
| # | Company | Valuation | Secondary $/sh | vs Last Round | Last Round | IPO Status |
|---|---|---|---|---|---|---|
| 1 | Anduril Industries Costa Mesa, CA |
$61Bmark 2026-Q2 | $130.03as of 2026-08-16 | +88.7% | Series H · 2026-05-13 · $5.0B | no imminent plans |
| 2 | Helsing Munich, Germany |
$18Bmark 2026-Q3 | $19.94as of 2026-06-27 | = last roundmark | Late Stage · 2026-07-13 · $1.8B | private |
| 3 | Scale AI San Francisco, CA |
$14Bmark 2025-Q2 | $12.20as of 2026-06-27 | -37.9% | Series F + Meta investment · 2025-06-12 · $14B | no imminent plans |
| 4 | Castelion Torrance, CA |
$13Bmark 2026-08-19 | $206.17as of 2026-06-27 | +67.3% | Series C · 2026-08-19 · $800M | no imminent plans |
| 5 | Shield AI San Diego, CA |
$13Bmark 2026-Q1 | $151.51as of 2026-06-27 | -1.5% | Series G · 2026-03-26 · $1.5B | no imminent plans |
| 6 | Stoke Space Kent, Washington |
$10Bmark 2026-Q3 | $60.51as of 2026-06-27 | +21.2% | Series E · 2026-09-08 · $1.0B | Private |
| 7 | Saronic Austin, TX |
$9.3Bmark 2026-Q1 | $31.65as of 2026-06-27 | +15.3% | Series D · 2026-03-31 · $1.8B | private |
| 8 | Quantum Systems Gilching, Germany |
$8.0Bmark 2026-07 | $12.07as of 2026-06-27 | no priced round on record | Series C Extension · 2025-11-27 · $209M | private |
| 9 | Sierra Space Louisville, CO |
$8.0Bmark 2026-Q1 | $28.29as of 2026-08-16 | -7.3% | Series C · 2026-03-02 · $550M | no imminent plans |
| 10 | Hadrian Torrance, CA |
$7.9Bmark 2026-Q3 | $26.71as of 2026-06-27 | +45.2% | Series D · 2026-08-06 · $1.4B | no imminent plans |
| 11 | K2 Space Torrance, CA |
$6.8Bmark 2026-Q3 | $104.05as of 2026-06-27 | +35.3% | Series D · 2026-07-30 · $500M | private |
| 12 | Applied Intuition Mountain View, CA |
$6.0Bmark 2026-08 | $153.83as of 2026-06-27 | no priced round on record | Series F · 2025-06-17 · $600M | none |
| 13 | Impulse Space Redondo Beach, CA |
$5.6Bmark 2026-09-16 | $74.95as of 2026-06-27 | = last roundmark | Series D extension · 2026-09-16 · $308M | no imminent plans |
| 14 | CHAOS Industries El Segundo, CA |
$4.5Bmark 2025-11 | no secondary mark | — | Series D · 2025-11-01 · $275M | no imminent plans |
| 15 | Skydio San Mateo, CA |
$4.4Bmark 2026-04 | $10.02as of 2026-06-27 | +16.1% | Series F · 2026-04-01 · $170M | no imminent plans |
| 16 | Erebor Columbus, OH |
$4.3Bmark 2025-Q4 | no secondary mark | — | Series A · 2025-12-22 · $350M | private |
| 17 | Relativity Space Long Beach, CA |
$4.2Bmark 2025-Q1 | $10.05as of 2026-06-27 | -55.7% | Series F · 2025-03-01 · $1.7B | no imminent plans |
| 18 | Cambridge Aerospace United Kingdom |
$3.4Bmark 2026-Q3 | no secondary mark | = last roundmark | Series C · 2026-08-10 · $300M | private |
| 19 | Park Controls & Communications Bengaluru, India |
$2.9Bmark 2026-01 | no secondary mark | — | undisclosed | private |
| 20 | ICEYE Espoo, Finland |
$2.5Bmark 2025-Q4 | $51.45as of 2026-06-27 | no priced round on record | Series E · 2025-12-01 · $158M | private |
| 21 | Neros Technologies Torrance, CA |
$2.5Bmark 2026-08-11 | no secondary mark | = last roundmark | Series C · 2026-08 · $250M | private |
| 22 | Starcloud Redmond, WA |
$2.3Bmark 2026-08 | $57.02as of 2026-06-27 | no priced round on record | Series A · 2026-03-30 · $170M | private |
| 23 | Apex Space Los Angeles, CA |
$2.3Bmark 2026-Q2 | $12.89as of 2026-06-27 | -35.7% | Series E · 2026-06-05 · $200M | private |
| 24 | True Anomaly Centennial, CO |
$2.2Bmark 2026-Q2 | $12.73as of 2026-06-27 | -20.8% | Series D · 2026-04-28 · $650M | no imminent plans |
| 25 | Allen Control Systems | $2.2Bmark 2026-06 | $46.00as of 2026-06-27 | +4.4% | Series B · 2026-06-01 | private |
| 26 | Onebrief Honolulu, HI |
$2.1Bmark 2026-Q1 | $32.71as of 2026-06-27 | -56.8% | Series D · 2026-01-15 · $359M | none |
| 27 | Axiom Space Houston, Texas, USA |
$2.0Bmark 2025-Q1 | $107.53as of 2026-06-27 | no priced round on record | Venture · 2025-03-01 · $100M | rumored |
| 28 | Cowboy Space | $2.0Bmark 2026-05 | no secondary mark | — | Form D filing · 2026-05-21 · $305M | private |
| 29 | Armada | $2.0Bmark 2026-05 | $14.93as of 2026-06-27 | no priced round on record | Series B · 2026-05-01 | private |
| 30 | Astranis San Francisco, CA |
$1.9Bmark 2024-Q3 | $22.06as of 2026-06-27 | no priced round on record | Series D · 2024-09-01 · $200M | no imminent plans |
| 31 | Mach Industries Huntington Beach, CA |
$1.8Bmark 2026-06 | $2.95as of 2026-06-27 | -18.5% | Series C · 2026-06-01 | private |
| 32 | Hubble Network Seattle, WA |
$1.6Bmark 2026-09-23 | no secondary mark | = last roundmark | Series C · 2026-09-23 · $200M | private |
| 33 | Destinus Lausanne, Switzerland |
$1.5Bmark 2025-Q2 | no secondary mark | — | Debt facility (Commerzbank) · 2025-12-15 · $55M | rumored |
| 34 | Harmattan AI Paris, France |
$1.4Bmark 2026-09 | no secondary mark | = last roundmark | Series B · 2026-09-01 · $200M | private |
| 35 | Gecko Robotics Pittsburgh, PA |
$1.3Bmark 2026-01 | $45.22as of 2026-06-27 | -8.2% | Series D · 2026-01-01 · $122M | Private |
| 36 | Skyroot Aerospace Hyderabad, India |
$1.1Bmark 2026-05-07 | no secondary mark | — | Growth round (unlabeled) · 2026-05-07 · $60M | private |
| 37 | Epirus Torrance, California |
$1.0Bmark 2025-Q1 | $5.11as of 2026-06-27 | -8.4% | Series D · 2025-03-03 · $250M | Private |
| 38 | Varda Space Industries El Segundo, CA |
$1.0Bmark 2025-Q3 | $26.46as of 2026-06-27 | +29.0% | Series C · 2025-07-15 · $187M | no imminent plans |
| 39 | TAF Industries Kyiv, Ukraine |
$1.0Bmark 2026-Q1 | no secondary mark | — | None | private |
| 40 | Apex Los Angeles, CA |
$1.0Bmark 2025-Q3 | no secondary mark | — | Series D · 2025-09-12 · $200M | private |
| 41 | Apex Los Angeles, CA |
$1.0Bmark 2025-Q1 | $2.00as of 2026-06-27 | +100.0% | Series C · 2025-04-01 · $200M | no imminent plans |
| 42 | Hermeus Atlanta, GA |
$1.0Bmark 2026-04 | $15.00as of 2026-06-27 | -35.8% | Series C · 2026-04-01 · $100M | no imminent plans |
| 43 | Forterra Clarksburg, MD |
$1.0Bmark 2025-11 | no secondary mark | — | undisclosed | private |
| 44 | Radia Boulder, CO |
$1.0Bmark 2022-Q2 | no secondary mark | = last roundmark | Series B2 · 2022-05-13 · $51M | private |
| 45 | Atmosphere Ramonville, France |
$1.0Bmark 2023-Q1 | no secondary mark | = last roundmark | Series D · 2023-02-07 · $65M | private |
| 46 | Loft Orbital San Francisco, California |
$954Mmark 2026-Q1 | $17.77as of 2026-06-27 | -28.3% | Series C · 2025-01-13 · $170M | Private |
| 47 | Domino Data Lab San Francisco, CA |
$916Mmark 2025-Q3 | $4.09as of 2026-06-27 | -75.1% | Series F · 2021-10-05 · $100M | private |
| 48 | Rescale San Francisco, CA |
$869Mmark 2025-Q3 | $13.28as of 2026-06-27 | -25.1% | Series D · 2025-04-07 · $115M | private |
| 49 | ZeroAvia Everett, WA |
$684Mmark 2024-Q3 | $8.45as of 2026-06-27 | = last roundmark | Series C · 2024-09-12 · $150M | private |
| 50 | ExPace Technology Wuhan, China |
$635Mmark 2017-Q4 | no secondary mark | = last roundmark | Series A · 2017-12-19 · $182M | private |
vs Last Round — unlabeled: the secondary share price against the round's price per share (the tape's own comparison). print: the latest observed print's implied valuation against the last priced round's post-money. mark: the valuation shown against that post-money — no independent print yet. = last round means the two legs are within 0.5%; for a mark basis that means the valuation shown was set by the round itself. A cell that says no priced round on record has a secondary price but no round to test it against — it is never rendered as 0.
Ranked by tracked Defense Tech portfolio companies — counted from disclosed round participation and each firm's notable holdings, so a firm only appears here if it actually holds companies in this ranking. Full capital-side ranking: Top Private Market Investors by AUM.
By latest disclosed valuation, the largest tracked private Defense Tech companies are Anduril Industries ($61B), Helsing ($18B), Scale AI ($14B), Castelion ($13B), Shield AI ($13B). The full ranking of 97 companies refreshes daily at quantlogix.ai/private/defense-tech.
Ranked by tracked Defense Tech portfolio companies, the most active investors are Andreessen Horowitz (13 tracked), 8VC (13 tracked), Lux Capital (12 tracked), Founders Fund (10 tracked), Y Combinator (9 tracked). Full ranking: Top Private Market Investors by AUM.
Valuations are each company's latest disclosed mark, dated per row; secondary share prices refresh daily (34 of 97 tracked companies currently carry one). Rows without a usable number say so rather than showing zero.
Methodology. Rankings are by each company's latest disclosed valuation (roster + weekly enrichment); the "mark" chip shows when that valuation was set. Secondary share prices are point estimates from secondary-market activity — one implied price per name, no bid/ask — refreshed daily (marks overlay as of 2026-10-01), each carrying its own date. "vs Last Round" compares the secondary price to the company's own last primary round per-share price; rows without a usable comparison say so rather than showing zero. Companies marked acquired, defunct, or public are excluded. Educational data, not investment advice.