Defense technology startup Mach Industries has raised another $600 million in a Series C extension, doubling its valuation to $3.7 billion in just three months. The new funding follows a $300 million Series C announced in June at a $1.8 billion valuation, with Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia participating across both tranches.
The latest financing also extends a rapid increase in Mach’s valuation. In June 2025, the company raised $100 million at a $470 million valuation, before reaching $1.8 billion one year later and $3.7 billion three months after that.
Mach Expands Manufacturing and Weapons Development
Mach develops unmanned military vehicles and weapons, including vertical takeoff and landing aircraft, long-range strike systems and counter-drone technology. The company operates a 115,000-square-foot manufacturing facility at its headquarters in Huntington Beach, California, along with additional facilities elsewhere in the state.
Mach has positioned its products as lower-cost, highly integrated alternatives to systems supplied by established defense contractors. In its official Series C announcement, the company said the initial $300 million round would support government contracts, hiring, product development and expansion of its manufacturing network.
The company has also moved into propulsion and energetic systems as it tries to control more of its supply chain. In May, Mach acquired solid rocket motor manufacturer Exquadrum for $50 million in cash and equity after competing with at least eight other potential buyers.
The acquisition became the foundation for Mach Energetics, a unit that produces solid rocket motors and other energetic systems for external customers. Another division, Mach Propulsion, is developing jet engines as the company works to address supply constraints in that market.
Valuation Rises Alongside Defense Contracts
Solid rocket motors have faced supply shortages as demand from drone and missile programs has increased, while production remains concentrated among a small number of major suppliers. Mach’s acquisition of Exquadrum gave the company internal access to that manufacturing capability.
Mach has also secured U.S. military work, including a Defense Innovation Unit contract for a runway-independent maritime strike aircraft. Earlier reporting on its June financing said the company had five autonomous vehicle programs in development at the time.
Founder and CEO Ethan Thornton started Mach after leaving MIT at age 19. Sequoia’s Stephanie Zhan and Shaun Maguire became early investors, with the investment representing Sequoia’s first backing of a defense technology company.
The latest $600 million extension brings Mach’s valuation to more than twice the level set during its June round. TechCrunch reported that the increase occurred only three months after the company reached its previous $1.8 billion valuation.
Featured image credits: Mach Industries
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