Anduril, Shield AI and Saronic account for $8.75bn of the total; the Pentagon is now actively encouraging VC participation and the sector is consolidating fast
Mega-rounds ($100M+)
Iconiq, GIC and Ontario Teachers lead the spend-management platform's Series F; annualised revenue tops $1bn as companies lean on Ramp to control AI budgets
Thrive Capital and a16z lead the largest-ever defense-tech private round; revenue doubled to $2.2bn in 2025 and the Army's $20bn Lattice counter-drone contract underpins the raise
SoftBank leads a Series C for the Pittsburgh startup building the Skild Brain, a foundation model that can retrofit any robot without task-specific retraining