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
Andreessen Horowitz
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
Andreessen Horowitz surpasses $60bn in assets under management as Fund VII bets on AI infrastructure, defense, bio and crypto, each in a separate vehicle