Defense Tech Companies — Sortable Tracker
Click column headers to sort. Filter by IPO status. Data current as of April 10, 2026.
| Company | Valuation | Latest Round | Amount | Focus Area | IPO Status | Profile |
|---|---|---|---|---|---|---|
| Anduril Industries | $14B | Series F (Aug 2024) | $1.5B | Autonomous defense AI (Lattice OS, Ghost drones) | IPO Target FY2028 | View → |
| Shield AI | $12.7B | Series E (Mar 2026) | $2B | AI military pilots (Hivemind autonomy platform) | Pre-IPO | View → |
| Saronic | ~$5B+ | Series D (Mar 2026) | $1.75B | Autonomous naval vessels (surface & sub-surface) | Pre-IPO | View → |
| Hermeus | $1B | Series C (Apr 7, 2026) | $350M | Hypersonic aircraft (Quarterhorse Mach 5 drone) | New Unicorn ✦ | View → |
| AEVEX Corp | — | S-1/A Filed Apr 9, 2026 | — | ISR drones & unmanned aerial systems for DoD | 🔥 Filing for IPO | View → |
| Exyn Technologies | — | S-1/A Filed Apr 8, 2026 | — | Autonomous drone AI for GPS-denied environments | 🔥 Filing for IPO | View → |
| Saildrone | ~$400M | Series D (2022) | $100M+ | Autonomous ocean intelligence drones (USV) | Pre-IPO | View → |
| True Anomaly | ~$200M | Series B (2023) | ~$100M | Space domain awareness (Space Force contractor) | Pre-IPO | View → |
Data as of April 10, 2026. Valuations are estimates from funding rounds and secondary sources. Not investment advice.
Why Defense Tech Is the #2 Hottest Sector
The structural shift that turned defense tech from a niche into a $49B funding category.
Defense Tech IPO Pipeline: Who's Going Public
From S-1 filings to multi-year IPO targets. Updated as of April 10, 2026.
AEVEX builds ISR (Intelligence, Surveillance, Reconnaissance) drones and unmanned aerial systems for the U.S. DoD. The company provides manned-unmanned teaming platforms and full-motion video exploitation services.
Exyn develops AI for fully autonomous drone operations in GPS-denied environments — underground mines, collapsed buildings, and denied military areas. The platform enables drones to map and navigate without human pilots or external signals.
Hermeus builds Mach 5+ hypersonic aircraft for both commercial (ultra-fast passenger travel) and military (strike and reconnaissance) applications. Its Quarterhorse drone already flew; Darkhorse is the military strike platform.
Shield AI's Hivemind platform enables autonomous flight for military aircraft and drones — without GPS, communications, or human pilots. Deployed on F-16 fighters, V-BAT drones, and allied military platforms across the U.S. and NATO.
Saronic builds autonomous surface vessels and undersea systems for naval defense. Its unmanned surface vehicles (USVs) provide persistent maritime domain awareness, electronic warfare, and strike capabilities for the U.S. Navy and allies.
Founded by Palmer Luckey (Oculus), Anduril builds AI-powered autonomous defense systems. Lattice OS is the command-and-control brain; Ghost drones provide autonomous air operations; Pulsar handles electronic warfare. Contracts span DoD, DARPA, SOCOM, and Five Eyes.
The Palantir Playbook: Why Defense Tech IPOs Win
Palantir is the defining precedent. Here's what Anduril, Shield AI, and Saronic are replicating.
Palantir validated the entire defense tech IPO playbook. It listed in 2020 when investors were skeptical about government-revenue tech companies. What followed was a 10x+ run driven by DoD AI contract wins — specifically AIP (AI Platform) contracts across the Army, Navy, and allied militaries.
The lesson: defense AI platforms command 20–30x revenue multiples when revenue is large, visible, and growing. Anduril ($14B, $500M+ est. revenue), Shield AI ($12.7B, growing military deployments), and Saronic (dominant in autonomous naval) are building the same profile — AI-native, DoD-contracted, multi-year visibility. The Palantir playbook works.
| Company | IPO Year | IPO Valuation | Current Value | Revenue Multiple | Key Driver |
|---|---|---|---|---|---|
| Palantir (PLTR) | 2020 | $15B | ~$220B+ | 25x revenue | DoD AI platform wins |
| Anduril Industries | FY2028 (target) | TBD | $14B (private) | ~28x est. revenue | Autonomous defense AI + DoD contracts |
| Shield AI | 2026–2027 | TBD | $12.7B (private) | TBD | Hivemind AI pilots at scale |
| Saronic | Exploring | TBD | ~$5B+ (private) | TBD | Autonomous naval dominance |
Defense Tech's Key Investors
The firms backing the companies most likely to IPO in 2026–2028.
Frequently Asked Questions
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