- California-based Mach Industries raises $300 million Series C led by Infinite Capital and Ribbit Capital at a $1.8 billion valuation
- The company is scaling five autonomous defence programmes spanning strike drones, surveillance systems, and counter-drone platforms
- Founder and CEO Ethan Thornton, 22, dropped out of MIT as a teenager to build what is now one of defence tech’s most closely watched startups
The modern battlefield is changing faster than traditional defence procurement can keep up. Conflicts in Ukraine and the Middle East are demonstrating that military advantage increasingly depends not only on advanced technology but also on the ability to manufacture, deploy, and replace autonomous systems at scale.
Mach Industries is positioning itself at the centre of that shift. The California-based defence manufacturer has raised $300 million in Series C funding at a $1.8 billion valuation, nearly four times its $470 million valuation from its Series B just 12 months ago.
The round was led by Infinite Capital and Ribbit Capital, with participation from existing investor Bedrock Capital, Sequoia Capital, and Khosla Ventures.
From teenage founder to defence unicorn contender
Founded in 2023 by Ethan Thornton, Mach Industries has become one of the most closely watched startups in the defence technology sector. Thornton, who founded the company as a teenager, built Mach around a conviction increasingly shared by military planners: future conflicts will be won by nations capable of rapidly designing, producing, and deploying autonomous systems at scale.
Rather than focusing solely on weapons platforms, Mach has built a vertically integrated model combining advanced unmanned systems, propulsion technologies, testing infrastructure, and manufacturing capacity.
That approach is designed to solve one of defence’s most pressing challenges: how to dramatically accelerate production without sacrificing capability.
Today, the company operates five active vehicle programmes. These include Viper, a jet-powered vertical take-off strike platform; Glide, a high-altitude strike glider; Stratos, an airborne surveillance system; Dart, a counter-drone interceptor; and Pike, a long-range precision strike munition designed for mass deployment.
At least three of those systems are expected to enter production this year as Mach transitions from rapid development to scaled manufacturing.
Why investors are backing defence production
While defence technology investment has surged globally, investors are increasingly looking beyond software and artificial intelligence toward companies capable of rebuilding industrial capacity itself.
The war in Ukraine has highlighted a critical lesson for Western militaries: production speed matters.”Today’s Series C funding is a powerful accelerator for our mission,” said Founder and CEO Ethan Thornton.
Mach plans to use the funding to expand Forge, its distributed manufacturing network, strengthen Mach Propulsion, advance second-generation systems, and support growing demand from defence customers, including the US Army, Air Force, and Special Operations Command.
The company recently deepened its vertical integration strategy through the acquisition of Exquadrum, now renamed Mach Energetics. The deal adds propulsion expertise, manufacturing infrastructure, engineering talent, and testing facilities, giving Mach greater control over development timelines and supply chains.
“Mach is vital to the safety and future of free societies. As a defence innovation outlier, it has demonstrated exceptional speed in flight testing, production, and contract wins, proving the importance of rebuilding America’s industrial base. The team’s mission-first approach drives this with urgency and discipline,” says Nathan Doctor, founder of Infinite Capital.
“At Ribbit, we back teams challenging the status quo and building better solutions. Ethan and the Mach team operate with urgency, are taking greater control of their supply chain, and refuse to wait for incumbents. They combine technical expertise, rapid execution, and a strong sense of duty. We’re proud to co-lead this Series C as they build a defining company,” says Micky Malka, founder of Ribbit Capital.
Competition
Mach’s latest raise comes amid an unprecedented wave of investment into defence technology. US defence giant Anduril recently raised $5 billion at a $61 billion valuation. The company develops autonomous systems, military AI, surveillance platforms, and counter-drone technologies, and is increasingly viewed as a next-generation prime contractor.
In Europe, German defence startup Stark is reportedly seeking a €300 million funding round at a valuation of approximately €2.5 billion.
Another major rival is Munich-based Helsing, which is reportedly raising $1.2 billion at an $18 billion valuation. The company has become one of Europe’s leading defence AI players, developing battlefield intelligence software, autonomous systems, and military decision-support technologies.
Unlike many competitors focused primarily on software or autonomy, Mach is pursuing a more ambitious strategy: rebuilding the manufacturing backbone required to produce military systems at scale.
The bigger picture
For decades, defence innovation was largely defined by technological breakthroughs. Increasingly, the competitive advantage is shifting toward companies that can pair innovation with production.
Mach Industries is betting that the future of defence belongs to manufacturers capable of rapidly designing, testing, producing, and fielding autonomous systems at an industrial scale.
With fresh funding, expanding government relationships, and a growing portfolio of autonomous platforms, the company is emerging as one of a new generation of defence firms seeking to redefine how military capability is built and delivered.
The question now is whether Mach can scale quickly enough to meet the demands of a rapidly changing security landscape. Investors are clearly betting that it can.
