Title: Defense Technology Firm Mach Industries Achieves $1.8 Billion Valuation Following Fourfold Increase

Mach Industries, a three-year-old startup in the defense technology sector led by 22-year-old CEO and founder Ethan Thornton, has secured a $300 million Series C funding round, establishing a corporate valuation of $1.8 billion. The company revealed the financing on Monday, marking a valuation that is nearly four times higher than its previous assessment. In June 2025, Mach had raised $100 million with a post-money valuation of $470 million.

The latest round was spearheaded by deep tech fund Infinite Capital and Ribbit Capital, the latter of which has recently expanded its portfolio beyond fintech into high-profile deals involving AI coding firms like Cognition and neocloud providers such as Crusoe. Other participants in the funding round include Bedrock Capital, Sequoia Capital, and Khosla Ventures.

According to Thornton, who spoke with TechCrunch, the decision to initiate fundraising several months ago was driven by the capital-intensive nature of developing autonomous weapons. He noted that investor interest was immediate and intense. “We went out to raise 200 [million dollars] and we were extremely oversubscribed at 200 and happy with the price, so we decided to push up to 300. We’re still oversubscribed at the 300 mark,” Thornton explained regarding the fundraising process.

Thornton’s journey has been rapid since founding the company in 2023 after dropping out of MIT at age 19. The firm, based in Huntington Beach, California, has seen explosive growth, expanding from a team of roughly a dozen employees in its inaugural year to approximately 350 today. To support this expansion, Mach operates a 115,000-square-foot manufacturing plant in Huntington Beach, along with design and production centers in various other locations. Thornton stated that the company plans to add four new production facilities by the end of 2026.

Venture capital interest in Mach is fueled by several factors. Defense technology has become a prime investment sector, bolstered by the real-world validation of autonomous weapons and drone defense systems in Ukraine. Mach has rapidly diversified its portfolio, currently developing five autonomous vehicles: * Viper: A jet-powered vertical takeoff vehicle. * Glide: A high-altitude glider designed for weapon deployment. * Stratos: An airborne surveillance platform. * Dart: A low-cost interceptor for counter-drone operations. * Pike: A system intended for launching long-range munitions.

The company anticipates entering production for at least three of these systems next year. Additionally, Mach recently secured a contract from the Defense Innovation Unit (DIU) to develop a sixth, previously undisclosed vehicle. Described as the Navy’s new “runway-independent strike aircraft,” the project involves a large aircraft that Thornton suggests may also have commercial applications.

A significant driver behind the recent valuation surge was Mach’s acquisition of solid rocket motor (SRM) startup Exquadrum last month. In a $50 million cash-and-equity transaction, Mach outbid more than eight other potential purchasers. This move addresses a critical market gap; the demand for SRMs has skyrocketed due to drone warfare, yet the market is dominated by two major primes—Aerojet Rocketdyne and Northrop Grumman—with purchase lead times often extending for years. By acquiring Exquadrum, Mach has secured its supply chain and launched a new commercial arm, Mach Energetics, to sell engines to external clients. While Thornton declined to disclose specific revenue figures, he noted that the company’s income is currently split evenly between government contracts and commercial sales.

Reflecting on the company’s trajectory, Thornton recalled a moment last year when the scale of their growth became apparent. “Two years ago, the all-hands meetings were held in the conference room with ‘like 12 people,’ he said. ‘At our two-year party we had like 200 plus chairs and it was standing-room only.’” Despite the rapid expansion, Thornton emphasized that his primary pride lies in the velocity of product development, which remains the core mission for both his company and the broader defense tech industry backed by tech-focused venture capitalists.

Source: TechCrunch Generated at: 2026-06-01 21:40:35 UTC