Mach Industries has raised $300 million in a Series C round, valuing the defense technology company at $1.8 billion, the startup announced Monday.
The new valuation is nearly four times higher than a year ago. In June 2025, Mach secured $100 million at a $470 million valuation.
The round was led by Infinite Capital and Ribbit Capital. Existing backers include Bedrock Capital, Sequoia Capital, and Khosla Ventures.
Founded in 2023, Mach is led by Ethan Thornton, 22, who left MIT at age 19 to start the company.
Thornton said Mach originally planned to raise $200 million.
Investor demand pushed the company to increase the size of the round.
“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 told TechCrunch.
Building autonomous weapons requires large amounts of capital, and Thornton said the company began fundraising a few months ago.
Interest from venture capital firms has remained strong. Besides artificial intelligence, defense technology has become one of the hottest investment areas as drones and autonomous systems are increasingly used in the war in Ukraine.
Five systems in development
Mach is based in Huntington Beach, California.
It currently has five autonomous vehicles under development:
- Viper — a jet-powered vertical takeoff vehicle.
- Glide — a high-altitude glider that can launch weapons.
- Stratos — an airborne surveillance platform.
- Dart — a low-cost counter-drone interceptor.
- Pike — a system intended to launch long-range munitions.
Mach expects production to begin next year for at least three of the platforms.
The startup also recently won a contract from the Defense Innovation Unit (DIU).
The project involves a sixth aircraft that Mach had not previously disclosed.
The company describes it as the Navy’s new “runway-independent strike aircraft.”
Thornton said the aircraft will be much larger than the company’s other systems and could also have commercial applications.
Rapid expansion
Mach has grown quickly since its launch.
Headcount has risen from about a dozen employees in its first year to roughly 350 workers today.
The company operates a 115,000-square-foot manufacturing facility in Huntington Beach. It also has design and production sites in several other locations.
Thornton said four additional production facilities are expected to come online by the end of 2026.
“So by the end of this year, in 2026, we will have brought on four new production facilities,” he said.
Rocket motor acquisition
Last month, Mach acquired solid rocket motor startup Exquadrum in a deal worth $50 million in cash and equity.
The company said it beat more than eight other potential buyers.
The purchase gives Mach access to its own supply of solid rocket motors.
Supply has become a bottleneck as demand for drones rises. The market is dominated by Aerojet Rocketdyne and Northrop Grumman, and delivery times can stretch for years.
The acquisition also led to the launch of Mach Energetics, a business that will sell rocket motors commercially.
Thornton declined to disclose revenue figures.
He said sales are split evenly between government customers and private companies.
Speed remains the focus
Thornton said the company’s growth became clear to him during internal meetings.
In the early days, all-hands gatherings involved about 12 people in a conference room.
By the company’s two-year celebration, attendance had grown to more than 200 people, with standing room only.
He said the pace of development remains his biggest source of pride.
“Traditionally, it’s four years to build a jet engine. That’s about the fastest you can find in this space. And we went from no team to building a team to a jet engine firing in about eight months,” Thornton said.
TL;DR:
Mach Industries has raised $300 million at a $1.8 billion valuation. The defense startup, founded by Ethan Thornton in 2023, is expanding its autonomous aircraft programs, adding production facilities and moving into the rocket motor business after acquiring Exquadrum.
AI summary:
- Mach Industries raised $300 million in a Series C round.
- The company is now valued at $1.8 billion.
- Five autonomous vehicles are under development.
- Mach recently won a Navy aircraft contract through the DIU.
- The startup acquired Exquadrum for $50 million.
