Defense technology startup Mach Industries has secured an additional $600 million in a Series C extension, lifting its valuation to $3.7 billion, the company said on Thursday. The new round follows a $300 million Series C announced in June, when the company was valued at $1.8 billion.
The latest financing marks a rapid rise in just three months and extends a broader growth streak for the company, which was valued at $470 million in a $100 million round announced in June 2025.
Founded and led by 22-year-old Ethan Thornton, Mach develops unmanned military systems, including vertical takeoff and landing drones, long-range strike platforms, and counter-drone technologies. The company operates a 115,000-square-foot manufacturing site in Huntington Beach, California, with additional facilities across the state.
Mach says its strategy is built around tightly integrated systems designed to deliver lower costs than traditional defense contractors. That approach was reinforced in May with the acquisition of solid rocket motor startup Exquadrum in a $50 million cash-and-equity deal, which helped launch a new business unit called Mach Energetics.
Mach Energetics now focuses on solid rocket motors, jet engines, and energetic systems for outside customers, addressing supply constraints in a market shaped by rising demand for advanced propulsion components.
Backed by investors including Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia, Mach continues to attract attention as defense manufacturing becomes more software-driven, faster, and more vertically integrated. The company's momentum suggests a future where advanced hardware startups may reshape how critical systems are designed and built.
