Mach Industries doubles valuation to $3.7bn with $600m extension
Mach Industries has raised a $600 million Series C extension that values the defense technology startup at $3.7 billion. The announcement follows the original $300 million Series C in June, when the company was valued at $1.8 billion, meaning its valuation has doubled in three months.
Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia invested in both tranches. The new valuation also follows a sharp increase from Mach’s $100 million round at a $470 million valuation, announced in June 2025.
Funding backs integrated defense production
Based in Huntington Beach, California, Mach manufactures unmanned military vehicles and weapons. Its portfolio includes vertical takeoff and landing drones, systems intended for long-range strikes, and counter-drone systems.
The company operates a 115,000-square-foot manufacturing facility at its headquarters and has additional facilities elsewhere in California. Mach’s stated approach is to build highly integrated systems at a lower cost than incumbent defense contractors.
Exquadrum acquisition expands propulsion capacity
In May, Mach acquired solid rocket motor startup Exquadrum in a $50 million cash-and-equity transaction. Mach said it beat at least eight other potential buyers for the business.
The transaction addressed a shortage of solid rocket motors as drones have become more prevalent, in a market largely controlled by two incumbent suppliers. The acquisition is now the foundation of Mach Energetics, a line of business producing solid rocket motors, jet engines and energetic systems for other customers.
The company’s funding trajectory follows the context set by Mach’s $1.8 billion Series C valuation as Mach moves from its $1.8 billion Series C valuation toward a broader manufacturing and propulsion operation.
Investors and contract momentum
Mach was founded and is run by Ethan Thornton, who left MIT at 19 to work on the company. Sequoia partners Stephanie Zhan and Shaun Maguire became investors, marking Sequoia’s first defense technology investment.
Mach also secured a U.S. Army contract earlier this year. Ribbit Capital, historically associated with fintech investing and more recently involved in AI deals including Cognition and Crusoe, subsequently joined the company’s investor base.
For businesses assessing defense supply chains, the practical implication is to track whether Mach’s new capital and in-house propulsion business translate into dependable manufacturing capacity for its own systems and external customers.