Mach Industries has raised $600 million in a Series C extension, valuing the defence technology startup at $3.7 billion and doubling its valuation in just three months.
The new financing follows a $300 million Series C announced in June at a $1.8 billion valuation. Investors participating across the two tranches include Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia.
Mach’s valuation has climbed rapidly over the past year. In June 2025, the company raised $100 million at a $470 million valuation, meaning its valuation has increased nearly eightfold since that round.
Mach expands defence manufacturing
The Huntington Beach, California-based company develops uncrewed military vehicles and weapons systems, including vertical takeoff and landing drones, long-range strike systems and counter-drone technology.
Mach operates a 115,000-square-foot manufacturing facility at its headquarters and has additional facilities across California. Its strategy centres on producing highly integrated defence systems at lower costs than traditional contractors.
In May, Mach acquired solid rocket motor startup Exquadrum in a $50 million cash-and-equity transaction after competing with at least eight other potential buyers, the company said.
The acquisition became the foundation for Mach Energetics, a business that manufactures solid rocket motors and other energetic systems for outside customers. Another division, Mach Propulsion, is developing jet engine manufacturing capabilities.
Mach is targeting supply constraints in both areas. The growth of military drone programs has increased demand for solid rocket motors in a market dominated by a small number of established suppliers. At the same time, the company sees similar manufacturing bottlenecks developing around jet engines.
A young founder attracts major venture investors
Ethan Thornton founded Mach and is now 22. Thornton left MIT at 19 to build the company and soon attracted Sequoia investors Stephanie Zhan and Shaun Maguire, marking the venture firm’s first defence technology investment.
The startup also secured a U.S. Army contract earlier this year, helping draw interest from Ribbit Capital. The firm was historically associated with fintech investments but has increasingly backed technology companies in areas including AI infrastructure and software.
The latest $600 million investment gives Mach additional capital as it expands manufacturing across drones, propulsion and energetic systems. It also places the company among a growing group of defence technology startups attracting large funding rounds from traditional Silicon Valley venture firms.
