Mach Industries raises $300M as drone-makers race to scale factories
Mach Industries raised a $300M Series C at a $1.8B valuation to expand its Forge factory network, the latest sign that defense-tech money is moving from prototypes to mass production.
Mach Industries raised a $300M Series C at a $1.8B valuation to expand its Forge factory network, the latest sign that defense-tech money is moving from prototypes to mass production.
Mach Industries raised a $300 million Series C at a $1.8 billion valuation, the Huntington Beach, California startup said in announcements covered Monday by Defense Daily, TechCrunch and Bloomberg. Infinite Capital and Ribbit Capital led the round, with Bedrock Capital, Sequoia Capital and Khosla Ventures also taking part, TechCrunch noted.
Mach raised $100 million at a $470 million valuation in June 2025, per TechCrunch, so the new valuation is about four times higher a year on. Founder and chief executive Ethan Thornton, 22, told TechCrunch the round was oversubscribed: "We went out to raise 200 [million dollars]," he said, "so we decided to push up to 300."
Mach builds runway-independent strike systems. Its lead product, Viper, is a jet-powered drone that takes off vertically and carries a warhead of more than 10 kilograms about 290 kilometers, per the company's specifications cited by trade press. Those range and payload figures come from the company, not from independent testing. Mach makes its own propulsion, and in May it bought solid-rocket-motor startup Exquadrum in a $50 million cash-and-equity deal, according to TechCrunch.
Defense Daily detailed that most of the Series C funds the expansion of Forge, Mach's distributed factory network, along with small jet-engine production and a second generation of systems. Mach plans four new production facilities by the end of 2026, TechCrunch wrote, and has grown to about 350 staff from roughly a dozen in its first year.
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Subscribe Free →Mach is one of several venture-backed firms scaling factories for attack drones after the Pentagon pushed since 2025 for cheaper systems built in volume. Ukraine now fields one-way attack drones in numbers that have reset what Western buyers expect on price and output. TechCrunch noted that the round goes to production lines and engines, with second-generation systems to follow. Mach has said its four new factories are due by the end of 2026, the next checkpoint on whether the $300 million reaches the field.
Frequently Asked Questions
How much did Mach Industries raise and at what valuation?
Mach Industries raised a $300 million Series C at a $1.8 billion valuation, according to Defense Daily, TechCrunch and Bloomberg. That is roughly four times its $470 million valuation from June 2025, per TechCrunch.
Who led the funding round?
Infinite Capital and Ribbit Capital led the round, with Bedrock Capital, Sequoia Capital and Khosla Ventures also participating, according to TechCrunch.
What does Mach Industries make?
Mach builds runway-independent strike systems, led by Viper, a jet-powered drone that takes off vertically. Trade press citing the company says Viper carries a warhead of more than 10 kilograms about 290 kilometers. The range and payload figures come from the company, not independent testing.
What will the money be used for?
Defense Daily detailed that the Series C funds the expansion of Forge, Mach's distributed factory network, along with small jet-engine production and a second generation of systems. The company plans four new production facilities by the end of 2026.
Did Mach Industries make any recent acquisitions?
Yes. According to TechCrunch, in May Mach acquired solid-rocket-motor startup Exquadrum in a $50 million cash-and-equity deal.
Why does this round matter for defense procurement?
The Pentagon has pushed since 2025 for cheap, mass-produced attack drones, and Mach is one of several venture-backed firms racing to build the manufacturing base. Mach is directing the cash toward production lines and engines rather than a single airframe, a bet on output volume over one platform.
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Marcus Schuler
Marcus Schuler edits BattlePolicy, a daily defense-technology brief connecting the companies and capabilities behind modern war to the contest among Europe, the US, Russia, and China.