Defense tech Mach Industries doubles valuation to $3.7B in 3 months — SkimNews
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- Mach Industries raised $600M in a Series C extension, doubling its valuation to $3.7B just three months after its June Series C at $1.8B; the prior June 2025 round had already quadrupled the company's $470M valuation
- Ribbit Capital, Infinite Capital, Bedrock Capital, and Sequoia participated in both Series C tranches, with Sequoia partners Stephanie Zhan and Shaun Maguire leading the firm's first-ever defense tech investment
- Mach produces VTOL drones, long-range strike systems, and counter-drone systems from a 115,000-square-foot Huntington Beach, California headquarters with additional facilities across the state
- Exquadrum was acquired by Mach in a $50M cash-and-equity deal in May, beating out eight competing buyers, to address a solid rocket motor shortage controlled by two industry incumbents
- Mach Energetics emerged from the Exquadrum acquisition as a new business line producing solid rocket motors and jet engines for other defense companies
- Ethan Thornton founded Mach after dropping out of MIT at 19; the 22-year-old CEO has since secured a U.S. Army contract and attracted Ribbit Capital, previously known for fintech bets including AI coding startup Cognition
Why it matters: The Exquadrum acquisition shows Mach building vertically integrated supply chains to undercut traditional defense primes, while Sequoia's first-ever defense tech investment signals mainstream VC conviction in the sector. Thornton's company has gone from $470M to $3.7B in roughly 15 months, making it a bellwether for the defense tech boom.
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