Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 7, 2026 · obligations refresh every other Monday

How much of defense tech's private capital has turned into federal dollars?

About $5.1 raised for every $1 obligated. 95 venture-backed defense tech companies hold $75.1B in private capital against $14.6B in visible federal obligations since FY2020. 8 have been obligated more than they raised.

How it's built
Show only:
Companies
Venture-backed defense tech companies in the chart: SVDG's 2026 NatSec100, minus five excluded for scale or business mix, plus companies DTS adds.
95
Capital raised
Cumulative private capital as reported in company announcements and press, using SVDG's totals as a baseline. Debt facilities are noted separately and not counted.
$75.1B
Federal obligations
Prime contracts, Other Transactions and subawards, FY2020–FY2026. Not included: consortium OTs, FY2027 so far, loans and classified work.
$14.6B
FY2020–FY2026
Raised per $1 obligated
Total capital raised divided by total federal obligations, across the companies shown.
5.1×
Obligated more than raised
Companies where the government has obligated more money than investors have put in. They sit below the dashed line on the chart.
8
Federal obligations vs. capital raised Obligated more than raised All others Log scales · click a dot for details
Anduril Saronic Sierra Space Shield AI Axiom Space Forterra Castelion CesiumAstro PsiQuantum Onebrief Dataminr Hadrian Skydio Impulse Space Govini Stoke Space Lambda Varda Applied Intuition JetZero Apex Chainalysis X-Bow Hermeus Epirus True Anomaly Astranis CHAOS Industries Relativity Space Zipline Lyten Vulcan Elements Defense Unicorns Whoop Antares K2 Space ICEYE Ursa Major Xona Space Firestorm Tomorrow.io Picogrid BetterUp SimSpace Divergent Boom Turion Space Code Metal Slingshot Aerospace Electra Saildrone Shift5 Re:Build Manufacturing Nominal Regent Starfish Space TRM Labs Grafana Labs Umbra Altana Chainguard Anaconda Radiant Machina Labs Vast Loft Orbital NODA AI Quindar Vannevar Labs Compound Eye Virtualitics Aalyria Ayar Labs Atom Computing Reliable Robotics LeoLabs Zeno Power Raft Overland AI ThinkOrbital Cape Ditto Horizon3.ai Agility Robotics DataRobot Flock Safety Lunar Outpost Red 6 Viken Detection DeepNight Strider HavocAI Integrate Noveon Magnetics Harmonic Anduril Saronic Sierra Space Shield AI Axiom Space Forterra Castelion CesiumAstro PsiQuantum Onebrief Dataminr Hadrian Skydio Impulse Space Govini Stoke Space Lambda Varda Applied Intuition JetZero Apex Chainalysis X-Bow Hermeus Epirus True Anomaly Astranis CHAOS Industries Relativity Space Zipline Lyten Vulcan Elements Defense Unicorns Whoop Antares K2 Space ICEYE Ursa Major Xona Space Firestorm Tomorrow.io Picogrid BetterUp SimSpace Divergent Boom Turion Space Code Metal Slingshot Aerospace Electra Saildrone Shift5 Re:Build Manufacturing Nominal Regent Starfish Space TRM Labs Grafana Labs Umbra Altana Chainguard Anaconda Radiant Machina Labs Vast Loft Orbital NODA AI Quindar Vannevar Labs Compound Eye Virtualitics Aalyria Ayar Labs Atom Computing Reliable Robotics LeoLabs Zeno Power Raft Overland AI ThinkOrbital Cape Ditto Horizon3.ai Agility Robotics DataRobot Flock Safety Lunar Outpost Red 6 Viken Detection DeepNight Strider HavocAI Integrate Noveon Magnetics Harmonic

All companies

$M · sorted by federal obligations
Notes
Anduril NatSec100 11,870 4,946.3 2,974.1 1,823.1 149.1 2.4×
Blue Origin NatSec100 38,000 4,115.1 4,027.5 86.5 1.1 9.2× Excluded from chart and totals
Sierra Space NatSec100 2,802 1,455.3 376.2 1,068.6 10.5 1.9×
Axiom Space NatSec100 1,467 693.7 693.7 0.0 0.0 2.1×
Dataminr NatSec100 1,448 444.9 442.3 0.0 2.6 3.3×
Raft NatSec100 60 438.5 319.0 2.9 116.6 0.14× ▲ Obligated more than raised
Saronic NatSec100 2,595 425.5 29.3 396.2 0.0 6.1×
Govini NatSec100 174 391.2 369.9 0.0 21.3 0.44× ▲ Recorded under legal name Poplicus Inc.
Castelion NatSec100 1,300 348.1 263.0 85.1 0.0 3.7× Company cites >$500M in U.S. contracts; ~$348M found obligated
X-Bow NatSec100 262 309.2 191.3 117.9 0.0 0.85× ▲ Obligated more than raised
Scale AI NatSec100 15,900 258.2 124.5 126.5 7.2 61.6× Excluded from chart and totals
JetZero NatSec100 226 254.9 17.1 237.6 0.2 0.89× ▲ Obligated more than raised
PsiQuantum NatSec100 2,350 243.3 33.3 209.8 0.2 9.7× Change under review
Lunar Outpost NatSec100 47 242.9 242.9 0.0 0.0 0.19× ▲ Obligated more than raised
Vannevar Labs NatSec100 91 221.2 15.9 203.0 2.3 0.41× ▲ Obligated more than raised
Skydio NatSec100 856 220.4 14.3 67.8 138.3 3.9×
Forterra NatSec100 600 215.4 13.1 136.0 66.3 2.8× Recorded as Robotic Research OpCo; announced $114M Army award not fully visible
Saildrone NatSec100 246 193.2 69.5 117.6 6.1 1.3×
True Anomaly NatSec100 950 185.4 4.8 180.6 0.0 5.1× Change under review
Shield AI NatSec100 5,160 184.3 101.4 56.9 26.0 28.0×
Databricks NatSec100 33,135 177.0 85.1 91.9 0.0 187× Excluded from chart and totals · Sells largely through resellers; own-name obligations understate use
SimSpace NatSec100 107 172.8 1.2 171.6 0.0 0.62× ▲ Obligated more than raised
Defense Unicorns NatSec100 172 163.7 151.3 12.4 0.0 1.1×
Hermeus NatSec100 399 159.9 23.2 136.7 0.0 2.5×
Epirus NatSec100 540 159.0 4.3 150.7 4.0 3.4×
Zipline NatSec100 2,033 150.5 150.5 0.0 0.0 13.5×
Starfish Space NatSec100 165 137.9 111.5 26.4 0.0 1.2×
Chainalysis NatSec100 537 135.6 135.5 0.0 0.1 4.0× Change under review
TRM Labs NatSec100 220 135.6 135.5 0.1 0.0 1.6×
Applied Intuition NatSec100 1,202 124.7 2.4 84.8 37.5 9.6×
Apex NatSec100 720 99.4 25.7 73.7 0.0 7.2× Recorded as Apex Technology, Inc.
Slingshot Aerospace NatSec100 120 94.7 82.3 12.4 0.0 1.3×
Hadrian NatSec100 1,850 79.4 79.4 0.0 0.0 23.3× Navy submarine-industrial-base work likely flows as subcontracts not reported
Electra NatSec100 240 76.8 15.8 61.0 0.0 3.1×
Impulse Space NatSec100 1,025 64.0 63.8 0.2 0.0 16.0×
Virtualitics NatSec100 110 58.2 58.1 0.1 0.0 1.9×
Overland AI NatSec100 144 57.9 11.4 28.6 17.9 2.5×
Tomorrow.io NatSec100 535 54.9 52.9 2.0 0.0 9.7×
LeoLabs NatSec100 127 54.9 53.2 1.7 0.0 2.3× Change under review
Ursa Major NatSec100 544 53.8 43.5 10.3 0.0 10.1×
Firestorm NatSec100 172 53.8 53.8 0.0 0.0 3.2×
Cape NatSec100 191 52.2 11.8 40.4 0.0 3.7× Recorded as Private Tech Inc.
Noveon Magnetics NatSec100 422 48.6 48.6 0.0 0.0 8.7×
Varda NatSec100 578 48.5 48.5 0.0 0.0 11.9×
Red 6 NatSec100 110 48.0 46.5 1.5 0.0 2.3× Recorded as Red Six Aerospace
Umbra NatSec100 168 47.6 12.2 34.5 0.9 3.5×
Antares NatSec100 500 46.0 12.8 33.2 0.0 10.9×
Onebrief NatSec100 486 44.1 30.9 13.2 0.0 11.0×
K2 Space NatSec100 1,000 42.9 26.7 16.2 0.0 23.3× Change under review
Aalyria NatSec100 130 42.8 5.0 37.8 0.0 3.0×
Shift5 NatSec100 181 42.4 38.2 4.2 0.0 4.3×
BetterUp NatSec100 632 40.8 40.8 0.0 0.0 15.5×
Turion Space NatSec100 113 40.5 32.5 7.5 0.5 2.8×
Altana NatSec100 344 39.9 35.1 3.7 1.1 8.6×
Picogrid NatSec100 57 35.0 28.6 6.3 0.1 1.6× Reported $1B IDIQ is a ceiling, not obligations
Zeno Power NatSec100 76 34.0 16.2 17.8 0.0 2.2×
Strider NatSec100 102 29.1 28.8 0.3 0.0 3.5×
Radiant NatSec100 569 28.9 2.6 22.6 3.7 19.7×
Reliable Robotics NatSec100 134 27.5 10.1 17.4 0.0 4.9×
Viken Detection NatSec100 55 27.1 26.9 0.0 0.2 2.0×
Astranis NatSec100 1,281 21.9 19.0 2.9 0.0 58.5×
Lyten NatSec100 1,326 21.2 13.5 7.3 0.4 62.5×
Code Metal NatSec100 178 20.6 20.6 0.0 0.0 8.6×
CesiumAstro NatSec100 626 20.1 11.0 0.0 9.1 31.1× Change under review
Boom NatSec100 950 19.6 18.8 0.8 0.0 48.5×
Compound Eye NatSec100 21 18.1 16.5 1.6 0.0 1.2×
Machina Labs NatSec100 171 15.6 12.8 0.0 2.8 11.0×
Quindar NatSec100 27 15.1 7.6 7.5 0.0 1.8×
Ditto NatSec100 136 15.1 13.4 1.5 0.2 9.0×
Relativity Space NatSec100 2,349 14.6 9.9 4.7 0.0 161×
Regent NatSec100 269 14.3 0.0 14.3 0.0 18.8×
Stoke Space NatSec100 1,449 13.6 7.7 4.5 1.4 107×
ICEYE NatSec100 1,100 12.7 12.0 0.0 0.7 86.6× U.S. arm only; most ICEYE revenue is non-U.S. governments
Integrate NatSec100 21 12.7 12.7 0.0 0.0 1.7×
Xona Space NatSec100 570 12.5 7.8 4.7 0.0 45.6×
Atom Computing NatSec100 272 8.6 0.8 7.0 0.8 31.6×
ThinkOrbital NatSec100 8 8.6 8.6 0.0 0.0 0.93× ▲ Obligated more than raised
Nominal NatSec100 182 8.3 8.3 0.0 0.0 21.9×
Re:Build Manufacturing NatSec100 545 7.7 5.9 0.0 1.8 70.8× Change under review
DeepNight NatSec100 11 7.6 7.6 0.0 0.0 1.4×
OpenAI NatSec100 170,000 6.5 0.0 6.5 0.0 26,154× Excluded from chart and totals · 2025 $200M CDAO agreement: only ~$6.5M found obligated
Whoop NatSec100 1,029 6.3 6.3 0.0 0.0 163×
Vulcan Elements NatSec100 700 5.7 5.7 0.0 0.0 123× ~$620M DoD/Commerce deal is loans and equity, not contract obligations
DataRobot NatSec100 1,048 4.8 0.1 4.6 0.1 218× Sold mainly through resellers and marketplaces
Lambda NatSec100 3,148 4.7 1.5 0.0 3.2 670× Government GPU cloud use largely via resellers
Loft Orbital NatSec100 343 4.7 4.7 0.0 0.0 73.0×
HavocAI NatSec100 197 4.0 4.0 0.0 0.0 49.3×
Divergent NatSec100 913 2.9 0.0 2.9 0.0 315× Supplies primes; subcontract work largely unreported
CHAOS Industries NatSec100 1,000 1.7 1.7 0.0 0.0 588× Announced radar development funding not visible in award data
Anaconda NatSec100 327 1.4 1.2 0.0 0.2 234× Sold mainly through resellers and marketplaces
Ayar Labs NatSec100 874 1.2 0.0 1.0 0.2 728×
Harmonic NatSec100 295 0.6 0.6 0.0 0.0 492× No federal awards found under own name
Agility Robotics NatSec100 683 0.5 0.5 0.0 0.0 1,366×
Flock Safety NatSec100 958 0.5 0.5 0.0 0.0 1,916× Customers are mostly state and local, outside federal data
Chainguard NatSec100 892 0.2 0.0 0.2 0.0 4,460× Sold mainly through resellers and marketplaces
NODA AI NatSec100 29 0.1 0.1 0.0 0.0 290×
Oura NatSec100 2,059 0.0 0.0 0.0 0.0 — Excluded from chart and totals · DoD ring purchases go through resellers; none under own name
Grafana Labs NatSec100 908 0.0 0.0 0.0 0.0 — Recorded as Raintank Inc.; sold mainly through resellers and marketplaces
Vast NatSec100 500 0.0 0.0 0.0 0.0 — Change under review · No federal awards found under own name
Horizon3.ai NatSec100 433 0.0 0.0 0.0 0.0 — No federal awards found under own name; likely sold through resellers