Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #40

Antares

Recipient: ANTARES NUCLEAR, INC. · UEI GGZRXMT37SR5

About $11 raised for every $1 obligated. 72% of it came through Other Transactions (OTs).

Capital raised
$500.0M
Excludes $100.0M debt and credit
Federal obligations, FY2020–FY2026
$46.0M
Raised per $1 obligated
10.9×
Latest valuation
$2.0B
Not disclosed

Obligations by fiscal year

$M
0 FY20 0 FY21 0 FY22 0 FY23 3.3 FY24 2.2 FY25 40.5 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$12.8M
Other Transactions
$33.2M
Subawards
$0

Notes

Funding
Equity only; excludes $100M debt

Cite this: Defense Tech Signals, "Capital vs. Contracts: Antares," data as of 2026-11-08, https://data.defensetechsignals.com/c/antares/.

Coverage: prime contracts, IDVs and grants (USAspending), direct Other Transactions (FPDS) and subawards received, FY2020–FY2026. Not included: consortium OTs, FY 2027 so far, loans and classified work. Capital raised: Compiled from announcements and press (Oct 2026). Obligations last refreshed 11/5/2026.