Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #18

Govini

Recipient: POPLICUS INCORPORATED · UEI C92MYZJBLR97

Obligated more than it has raised: about $2.25 in federal money for every $1 of private capital. 95% of it came through prime contracts.

Capital raised
$174.0M
Federal obligations, FY2020–FY2026
$391.2M
Raised per $1 obligated
0.44×
Latest valuation
$1.0B
Oct 2025 (">$1B")

Obligations by fiscal year

$M
16.6 FY20 22.3 FY21 29.8 FY22 53.3 FY23 109.4 FY24 94.5 FY25 65.5 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$369.9M
Other Transactions
$0
Subawards
$21.3M

Notes

Obligations
Recorded under legal name Poplicus Inc.

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

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.