Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #28

Hermeus

Recipient: HERMEUS CORPORATION · UEI Y3D9D7QN2LP3, WECLTKA3VPT6

About $2.50 raised for every $1 obligated. 85% of it came through Other Transactions (OTs).

Capital raised
$399.0M
Excludes $150.0M debt and credit
Federal obligations, FY2020–FY2026
$159.9M
Raised per $1 obligated
2.5×
Latest valuation
$1.0B
Series C, Apr 2026

Obligations by fiscal year

$M
1.5 FY20 10.4 FY21 13.1 FY22 0 FY23 37.3 FY24 16.3 FY25 81.4 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$23.2M
Other Transactions
$136.7M
Subawards
$0

Notes

Funding
Equity only; excludes $150M debt

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

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.