Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #47

Picogrid

Recipient: PICOGRID, INC. · UEI EWN9HP5F45G3

About $1.63 raised for every $1 obligated. 82% of it came through prime contracts.

Capital raised
$57.0M
Federal obligations, FY2020–FY2026
$35.0M
Raised per $1 obligated
1.6×
Latest valuation
—
Not disclosed

Obligations by fiscal year

$M
0 FY20 0.1 FY21 2.0 FY22 3.2 FY23 7.1 FY24 18.6 FY25 3.9 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$28.6M
Other Transactions
$6.3M
Subawards
$0.1M

Notes

Obligations
Reported $1B IDIQ is a ceiling, not obligations

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

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.