Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #83

Raft

Recipient: RAFT LLC · UEI M9ALV9LKVDC3

Obligated more than it has raised: about $7.70 in federal money for every $1 of private capital. 74% of it came through prime contracts.

Capital raised
$60.0M
Federal obligations, FY2020–FY2026
$461.9M
Raised per $1 obligated
0.13×
Latest valuation
—
Not disclosed

Obligations by fiscal year

$M
4.9 FY20 16.8 FY21 35.3 FY22 71.7 FY23 97.0 FY24 175.8 FY25 60.5 FY26

Prime contracts Other Transactions Subawards FY2027 so far: $1.4M (not in totals)

Contract mix

Prime contracts
$342.4M
Other Transactions
$2.9M
Subawards
$116.6M

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

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: SVDG 2026 report total, plus later announced rounds. Obligations last refreshed 11/5/2026.