Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #21

Varda

Recipient: VARDA SPACE INDUSTRIES, INC. · UEI J3R2KNLS7GE4

About $12 raised for every $1 obligated. 100% of it came through prime contracts.

Capital raised
$578.0M
Federal obligations, FY2020–FY2026
$48.5M
Raised per $1 obligated
11.9×
Latest valuation
$1.6B
Series D, Sep 2026 (Reuters)

Obligations by fiscal year

$M
0 FY20 0.4 FY21 0 FY22 9.0 FY23 8.6 FY24 17.8 FY25 12.6 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$48.5M
Other Transactions
$0
Subawards
$0

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

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.