Defense Tech Signals · Capital vs. Contracts Open-source analysis · public data only Data as of Nov 8, 2026 · obligations refresh every other Monday
NatSec100 #37

Vulcan Elements

Recipient: VULCAN ELEMENTS INC. · UEI WB11ZNEB6CV3

About $123 raised for every $1 obligated. 100% of it came through prime contracts.

Capital raised
$700.0M
Federal obligations, FY2020–FY2026
$5.7M
Raised per $1 obligated
123×
Latest valuation
—
Not disclosed

Obligations by fiscal year

$M
0 FY20 0 FY21 0 FY22 0 FY23 1.2 FY24 4.5 FY25 0 FY26

Prime contracts Other Transactions Subawards

Contract mix

Prime contracts
$5.7M
Other Transactions
$0
Subawards
$0

Notes

Funding
Approximate private equity
Obligations
~$620M DoD/Commerce deal is loans and equity, not contract obligations

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

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.