How it's built

Every figure comes from public data. Obligations refresh every other Monday; capital raised is updated by hand as rounds are confirmed. Corrections are logged below.

Companies

The list starts from Silicon Valley Defense Group's 2026 NatSec100. Defense Tech Signals adds venture-backed defense and national security companies outside that list as it tracks them; there is no fixed inclusion rule yet. Additions are marked "DTS" and the NatSec100-only view reproduces the original list.

Excluded from the chart and totals

Scale AI, Databricks, OpenAI, Blue Origin, Oura. Their capital raised is large enough, or their business mix different enough, that including them would swamp the comparison. Their pages still show their figures.

What counts as federal obligations

• Prime contracts, IDV orders and grants to each company's own recipient records in USAspending, matched by UEI and reviewed by hand.
• Other Transaction (OT) agreements awarded to the company directly, from FPDS.
• Subawards the company received, as reported in USAspending.
• FY2020–FY2026 (October 1, 2019 to September 30, 2026). Large changes are held for review before they publish.

Not counted in totals

• OTs awarded through consortium managers (tracked separately where found).
• FY2027 obligations, shown separately while the year is in progress.
• Contract vehicle ceilings (IDIQ positions are permission to compete, not money).
• Loans, such as EXIM, and debt or credit facilities.
• Reseller and marketplace sales, unreported subcontracts and classified work.

DoD posts contract data with about a 90-day lag, so the most recent months keep filling in.

Capital raised and valuation

Compiled from company announcements and press reporting, using SVDG's reported totals as a baseline for NatSec100 companies. Some totals include debt where companies report it that way; notes on each company page say so. Valuation is the latest closed, priced round. Rounds in talks are noted, never counted, until they close.

Acquisitions

Obligations to an acquired company count from the deal's closing date.

Corrections log

• Correction Varda (2026-11): Recipient now matched by UEI (J3R2KNLS7GE4). An earlier automatic match had picked up an unrelated firm with a similar name.
• Method Sierra Space (2026-11): The FPDS name search matched other vendors, so Other Transaction records are now pulled by UEI only.

Spot an error? Tell Defense Tech Signals and it will be checked against the source records and logged here.