Mach Industries secures $300 million Series C at $1.8 billion valuation
Founded by 22-year-old Ethan Thornton, the Huntington Beach firm develops autonomous weapons and drone systems, with production of multiple vehicles expected to begin next year.
Mach Industries, a three-year-old defence technology startup based in Huntington Beach, has raised $300 million in a Series C funding round, achieving a $1.8 billion valuation. The round was led by deep-tech fund Infinite Capital and Ribbit Capital, with participation from Bedrock Capital, Sequoia Capital, and Khosla Ventures. The new valuation marks a significant acceleration for the company, nearly quadrupling its $470 million valuation from a $100 million raise in June 2025.
The company was founded in 2023 by 22-year-old Ethan Thornton, who previously dropped out of the Massachusetts Institute of Technology to start the business. According to Thornton, the firm initially sought to raise $200 million but found the round was extremely oversubscribed, prompting an increase to $300 million. The strong investor appetite reflects broader enthusiasm for defence tech, particularly as autonomous weapons and drone systems demonstrate utility in conflict zones such as Ukraine.
Mach Industries is currently developing five distinct autonomous vehicles: Viper, a jet-powered vertical takeoff system; Glide, a high-altitude glider; Stratos, an airborne surveillance platform; Dart, a counter-drone interceptor; and Pike, a long-range munitions launcher. Thornton indicated that production is expected to begin next year on at least three of these systems. The company has expanded its workforce to approximately 350 employees and operates a 115,000-square-foot manufacturing facility in Huntington Beach, with plans to open four new production facilities by the end of 2026.
In a strategic move to secure supply chain independence, Mach Industries recently acquired solid rocket motor startup Exquadrum for $50 million in a cash-and-equity deal. The acquisition allowed Mach to beat out more than eight other potential buyers in a market characterised by acute shortages and long lead times, which are typically dominated by major prime contractors Aerojet Rocketdyne and Northrop Grumman. Through this acquisition, the company also launched Mach Energetics, a new commercial division aimed at selling solid rocket motors to address market demand.
The firm has also secured a contract from the Defense Innovation Unit (DIU) to develop a sixth autonomous vehicle, described as a runway-independent strike aircraft for the Navy. Thornton noted that this new platform would be a very large aircraft with potential commercial applications. Regarding financial performance, Thornton stated that the company’s revenue mix is currently split 50/50 between government contracts and commercial sales, highlighting the dual focus of its business model.
