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- Mach Industries
Mach Industries Valuation, Funding & Investors
Mach Industries is valued at $3.7B as of September 2026.
Last Mach Industries valuation
$3.7B
Series C · Sep 2026
Last Mach Industries funding round
$600M
Series C · Sep 2026
Cumulative funding Mach Industries raised
$1.1B
across 5 funding rounds
Key investors in Mach Industries
Sequoia Capital
Bedrock
Khosla Ventures
Ribbit Capital
Infinite Capital
Marque Ventures
About Mach Industries
Mach Industries is a Huntington Beach-based manufacturer of defense systems including unmanned aerial vehicles, missiles, and propulsion components. The Forge platform supports decentralized production of drone parts such as sensors, engines, and communications across flexible factories. It produces the Viper vertical-takeoff cruise missile with 290 km range, 10 kg warhead, and AI navigation for GPS-denied operations. In 2024, Mach secured a US Army contract for the Strategic Strike missile, completing design and tests by January 2025, and partners with Heven Drones on hydrogen-powered UAVs.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2G
Revenue model
Product sales
Valuation
$3.7B (Sep 2026)
Mach Industries Valuation
Mach Industries is currently valued at $3.7B, based on its Series C in September 2026.
The $600M round included Infinite Capital, Ribbit Capital, Bedrock and Sequoia Capital.
Mach Industries' valuation has grown 11x from $335M at its seed round in June 2023 to $3.7B in September 2026, across 5 priced rounds.
Mach Industries valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2026 | Series C | $3.7B |
| May 2026 | Series C | $1.8B |
| Jun 2025 | Series B | $470M |
| Oct 2023 | Series A | $335M |
| Jun 2023 | Seed | $335M |
Mach Industries Funding History
Mach Industries has raised a total of $1.1B across 5 funding rounds.
Mach Industries' first fundraising round was a $6M seed round in June 2023. The most recent completed round was a $600M Series C in September 2026.
Mach Industries funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series C | Infinite Capital; Ribbit Capital; Bedrock; Sequoia Capital | $600M | $3.7B | Defense tech startup Mach Industries announced a $600 million Series C extension round, doubling its valuation to $3.7 billion. The company is dedicating the capital to scaling its physical manufacturing base and expanding its portfolio of unmanned hardware and propulsion systems. |
| May 2026 | Series C | Infinite Capital (lead); Ribbit Capital (lead); Khosla Ventures; Bedrock; Sequoia Capital | $300M | $1.8B | Mach Industries raised USD 300 million in Series C funding in June 2026, valuing the company at USD 1.8 billion. The round was co-led by Infinite Capital and Ribbit Capital, with longstanding backing from Bedrock Capital, Sequoia Capital, and Khosla Ventures. The company also previously raised USD 100 million in Series B funding in June 2025 led by Khosla Ventures and Bedrock Capital, at a USD 470 million post-money valuation. The financing is intended to support Mach Industries’ expansion as a defense manufacturer building advanced unmanned systems. Prior company materials tied earlier funding to scaling its manufacturing platform, propulsion engine division, and deployment of systems including Viper, Glide, and Stratos. In May 2026, Mach also completed its acquisition of Exquadrum, indicating continued strategic expansion alongside fundraising. Mach Industries is a Huntington Beach, California-based defense technology company founded by Ethan Thornton and focused on uncrewed defense systems and related manufacturing capabilities. Public reporting describes the company as a three-year-old defense tech startup and notes that the founder is 22 years old. The company’s stated operational footprint includes its flagship manufacturing platform in Huntington Beach and propulsion-related development work, but no revenue or EBITDA figures were disclosed. |
| Jun 2025 | Series B | Bedrock (lead); Khosla Ventures (lead); Sequoia Capital | $100M | $470M | Mach Industries is a defense tech startup founded in 2023 by Ethan Thornton, specializing in advanced unmanned systems and scalable manufacturing infrastructure. Its flagship products include the Viper vertical takeoff and landing unmanned aerial vehicle, Glide high-altitude glider plane, and Stratos in-air satellite with sensors and communication capabilities. The company has pivoted from earlier hydrogen-powered projects to conventional strike drones and secured contracts like one with the Army Applications Laboratory for a vertical takeoff precision cruise missile called Strategic Strike. On June 17, 2025, Mach Industries closed a $100 million Series B funding round led by Khosla Ventures (Keith Rabois) and Bedrock Capital (Ben Kany, Geoff Lewis), with participation from existing investor Sequoia Capital. This brought total funding to $185 million, following a $79 million Series A in 2023 at $335 million post-money valuation and a $5.7 million seed led by Sequoia. The round valued the company at $470 million post-money, a modest increase representing $35 million additional value over 18 months. Proceeds will accelerate manufacturing expansion, including a 115,000-square-foot rapidly retoolable factory in Huntington Beach, California, optimized for unmanned aircraft components, partner hardware like Heven Drones' hydrogen-powered UAVs, and microturbines. A second hub under Mach Propulsion subsidiary plans to produce 12,000 jet engines annually. The funding supports product portfolio growth, including new propulsion engines, and deployment closer to customers for efficiency. Mach has faced challenges like a hydrogen gun explosion incident and scrutiny over Chinese components in testing, but maintains drones are not sold with them. Investors highlight its scrappy approach to delivering tactical unmanned capabilities faster and cheaper than traditional defense firms amid rising national security investments. |
| Oct 2023 | Series A | Bedrock (lead); Marque Ventures; DCVC | $79M | $335M | Mach Industries is a defense tech startup founded by teenage entrepreneur Ethan Thornton, based in Austin/Huntington Beach, specializing in hydrogen-powered platforms including unmanned aerial vehicles, hydrogen generation systems, drone-like miniature fighter jets like Viper, high-altitude gliders for munitions delivery, and a decentralized manufacturing network called Forge for rapid drone production to counter Chinese dominance. The company closed a $79 million Series A round in October 2023, led by Bedrock Capital with participation from DCVC, Marque Ventures, and others, achieving a post-money valuation of $335 million. This followed a $5.7 million seed round in June 2023 led by Sequoia Capital, its first defense tech investment. The Series A funds are intended to build defense hardware and scale manufacturing. Mach Industries has partnerships like with HevenDrones announced in March 2025 for co-developing critical components such as avionics, radios, fuel sources, and propulsion systems, with HevenDrones as the first customer for Mach Forge Huntington. The company had 105 employees as of early 2025 and operates from a 115,000-square-foot facility. Subsequent raises include a $100 million Series B in June 2025 co-led by Khosla Ventures and Bedrock at $470 million post-money valuation, plus earlier $14.2 million pre-seed and $30 million venture debt, bringing total capital to $185 million by February 2026. |
| Jun 2023 | Seed | Sequoia Capital (lead); Marque Ventures; Adam Guild; Champion Hill Ventures | $6M | $335M | - |
Who has invested in Mach Industries?
9 investors have backed Mach Industries across its funding rounds, including Sequoia Capital, Bedrock, Khosla Ventures, Ribbit Capital, Infinite Capital and Marque Ventures.
Lead investors include Infinite Capital, Ribbit Capital, Bedrock, Khosla Ventures and Sequoia Capital.
Mach Industries Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Oct 2023 | ||
| 4 | Lead | Jun 2023 | ||
| 2 | Participant | Jun 2023 | ||
| 2 | Lead | Jun 2025 | ||
| 2 | Lead | May 2026 | ||
| 2 | Lead | May 2026 | ||
| 1 | Participant | Oct 2023 | ||
This data is available for Pro users. Sign up to see all 9 Mach Industries investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Mach Industries
Mach Industries has acquired 1 company to date.
Last acquisition by Mach Industries was on May 18th 2026. Mach Industries acquired Exquadrum for $50M.
Latest Acquisitions by Mach Industries
| Description | Exquadrum is a business consulting services provider operating on a contract or fee basis. |
| HQ Country | |
| HQ City | Victorville, CA |
| Deal Date | 18 May 2026 |
| Valuation | $50M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mach Industries acquisitions and their M&A valuation multiples. Start Free Trial | |
Mach Industries Competitors
Mach Industries competitors include listed companies like QinetiQ and UBtech Robotics, and private ones like Neros Technologies, Allen Control Systems, True Anomaly and Vast.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.5B | - | ||
| Private | - | - | $2.2B | - | ||
| Private | - | - | $2.2B | - | ||
| Private | - | - | $1.9B | - | ||
| Publicly listed | $2.6B | $391M | $3.4B | 1.4x | ||
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x |
Mach Industries Public Comps
Mach Industries is still privately-owned, but its public comps include Avic Aviation High-Tech, Cochin Shipyard, AECC Aero-Engine Controls, Firefly Aerospace, Jiangxi Hongdu Aviation, Addsino Co., QinetiQ, OSI Systems, OHB and Infleqtion.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $747M | $212M | 4.5x | 4.6x | 15.9x | 16.3x | |||
| $498M | $110M | 7.6x | 6.8x | 34.7x | 39.6x | |||
| $771M | $150M | 4.3x | 4.2x | 22.4x | - | |||
| $160M | ($309M) | 19.1x | 8.5x | (9.9x) | (11.7x) | |||
| $1.1B | $22M | 2.9x | 2.6x | 149.3x | - | |||
| $373M | ($167M) | 9.4x | - | (20.9x) | - | |||
| $2.6B | $391M | 1.4x | 1.4x | 9.3x | 7.9x | |||
| $1.8B | $262M | 2.1x | 2.1x | 14.7x | 12.5x | |||
This data is available for Pro users. Sign up to see all Mach Industries competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Mach Industries
| When was Mach Industries founded? | Mach Industries was founded in 2023. |
| Where is Mach Industries headquartered? | Mach Industries is headquartered in Los Angeles, CA, United States. |
| Is Mach Industries publicly listed? | No, Mach Industries is a private, VC-backed company. |
| What is Mach Industries' valuation? | Mach Industries was last valued at $3.7B in its Series C in September 2026. |
| How much funding has Mach Industries raised? | Mach Industries has raised $1.1B across 5 funding rounds. |
| What was Mach Industries' last funding round? | Mach Industries' last funding round was a $600M Series C in September 2026. |
| Who are Mach Industries' investors? | Mach Industries' investors include Bedrock, Sequoia Capital, Marque Ventures, Khosla Ventures, Infinite Capital, Ribbit Capital, DCVC, Adam Guild and Champion Hill Ventures. |
| Which companies are comparable to Mach Industries? | Companies comparable to Mach Industries include Neros Technologies, Allen Control Systems, True Anomaly, Vast, QinetiQ and UBtech Robotics. |
| How many companies has Mach Industries acquired? | Mach Industries has acquired 1 company, including Exquadrum. |
| What was the largest acquisition by Mach Industries? | The $50M acquisition of Exquadrum in May 2026 is the largest acquisition Mach Industries has made to date. |
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