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Shield AI Revenue, Valuation, Funding & Investors
Shield AI is valued at $13B as of March 2026, a 23.5x multiple on its last reported $540M revenue.
Last Shield AI valuation
$13B
Series G · Mar 2026
Last Shield AI funding round
$2B
Series G · Mar 2026
Shield AI revenue
$540M
Series G · Mar 2026
Key investors in Shield AI
Andreessen Horowitz
Homebrew
Breyer Capital
Riot Ventures
Disruptive
Point72 Ventures
About Shield AI
Shield AI is a San Diego-headquartered defense technology company that develops autonomous systems including V-BAT vertical takeoff aircraft, X-BAT unmanned systems, Hivemind Enterprise autonomy software, and Hivemind Vision sensors. Founded in 2015, Shield AI maintains nine offices across the U.S., Europe, the Middle East, and Asia-Pacific, supporting military operations with AI-driven drones and swarm intelligence.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2G
Revenue model
Product sales
Revenue
$540M (Mar 2026)
Valuation
$13B (Mar 2026)
Shield AI Valuation
Shield AI is currently valued at $13B, based on its Series G in March 2026.
The $2B round was led by Advent International and JPMorgan Chase, with participation from Snowpoint Ventures, Riot Ventures, Disruptive, Blackstone, Apandion and 1 other investor.
Shield AI's valuation has grown 10x from $1.3B at its Series D in August 2021 to $13B in March 2026, across 6 priced rounds.
Shield AI valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2026 | Series G | $13B | 23.5x |
| Mar 2025 | Series F | $5.3B | 19.9x |
| Oct 2023 | Series F | $2.7B | 10.1x |
| Dec 2022 | Series E | $2.3B | 8.6x |
| Jun 2022 | Series E | $2.3B | - |
| Aug 2021 | Series D | $1.3B | 4.7x |
Shield AI Revenue
Shield AI's latest recorded revenue is $540M, as of its Series G in March 2026. At a $13B valuation, that implies a 23.5x revenue multiple.
Revenue grew from $267M in August 2021 to $540M in March 2026, while the revenue multiple moved from 4.7x to 23.5x.
Shield AI revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Mar 2026 | $540M | $13B | 23.5x | Series G |
| Mar 2025 | $267M | $5.3B | 19.9x | Series F |
| Oct 2023 | $267M | $2.7B | 10.1x | Series F |
| Dec 2022 | $267M | $2.3B | 8.6x | Series E |
| Aug 2021 | $267M | $1.3B | 4.7x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Shield AI Funding History
Shield AI has raised a total of $3B across 12 funding rounds.
Shield AI's first fundraising round was a $600K angel round in October 2015. The most recent completed round was a $2B Series G in March 2026.
Shield AI funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2026 | Series G | Advent International (lead); JPMorgan Chase (lead); Snowpoint Ventures; Riot Ventures; Disruptive; Blackstone; Apandion; InnovationX | $2B | $13B | - |
| Mar 2025 | Series F | Hanwha Aerospace (lead); L3Harris (lead); Junipero Capital; Washington Harbour Partners; Cacti; US Innovative Technology Fund; Aadesh Gindodiya; Andreessen Horowitz; K2 Global | $240M | $5.3B | Shield AI, a San Diego-based deep-tech company founded in 2015, develops state-of-the-art autonomy software and defense aircraft, including its flagship Hivemind Enterprise platform for building, testing, and deploying intelligent autonomous systems in GPS- and communications-denied environments. The software has enabled autonomous flight of F-16s, MQ-20s, MQM-178s, operation of V-BAT unmanned aircraft, and quadcopters for U.S. and Israeli forces. In March 2025, Shield AI closed a $240 million F-1 strategic funding round at a $5.3 billion post-money valuation, led by strategic investors Hanwha Aerospace and L3Harris Technologies, with participation from existing backers like Andreessen Horowitz, U.S. Innovative Technology Fund, and Washington Harbour Partners. The new capital is earmarked to scale Hivemind Enterprise's deployment to OEMs, governments, and companies, broadening the robotics and drone industrial base's access to autonomy products. This aligns with Hanwha Aerospace's push into unmanned military aircraft, potentially integrating Shield AI's software into its platforms, and L3Harris's Trusted Disruptor strategy for accelerating AI-enabled defense solutions. Shield AI positions itself as a leader in resilient autonomy for high-threat scenarios, now ranking as one of the largest U.S. defense tech startups by valuation, second only to Anduril. The round, announced around March 6-7, 2025, comes amid surging investor interest in defense tech unicorns focused on AI, autonomy, and unmanned systems, following similar large raises by peers like Epirus ($250M Series D) and Saronic ($600M Series D at ~$4B valuation). |
| Oct 2023 | Series F | Riot Ventures (lead); US Innovative Technology Fund (lead); Snowpoint Ventures; Sahin Boydas; Disruptive; Other People's Capital; ARK Investment Management; Karman Ventures; WP Global Partners | $300M | $2.7B | Shield AI is a San Diego-based defense technology company founded in 2015 by Andrew Reiter, Brandon Tseng, and Ryan Tseng. The company develops Hivemind, an AI pilot software platform that enables teams of intelligent aircraft to operate autonomously in high-threat environments without remote operators, command inputs, or GPS access. The technology approach mirrors self-driving car development, with an aircraft-agnostic software stack applicable across diverse aerospace platforms. On October 31, 2023, Shield AI announced a $200 million Series F funding round at a $2.7 billion post-money valuation, led by U.S. Innovative Technology Fund (USIT) and co-led by Riot Ventures. Additional investors included ARK Invest (Cathie Wood's fund), Disruptive, and returning investors Snowpoint. The funding was oversubscribed and brought total capital raised to support scaling and deployment of Shield AI's V-BAT Teams product domestically and internationally, while accelerating technology integration with third-party uncrewed platforms. Shield AI has accumulated more autonomous flight hours executing fighter jet maneuvers, including dogfighting, than any other company globally. The company's AI is trainable and adaptable to multiple missions, having successfully flown teams of quadcopters, V-BATs, and modern fighter jets. Management positioned the technology as critical infrastructure for national security and deterrence, with CEO Ryan Tseng framing AI pilots as a software-defined strategic deterrent comparable in importance to aircraft carriers and guided missile submarines. The Series F round was later expanded in December 2023 with an additional $300 million comprising $100 million in new equity and $200 million in venture debt from Hercules Capital, raising the total Series F to $500 million and the company valuation to $2.8 billion. In 2025, Shield AI raised a further $240 million Series F-1 round at a $5.3 billion valuation from strategic investors Hanwha Aerospace and L3 Harris Technologies, alongside existing backers including Andreessen Horowitz and USIT. |
| Dec 2022 | Series E | US Innovative Technology Fund (lead); Chaos Ventures | $60M | $2.3B | Shield AI develops platforms and planes for autonomous flying systems targeting the U.S. military and its allies. Shield AI operates in the defense technology sector, focusing on AI-driven autonomy for aircraft to enhance air superiority. On December 13, 2022, the company raised an additional $60 million as part of its Series E round, bringing the total for that round to $225 million following a prior $165 million tranche announced in June. This extension was funded solely by the US Innovative Technology Fund and valued Shield AI at $2.3 billion, the same as the earlier part of the round. The funding supports continued development of Shield AI's military autonomous flying technology amid a challenging fundraising environment where investors tightened purse strings. This Series E extension reflects ongoing investor confidence despite market pressures on tech startups to demonstrate growth and profitability. Previous investors include Snowpoint Ventures, Riot Ventures, Disruptive, Homebrew, Point72 Ventures, Andreessen Horowitz, Breyer Capital, and SVB Capital. The company closed this extra funding shortly after the prior announcement but delayed public disclosure. |
| Jun 2022 | Series E | Snowpoint Ventures (lead); Breyer Capital; SVB Capital; Point72 Ventures; Riot Ventures; Disruptive; Andreessen Horowitz; Homebrew | $90M | $2.3B | Shield AI is a San Diego-based defense technology company founded in 2015, specializing in AI-powered autonomy software like Hivemind for aircraft and drones, as well as hardware such as V-BAT tactical drones, aimed at enabling autonomous operations for military applications to protect service members and civilians. The company develops products including Hivemind Enterprise, V-BAT Teams for multi-drone control by a single operator, and integrations with third-party platforms, supporting U.S. Department of Defense and allied operations worldwide with offices in multiple locations. In June 2022, Shield AI raised $90 million in its Series E funding round led by Snowpoint Ventures, with participation from investors including Andreessen Horowitz, Breyer Capital, Disruptive, Homebrew, Point72 Ventures, Riot Ventures, and SVB Capital, increasing the company's post-money valuation to $2.3 billion. This round focused on enhancing technological capabilities and scaling production of its autonomous systems. The Series E valued Shield AI at $2.3 billion, positioning it among high-growth defense tech startups, ahead of its later Series F in October 2023 which raised $200 million at a $2.7-2.8 billion valuation led by U.S. Innovative Technology Fund and Riot Ventures with returning investors like Disruptive and Snowpoint. Subsequent rounds included a $240 million raise in March 2025 at $5.3 billion valuation with strategic investors L3Harris and Hanwha. Shield AI's traction includes deploying products in active operations, launching V-BAT Teams for autonomous mission execution, and expanding Hivemind for edge computing in disconnected environments, competing in a sector with long procurement cycles but boosted by investor optimism in AI defense tech alongside peers like Anduril. |
| Aug 2021 | Series D | Disruptive (lead); Breyer Capital; Point72 Ventures; Andreessen Horowitz | $210M | $1.3B | Shield AI, a San Diego-based defense technology company, develops AI and autonomy software for aircraft, including its Hivemind platform integrated into products like Nova quadcopters and V-BAT UAS. The company focuses on enabling autonomous operations in GPS- and comms-denied environments for military applications, positioning itself as a software-first defense prime. In August 2021, Shield AI raised $210M in equity as the initial close of its Series D round, led by Disruptive with participation from Point72 Ventures, and prior investors including Andreessen Horowitz and Breyer Capital. The announcement stated the round increased valuation past the $1B mark, with EquityBee specifying a $1.04B post-money valuation. Management projected additional $75M debt and $15M equity to reach $300M total Series D proceeds to fuel growth, including integration of recent acquisitions Heron Systems and Martin UAV. The funding supported accelerated development of AI capabilities for autonomous piloting of military aircraft across defense and commercial sectors. Shield AI's leadership, including CEO Ryan Tseng and CTO Nate Michael, emphasized scaling AI operations to redefine possibilities in defense tech, shifting from academia-driven innovation to proprietary solutions. This Series D built on prior rounds, with Point72 Ventures having led Series C, reflecting strong backing from top-tier VCs. Post-Series D, Shield AI continued aggressive fundraising and growth, achieving higher valuations in subsequent rounds like Series E at around $2.2B and later Series F at $2.7B and beyond $5B by 2025. The company secured U.S. Air Force contracts worth $7.2M in 2021 and $60M in 2022, alongside total equity funding exceeding $1B. |
| Feb 2021 | Series C | Point72 Ventures (lead) | $70M | - | Shield AI, a San Diego-based defense technology company founded in 2015, develops self-driving software called Hivemind for unmanned systems, enabling operations without GPS or communications, as demonstrated in combat since 2018 on its Nova-class small UAS. On February 23, 2021, the company announced a Series C funding round totaling $90 million through equity and debt, led by Point72 Ventures, to scale and integrate Hivemind into additional defense platforms. Some sources report the equity portion as $70 million in February 2021 with Point72 Ventures as lead, aimed at enhancing AI capabilities and operations. Point72 Ventures, the venture arm of Point72 asset management, highlighted Shield AI's world-class AI team and veteran leadership for national security applications in contested environments. The funding supported acceleration of AI delivery to conflict zones amid Great Power Competition concerns over GPS and comms vulnerabilities. Shield AI has continued raising capital post-Series C, including multiple Series E rounds in 2022 and debt financing, culminating in over $1.4B total raised by 2023 at a $5.3B current valuation. The company positions Hivemind as an AI pilot for air superiority, with applications in defense and potential commercial sectors, recently acquiring Heron Systems and Martin UAV to bolster autonomy tech. |
| Aug 2019 | Series B | SVB Capital (lead); Breyer Capital; Riot Ventures; Andreessen Horowitz; Homebrew | $25M | - | - |
| Dec 2018 | Series A | Breyer Capital (lead); Andreessen Horowitz; Homebrew | $10M | - | Shield AI raised $10 million in a Series A funding round on December 20, 2018. Breyer Capital participated as lead investor alongside Andreessen Horowitz and Homebrew. The company develops AI-powered autonomous drones and software for defense operations, including the Hivemind AI system for GPS-denied environments. |
| Apr 2017 | Series A | Andreessen Horowitz (lead); Bloomberg Beta; Homebrew; Founder Collective | $11M | - | Shield AI raised $10.5 million in a Series A funding round on April 4, 2017, led by Andreessen Horowitz, with participation from Homebrew, Bloomberg Beta, and Founder Collective. Peter Levine from Andreessen Horowitz joined the board. The San Diego-based startup develops artificially intelligent drones to detect people and threats inside buildings without remote pilots, aiming to protect service members and civilians on the battlefield. The funding supports accelerated development and deployment of these AI products. |
| May 2016 | Seed | Bloomberg Beta; Homebrew; Founder Collective | $2M | - | - |
| Oct 2015 | Angel | Dorm Room Fund | $600K | - | - |
Who has invested in Shield AI?
30 investors have backed Shield AI across its funding rounds, including Andreessen Horowitz, Homebrew, Breyer Capital, Riot Ventures, Disruptive and Point72 Ventures.
Lead investors include Advent International, JPMorgan Chase, Hanwha Aerospace, L3Harris, Riot Ventures and 7 other investors.
Shield AI Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Apr 2017 | ||
| 5 | Participant | May 2016 | ||
| 4 | Lead | Dec 2018 | ||
| 4 | Lead | Aug 2019 | ||
| 4 | Lead | Aug 2021 | ||
| 3 | Lead | Jun 2022 | ||
| 3 | Lead | Feb 2021 | ||
| 3 | Lead | Dec 2022 | ||
| 2 | Lead | Aug 2019 | ||
| 2 | Participant | May 2016 | ||
| 2 | Participant | May 2016 | ||
| 1 | Participant | Oct 2023 | ||
| 1 | Participant | Mar 2026 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Shield AI
Shield AI has acquired 4 companies to date.
Last acquisition by Shield AI was on March 25th 2026. Shield AI acquired Aechelon Technology Inc for undisclosed valuation.
Latest Acquisitions by Shield AI
| Description | Aechelon Technology Inc. is a provider of visual simulation image generators, geospecific databases, 3D models, and integration services for U.S. government and prime contractors. Based in Orlando, Florida, the company has delivered systems since 1998 for platforms including P-8A Poseidon, F-35 Joint Strike Fighter, MV-22 Osprey, and MH-60R Seahawk to the U.S. Marine Corps, Navy, Air Force, Army, Special Operations Command, and Coast Guard. Aechelon supports multi-sensor simulations like ATFLIR pods and NVG mission rehearsal trainers for MAWTS-1 and NITE Labs worldwide, maintaining perfect past performance evaluations across all programs. | Sentient Vision Systems is a Melbourne-based developer of computer vision technology for defense and civil applications. The company specializes in automated target detection and tracking software for electro-optical and infrared full-motion video from manned and unmanned platforms. Solutions enhance intelligence, surveillance, and reconnaissance missions by identifying moving objects in real-time. Sentient's ViDAR technology supports maritime patrol, border security, and search-and-rescue operations for military forces in Australia, the United States, and allied nations. | MartinUAV is a Virginia-based designer of unmanned aerial vehicles for military and defense applications. The company produces the V-BAT VTOL drone, capable of vertical takeoff, horizontal flight at 100 knots, and endurance exceeding 10 hours. Headquartered near Washington D.C., MartinUAV supplies systems to the U.S. Navy and Marine Corps through contracts valued at tens of millions. Founded in 2006, it emphasizes low-logistics Group 2 UAS with maritime surveillance and ISR payloads. | Heron Systems is an Austin-headquartered defense tech firm applying AI to autonomous systems and mission-critical software for US military branches. It delivers edge computing solutions for drones and radar processing, securing contracts with Air Force and Navy for real-time threat detection algorithms. |
| HQ Country | ||||
| HQ City | San Francisco, CA | Melbourne | Dallas, TX | California City, CA |
| Deal Date | 25 Mar 2026 | 4 Apr 2024 | 28 Jul 2021 | 22 Jul 2021 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Shield AI acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Shield AI Competitors
Shield AI competitors include listed companies like UBtech Robotics and Infleqtion, and private ones like Saronic, Quantum Systems, Mach Industries and Neros Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $200M | - | $9.3B | 46.3x | ||
| Private | $330M | - | $8B | 24.2x | ||
| Private | - | - | $3.7B | - | ||
| Private | - | - | $2.5B | - | ||
| Publicly listed | $298M | ($108M) | $5.1B | 9.5x | ||
| Publicly listed | $29M | ($52M) | $3.1B | 64.5x |
Shield AI Public Comps
Shield AI is still privately-owned, but its public comps include Indra Sistemas, Aurora Innovation, Embraer, BWX Technologies, Moog, LIG Defense&Aerospace, Huntington Ingalls Industries, Hanwha Systems, Hensoldt and Cognex.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6.3B | $695M | 2.0x | 1.6x | 17.7x | 12.1x | |||
| $3M | ($786M) | 3957.3x | 1040.1x | (15.1x) | (15.5x) | |||
| $7.6B | $604M | 1.8x | 1.7x | 23.2x | 13.4x | |||
| $3.2B | $548M | 4.6x | 4.1x | 27.1x | 23.3x | |||
| $3.9B | $488M | 3.1x | 2.8x | 24.8x | 18.5x | |||
| $3.1B | $299M | 4.0x | 3.6x | 41.9x | 30.6x | |||
| $12B | $1.2B | 1.1x | 1.1x | 11.4x | 13.1x | |||
| $2.7B | $233M | 4.4x | 3.9x | 50.8x | 39.3x | |||
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Common questions about Shield AI
| When was Shield AI founded? | Shield AI was founded in 2015. |
| Where is Shield AI headquartered? | Shield AI is headquartered in San Diego, CA, United States. |
| Is Shield AI publicly listed? | No, Shield AI is a private, VC-backed company. |
| What is Shield AI's valuation? | Shield AI was last valued at $13B in its Series G in March 2026. |
| How much funding has Shield AI raised? | Shield AI has raised $3B across 12 funding rounds. |
| What was Shield AI's last funding round? | Shield AI's last funding round was a $2B Series G in March 2026, led by Advent International and JPMorgan Chase. |
| Who are Shield AI's investors? | Shield AI's investors include Andreessen Horowitz, Homebrew, Breyer Capital, Riot Ventures, Disruptive, Snowpoint Ventures, Point72 Ventures, US Innovative Technology Fund, SVB Capital, Bloomberg Beta and 20 others. |
| What is Shield AI's revenue? | Shield AI's latest recorded revenue is $540M (March 2026). |
| What is Shield AI's revenue multiple? | Shield AI's latest valuation implies a 23.5x revenue multiple ($13B valuation on $540M of revenue). |
| Which companies are comparable to Shield AI? | Companies comparable to Shield AI include Saronic, Quantum Systems, Mach Industries, Neros Technologies, UBtech Robotics and Infleqtion. |
| How many companies has Shield AI acquired? | Shield AI has acquired 4 companies, including Aechelon Technology Inc, Sentient Vision Systems, MartinUAV and Heron Systems. |
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