Mach Industries Clinches $1.8 Billion Valuation as the Pentagon Focuses on ‘Drone Dominance’

Mach Industries CEO Ethan Thornton has big visions on how to scale his defense tech company. He’s just getting started.

BY MELISSA ANGELL, SENIOR STAFF WRITER @MELISSKAWRITES

Photo: Mach Industries

Mach Industries is the latest defense tech darling to solidify its status as a unicorn after closing its latest fundraise. Mach announced that it raised $300 million in its Series C, sharing that its total valuation now clocks in at $1.8 billion. Venture capital firms Infinite Capital and Ribbit Capital led the funding round, joining a fleet of other investors that include Khosla Ventures and Sequoia Capital.

Propped up in 2023, Mach’s initial focus was manufacturing hydrogen-powered weapons. But in a few short years, it broadened its work to include, among........

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