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Venture investors have poured about $12bn into defence technology this year, already exceeding total funding in 2025. Rapidly rising valuations are accelerating dealmaking while raising concerns that parts of the sector are entering a hype cycle.
2:00 PMFinancial TimesSummary
Venture investors have poured about $12bn into defence technology this year, already exceeding total funding in 2025. Rapidly rising valuations are accelerating dealmaking while raising concerns that parts of the sector are entering a hype cycle.
Why it matters
If valuations outrun real procurement and deployment, defence tech will see fast consolidation and painful down-rounds that reshape who supplies critical military capability.
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