The defence-tech boom has a new marker. Hadrian builds automated factories for the Pentagon and its contractors. Founded in 2021, it has announced a $1.37bn Series D that values it at $7.87bn. In January the same company was worth $1.6bn.
Bloomberg first flagged the talks in June, at a mooted $7.5bn, and reported the close.
What is striking is who wrote the cheques. JPMorgan’s Strategic Investment Group anchored the round, alongside Baillie Gifford, T. Rowe Price accounts, Morgan Stanley Wealth Management and funds run by Apollo. These are mainstream institutions, not the niche defence funds that seeded the sector.
Founders Fund, Andreessen Horowitz and 1789 Capital, where Donald Trump Jr. is a partner, also joined.
Factories as software
