Mach Industries Triples Valuation to $1.8 Billion in Year
Mach Industries, a three-year-old defense tech startup, announced a $300 million Series C funding round at a $1.8 billion valuation on Monday, according to a TechCrunch report. The raise nearly quadruples the company’s valuation from $470 million in June 2025. The round was led by Infinite Capital and Ribbit Capital, with participation from existing investors including Bedrock Capital, Sequoia Capital, and Khosla Ventures. Founder and CEO Ethan Thornton, who dropped out of MIT at 19, said the company was oversubscribed at both $200 million and $300 million targets. The Huntington Beach, California-based startup now has five autonomous vehicles in development and recently won a Department of Defense contract for a sixth, undisclosed vehicle from the Defense Innovation Unit. Mach also acquired solid rocket motor startup Exquadrum for $50 million in cash and equity last month, beating out more than eight other buyers. The company has grown from about a dozen employees to roughly 350 and operates a 115,000-square-foot manufacturing facility.
What’s reported
Mach Industries raised $300 million in Series C at a $1.8 billion valuation, announced June 1, 2026.
The valuation was $470 million in June 2025, a nearly 4x increase in one year.
Funding round led by Infinite Capital and Ribbit Capital; other investors include Bedrock Capital, Sequoia Capital, and Khosla Ventures.
Founder and CEO Ethan Thornton, now 22, dropped out of MIT at 19 to start the company in 2023.
Mach has five autonomous vehicles in development: Viper, Glide, Stratos, Dart, and Pike.
Production on at least three systems is expected to begin next year.
Mach won a Department of Defense contract via the Defense Innovation Unit for a sixth vehicle, a “runway-independent strike aircraft,” never publicly discussed before.
Mach acquired solid rocket motor startup Exquadrum last month for $50 million cash-and-equity, beating over eight other buyers.
The company grew from about a dozen employees to roughly 350; has a 115,000-square-foot facility in Huntington Beach.
Thornton stated the company will bring on four new production facilities by end of 2026.
Mach launched a new commercial business, Mach Energetics, to sell rocket motors; revenue mix is 50/50 government and commercial.
Thornton claimed the company built a jet engine from no team to firing in about eight months, compared to the traditional four years.
Open questions
Specific details of the sixth vehicle and the Department of Defense contract terms.
Exact revenue figures, which Thornton declined to share.
Timeline for production of the five autonomous vehicles beyond “next year.”
Names of the eight other potential buyers for Exquadrum.
Key figures
Ethan Thornton: Founder and CEO of Mach Industries.
Bedrock Capital, Sequoia Capital, Khosla Ventures: Existing investors.
Infinite Capital, Ribbit Capital: Lead investors in Series C.
Exquadrum: Acquired solid rocket motor startup.
Sources: TechCrunch
