Mach Industries Hits $1.8B Valuation in $300M Series C, Quadrupling in a Year

Defense-tech startup Mach Industries raised $300 million in a Series C round led by Infinite Capital and Ribbit Capital, reaching a $1.8 billion valuation on June 1, 2026. The round quadruples the company's valuation from a $470 million Series B in June 2025 and brings total funding to roughly $485 million. The 22-year-old CEO Ethan Thornton, who dropped out of MIT to found the company in 2023, said the round was oversubscribed at both $200 million and $300 million. Mach develops autonomous weapons systems and has five vehicles in development, with production expected for at least three in 2027. It also won a Defense Innovation Unit contract this week to build a runway-independent strike aircraft for the Navy. The company has expanded to about 350 employees and recently acquired solid rocket motor startup Exquadrum for $50 million, securing in-house propulsion as demand outstrips supply from legacy contractors. Mach now sells rocket motors commercially through Mach Energetics, with a 50/50 government-to-commercial revenue mix.