Investing in defence, deal by deal.
For venture, growth and private equity investors and corporate development teams: who is raising, who is buying and the terms in the merger agreements.
Randeep Bubbra | Lawyer | Making defence financeable
The register holds 172 defence investments and M&A deals since 2015: 97 equity rounds and listings and 75 M&A, stake and joint venture deals, with the filed M&A terms for nine US deals.
Where to start
Latest equity rounds and listings
| Date | Deal | Type | Value |
|---|---|---|---|
| 19 Aug 2026 | Castelion Series C | Venture round | US$1bn |
| 15 Jul 2026 | Istari Digital equity raise of US$23m | Venture round | US$22.6m |
| 2 Jul 2026 | Quantum Systems Series D | Venture round | US$1.2bn |
| 28 May 2026 | Karman Space & Defense US$854m secondary offering | Equity raise | US$854m |
| 14 May 2026 | Red Cat Holdings US$225m share offering | Equity raise | US$225m |
| May 2026 | Anduril US$5bn Series H | Venture round | US$5bn |
| 24 Apr 2026 | Picogrid equity raise of US$45m | Venture round | US$45m |
| 27 Mar 2026 | Saronic Technologies equity raise of US$1,024m | Venture round | US$1.02bn |
Questions investors ask
Where do the M&A terms come from?
From the merger agreements filed on SEC EDGAR, quoted and linked, and checked against the filed document.
Does foreign investment screening apply to minority stakes?
It can. The CFIUS rules, the UK National Security and Investment Act and EU member state regimes can catch minority investments with board or information rights in defence businesses; see the screening guide.
How current is the register?
Each record links to the document it comes from and shows its date, and the updates and corrections page lists every change to the register.
Working on one of these deals? Book 20 minutes with Randeep to see how your terms compare with the market. General information, not legal advice.