InfraDefence investments and M&A

172 acquisitions, mergers, stake sales, joint ventures, listings and equity rounds since 2015. Kept apart from the financings register, so debt totals are never mixed with equity or deal values.

Equity and M&A

Who is buying and backing the sector.

M&A, stakes and JVsVenture and growth roundsListed equity, IPOs and SPACs

172 deals; 162 disclose a value. Value counts only what is disclosed, so it understates the market.

Show the figures

Year	M&A, stakes and JVs	Venture and growth rounds	Listed equity, IPOs and SPACs
2015	4 · US$14.5bn	–	–
2016	3 · US$6.2bn	–	1 · US$87m
2017	1 · US$789m	2 · US$22m	1 · US$198m
2018	6 · US$20.0bn	3 · US$54m	2 · US$1.3bn
2019	3 · US$6.5bn	3 · US$65m	2 · US$877m
2020	8 · US$10.4bn	4 · US$144m	2 · US$373m
2021	8 · US$22.6bn	5 · US$631m	3 · US$466m
2022	6 · US$16.6bn	9 · US$2.2bn	–
2023	6 · US$16.6bn	5 · US$711m	1 · US$261m
2024	11 · US$15.0bn	14 · US$2.6bn	2 · US$919m
2025	13 · US$10.5bn	15 · US$5.4bn	9 · US$4.9bn
2026	6 · US$5.8bn	8 · US$10.3bn	6 · US$8.3bn

Deal mix

What kind of deals?

172deals

M&A, stakes and JVs7544%

Venture and growth rounds6840%

Listed equity, IPOs and SPACs2917%

Value counts only disclosed prices and round sizes, converted to US$ at approximate annual average rates.

Show the figures

Deal type	Deals	Disclosed value (US$)
M&A, stakes and JVs	75	US$145.6bn
Venture and growth rounds	68	US$22.2bn
Listed equity, IPOs and SPACs	29	US$17.6bn

Serial buyers

Who keeps buying.

deals on file

TransDigm Group9

Science Applications International Corp (SAIC)4

Lockheed Martin3

Teledyne Technologies3

Leidos3

CACI International3

Rheinmetall3

Advent International2

Veritas Capital (Peraton)2

L3Harris Technologies2

Buyers and named investors on two or more deals in the register. Disclosed value is the full deal value where the price is public.

Show the figures

Buyer or investor	Deals	Disclosed value (US$)
TransDigm Group	9	US$11.0bn
Science Applications International Corp (SAIC)	4	US$4.7bn
Lockheed Martin	3	US$13.8bn
Teledyne Technologies	3	US$9.7bn
Leidos	3	US$7.2bn
CACI International	3	US$4.4bn
Rheinmetall	3	US$2.2bn
Advent International	2	US$11.5bn
Veritas Capital (Peraton)	2	US$10.5bn
L3Harris Technologies	2	US$6.7bn

The market in charts

Date	Deal	Type	Value
24 Aug 2026	Booz Allen acquisition of Ultra I&C Mission Solutions	M&A	US$720m
19 Aug 2026	Castelion Series C	Venture round	US$1bn
28 Jul 2026	Leonardo DRS acquisition of Raft	M&A Announced	US$450m
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
26 Mar 2026	Shield AI Series G and Blackstone preferred equity	Venture round	US$2bn
18 Mar 2026	Leonardo acquisition of Iveco Defence Vehicles	M&A	€1.6bn
9 Mar 2026	CACI acquisition of ARKA Group	M&A	US$2.6bn
1 Mar 2026	Rheinmetall acquisition of NVL (Naval Vessels Lürssen)	M&A	Not disclosed
26 Feb 2026	Kratos Defense & Security Solutions US$1.2bn share offering	Equity raise	US$1.2bn
20 Feb 2026	Firestorm Labs equity raise of US$35m	Venture round	US$35m
18 Feb 2026	Fincantieri c.€500m accelerated bookbuild capital increase	Equity raise	€499m
5 Feb 2026	Karman acquisition of Seemann Composites and Materials Sciences	M&A	US$220m
23 Jan 2026	Czechoslovak Group IPO on Euronext Amsterdam	IPO	€3.8bn
12 Jan 2026	Ondas Holdings US$1,000m share offering	Equity raise	US$1bn
31 Dec 2025	TransDigm acquisition of Stellant Systems	M&A Announced	US$960m
30 Dec 2025	Indra acquisition of 89.68% of Hispasat	M&A	€725m
19 Dec 2025	Hadrian Automation equity raise of US$131m	Venture round	US$131.3m
5 Dec 2025	Castelion Series B	Venture round	US$350m
24 Nov 2025	Overland AI equity raise of US$80m	Venture round	US$80m
10 Nov 2025	BigBear.ai acquisition of Ask Sage	M&A Announced	US$250m
7 Nov 2025	Kratos acquisition of Orbit Technologies	M&A Announced	US$356.3m
5 Nov 2025	Firefly Aerospace acquisition of SciTec	M&A	US$855m
23 Oct 2025	Airbus, Thales and Leonardo space business combination (Project Bromo)	JV / capital partnership Announced	Not disclosed
20 Oct 2025	TKMS spin-off and listing on the Frankfurt Stock Exchange	IPO	Not disclosed
7 Oct 2025	Ondas Holdings US$425m share offering	Equity raise	US$425m
6 Oct 2025	SAIC acquisition of SilverEdge Government Solutions	M&A Announced	US$205m
6 Oct 2025	TransDigm acquisition of Simmonds Precision Products	M&A	US$765m
19 Sep 2025	Red Cat Holdings US$150m share offering	Equity raise	US$150m
17 Sep 2025	Auterion equity raise of US$88m	Venture round	US$87.7m
29 Aug 2025	Hermeus equity raise of US$201m	Venture round	US$200.6m
21 Aug 2025	Stark Defence growth round	Venture round	US$62m
15 Aug 2025	Ondas Holdings US$173m share offering	Equity raise	US$173m
12 Aug 2025	Rocket Lab acquisition of Geost	M&A	US$275m
23 Jul 2025	Karman Space & Defense US$1,029m secondary offering	Equity raise	US$1.03bn
11 Jul 2025	Hanwha Aerospace KRW 2.9tn rights offering	Equity raise	KRW 2,918.76bn
27 Jun 2025	Hadrian Automation equity raise of US$110m	Venture round	US$110m
17 Jun 2025	Helsing €600m Series D	Venture round	€600m
13 Jun 2025	Redwire acquisition of Edge Autonomy	M&A	US$925m
11 Jun 2025	Ondas Holdings US$46m share offering	Equity raise	US$46m
6 Jun 2025	Firestorm Labs equity raise of US$10m	Venture round	US$10m
5 Jun 2025	Anduril Series G	Venture round	US$2.5bn
21 May 2025	Elbit Systems US$512m share offering	Equity raise	US$512m
12 May 2025	Mach Industries equity raise of US$102m	Venture round	US$102m
6 May 2025	Quantum Systems Series C	Venture round	€160m
1 May 2025	AeroVironment acquisition of BlueHalo	M&A	US$4.1bn
6 Mar 2025	Shield AI F-1 strategic round	Venture round	US$240m
13 Feb 2025	Karman Space & Defense US$506m IPO	IPO	US$506m
4 Feb 2025	Castelion Series A	Venture round	US$100m
4 Feb 2025	Saronic Series C	Venture round	US$600m
3 Feb 2025	Teledyne acquisition of Excelitas aerospace and defence electronics businesses	M&A	US$710m
14 Jan 2025	Fincantieri acquisition of Leonardo's underwater armaments business (WASS)	M&A	€287m
20 Dec 2024	Istari Digital equity raise of US$27m	Venture round	US$27.1m
29 Nov 2024	Rheinmetall acquisition of Loc Performance Products	M&A	US$950m
27 Nov 2024	Czechoslovak Group acquisition of The Kinetic Group	M&A	US$2.23bn
20 Nov 2024	Tekever growth round	Venture round	€70m
4 Nov 2024	Castelion equity raise of US$60m	Venture round	US$60m
30 Oct 2024	CACI acquisition of Azure Summit Technology	M&A	US$1.27bn
30 Oct 2024	Lockheed Martin acquisition of Terran Orbital	M&A	US$450m
18 Oct 2024	Overland AI equity raise of US$32m	Venture round	US$32.2m
30 Sep 2024	Firestorm Labs equity raise of US$20m	Venture round	US$20m
27 Sep 2024	Amentum combination with Jacobs Critical Mission Solutions	M&A	Not disclosed
5 Sep 2024	Second Front Systems equity raise of US$70m	Venture round	US$70m
3 Sep 2024	KBR acquisition of LinQuest	M&A	Not disclosed
29 Aug 2024	Hidden Level equity raise of US$66m	Venture round	US$66.5m
Aug 2024	Anduril US$1.5bn Series F	Venture round	US$1.5bn
31 Jul 2024	TransDigm acquisition of Raptor Scientific	M&A	US$655m
11 Jul 2024	Fincantieri €400m rights issue	Equity raise	€399m
11 Jul 2024	Helsing Series C	Venture round	€450m
28 Jun 2024	Saronic Technologies equity raise of US$176m	Venture round	US$175.5m
21 Jun 2024	Hermeus equity raise of US$40m	Venture round	US$40m
6 Jun 2024	TransDigm acquisition of CPI Electron Device Business	M&A	US$1.39bn
19 Apr 2024	Arcline acquisition of Kaman	M&A	US$1.8bn
2 Apr 2024	Hensoldt acquisition of ESG Elektroniksystem- und Logistik	M&A	€675m
20 Feb 2024	Hadrian Automation equity raise of US$12m	Venture round	US$11.5m
16 Feb 2024	BAE Systems acquisition of Ball Aerospace	M&A	US$5.5bn
12 Feb 2024	Hidden Level equity raise of US$43m	Venture round	US$42.6m
7 Feb 2024	Renk IPO by private placement (Frankfurt)	IPO	€450m
10 Jan 2024	Picogrid equity raise of US$12m	Venture round	US$12.3m
11 Dec 2023	Hadrian Automation equity raise of US$86m	Venture round	US$86.3m
7 Dec 2023	Hensoldt €241m accelerated bookbuild capital increase	Equity raise	€241m
22 Nov 2023	Second Front Systems equity raise of US$33m	Venture round	US$33.4m
19 Sep 2023	Mach Industries equity raise of US$84m	Venture round	US$84.1m
14 Sep 2023	Helsing Series B	Venture round	€209m
13 Sep 2023	Shield AI equity raise of US$281m	Venture round	US$281.3m
1 Aug 2023	Rheinmetall acquisition of Expal Systems	M&A	€1.2bn
28 Jul 2023	L3Harris acquisition of Aerojet Rocketdyne	M&A	US$4.7bn
23 May 2023	Hanwha acquisition of Daewoo Shipbuilding & Marine Engineering (Hanwha Ocean)	M&A	KRW 2,000bn
8 May 2023	TransDigm acquisition of Calspan	M&A	US$725m
3 May 2023	Advent International take-private of Maxar Technologies	M&A	US$6.4bn
3 Jan 2023	L3Harris acquisition of Viasat's Tactical Data Links business	M&A	US$1.96bn
Dec 2022	Anduril Series E	Venture round	US$1.48bn
28 Nov 2022	Leonardo DRS and RADA merger	M&A	Not disclosed
23 Nov 2022	QinetiQ acquisition of Avantus Federal	M&A	US$590m
23 Nov 2022	True Anomaly equity raise of US$16m	Venture round	US$16m
28 Oct 2022	Second Front Systems equity raise of US$19m	Venture round	US$19.1m
13 Sep 2022	Parker Hannifin acquisition of Meggitt	M&A	£6.3bn
1 Aug 2022	Advent (Cobham Ultra) acquisition of Ultra Electronics	M&A	£2.58bn
15 Jun 2022	Dedrone equity raise of US$30m	Venture round	US$30m
16 May 2022	Shield AI equity raise of US$73m	Venture round	US$73m
29 Mar 2022	Hadrian Automation equity raise of US$37m	Venture round	US$36.8m
8 Mar 2022	Skydio equity raise of US$227m	Venture round	US$226.9m
4 Mar 2022	Hermeus equity raise of US$120m	Venture round	US$119.6m
13 Feb 2022	Lockheed Martin acquisition of Aerojet Rocketdyne (terminated)	M&A Terminated	US$4.4bn
28 Jan 2022	Epirus equity raise of US$191m	Venture round	US$190.8m
3 Jan 2022	Leonardo acquisition of 25.1% of Hensoldt from KKR	Stake sale	€606m
23 Dec 2021	Hadrian Automation equity raise of US$36m	Venture round	US$36.4m
7 Dec 2021	Dedrone equity raise of US$30m	Venture round	US$30.5m
20 Aug 2021	HII acquisition of Alion Science and Technology	M&A	US$1.65bn
19 Jul 2021	Red Cat Holdings US$60m share offering	Equity raise	US$60m
7 Jul 2021	Parsons acquisition of BlackHorse Solutions	M&A	US$203m
14 Jun 2021	Booz Allen acquisition of Liberty IT Solutions	M&A	US$725m
11 Jun 2021	Ondas Holdings US$47m share offering	Equity raise	US$47.4m
4 Jun 2021	Hidden Level equity raise of US$17m	Venture round	US$17.3m
Jun 2021	Anduril Series D	Venture round	US$450m
14 May 2021	Teledyne acquisition of FLIR Systems	M&A	US$8.2bn
6 May 2021	Veritas Capital (Peraton) acquisition of Perspecta	M&A	US$7.1bn
22 Feb 2021	AeroVironment acquisition of Arcturus UAV	M&A	US$405m
12 Feb 2021	BigBear.ai US$359m share offering	Equity raise	US$358.8m
11 Feb 2021	Skydio equity raise of US$96m	Venture round	US$96.5m
1 Feb 2021	Veritas Capital (Peraton) acquisition of Northrop Grumman IT and mission support services	M&A	US$3.4bn
5 Jan 2021	TransDigm acquisition of Cobham Aero Connectivity	M&A	US$965m
30 Dec 2020	Mercury Systems acquisition of Physical Optics Corporation	M&A	US$310m
29 Dec 2020	Ursa Major Technologies equity raise of US$15m	Venture round	US$15m
4 Dec 2020	Ondas Holdings US$30m share offering	Equity raise	US$30m
19 Nov 2020	Parsons acquisition of Braxton Science & Technology	M&A	US$300m
27 Oct 2020	Shield AI equity raise of US$53m	Venture round	US$52.9m
26 Oct 2020	Hermeus equity raise of US$19m	Venture round	US$19.2m
5 Oct 2020	KBR acquisition of Centauri	M&A	US$827m
25 Sep 2020	Epirus equity raise of US$57m	Venture round	US$57.3m
25 Sep 2020	Hensoldt IPO on the Frankfurt Stock Exchange	IPO	€300m
4 May 2020	Leidos acquisition of L3Harris security detection businesses	M&A	US$1bn
3 Apr 2020	United Technologies and Raytheon merger (Raytheon Technologies)	M&A	Not disclosed
16 Mar 2020	SAIC acquisition of Unisys Federal	M&A	US$1.2bn
31 Jan 2020	Leidos acquisition of Dynetics	M&A	US$1.65bn
22 Jan 2020	Advent International acquisition of Cobham	M&A	£4bn
25 Oct 2019	Epirus equity raise of US$17m	Venture round	US$17.4m
13 Aug 2019	Shield AI equity raise of US$22m	Venture round	US$22.2m
29 Jun 2019	Harris and L3 Technologies merger (L3Harris)	M&A	Not disclosed
18 Jun 2019	Ursa Major Technologies equity raise of US$25m	Venture round	US$25.3m
23 May 2019	Mercury Systems US$414m share offering	Equity raise	US$414m
13 May 2019	Parsons US$463m share offering	Equity raise	US$462.9m
14 Mar 2019	TransDigm acquisition of Esterline Technologies	M&A	US$4bn
14 Jan 2019	SAIC acquisition of Engility	M&A	US$2.5bn
20 Dec 2018	Shield AI equity raise of US$10m	Venture round	US$10m
Dec 2018	Kongsberg NOK 5.0bn rights issue (Rolls-Royce Commercial Marine)	Equity raise	NOK 5bn
Dec 2018	Saab SEK 6.0bn rights issue	Equity raise	SEK 6.01bn
26 Nov 2018	United Technologies acquisition of Rockwell Collins	M&A	Not disclosed
25 Nov 2018	Elbit Systems acquisition of IMI Systems	M&A	US$495m
7 Sep 2018	Dedrone equity raise of US$27m	Venture round	US$27.4m
6 Jun 2018	Northrop Grumman acquisition of Orbital ATK	M&A	US$9.2bn
24 Apr 2018	TransDigm acquisition of Extant Aerospace	M&A	US$525m
3 Apr 2018	General Dynamics acquisition of CSRA	M&A	US$9.6bn
1 Feb 2018	Mercury Systems acquisition of Themis Computer	M&A	US$180m
29 Jan 2018	Fortem Technologies equity raise of US$16m	Venture round	US$16.4m
28 Mar 2017	Teledyne acquisition of e2v	M&A	US$789m
21 Mar 2017	Shield AI equity raise of US$10m	Venture round	US$10.5m
13 Feb 2017	Dedrone equity raise of US$12m	Venture round	US$11.7m
27 Jan 2017	Mercury Systems US$198m share offering	Equity raise	US$198m
16 Aug 2016	Leidos combination with Lockheed Martin IS&GS	M&A	US$4.6bn
23 Jun 2016	TransDigm acquisition of Data Device Corporation	M&A	US$1bn
8 Apr 2016	Mercury Systems US$87m share offering	Equity raise	US$86.6m
1 Feb 2016	CACI acquisition of L-3 National Security Solutions	M&A	US$550m
15 Dec 2015	KNDS formed by Nexter and Krauss-Maffei Wegmann	JV / capital partnership	Not disclosed
6 Nov 2015	Lockheed Martin acquisition of Sikorsky	M&A	US$9bn
29 May 2015	Harris acquisition of Exelis	M&A	US$4.75bn
4 May 2015	SAIC acquisition of Scitor	M&A	US$790m

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InfraDefence investments and M&A

Who is buying and backing the sector.

What kind of deals?

Who keeps buying.

The week in defence finance, read from the filings.