Where capital went in defence and dual-use technology, who supplied it and who bought. One quarter, read deal by deal.
raised in 139 venture rounds by defence and dual-use companies
of it went to five rounds of $1B or more
disclosed value of 17 acquisitions, out of 35 in the quarter
Ukraine's largest raise: a drone maker's retail bond, not a venture round
Published counts of defence technology investment differ by a factor of five for the same year. This report reads the quarter deal by deal and keeps civil companies and state capital apart from the headline totals.
Mistral AI's $3.5B alone is 19% of the total and decides two headline comparisons. Another $6.6B went to civil companies on the same technology base and stays outside every figure.
Drones, autonomy, counter-drone and naval raised $5.1B in 46 rounds. Counter-drone had 18 rounds and 3% of capital. Space and ISR led once Mistral AI is set aside.
Four rounds supply 80% of the European total. Without Mistral AI the American lead is $3.8B, and the median European round is under two fifths of the American one.
Khosla Ventures led with nine companies. At least 33 rounds had a corporate investor, 20 a state-backed one and 21 a defence specialist fund.
Four of the six closes are European. US Department of Defense equity and loan commitments are counted apart: none of it is venture capital.
GE Aerospace's $11.75B purchase of a castings maker. Private equity sold 63% of the disclosed value to strategic buyers, and one US defence IPO priced below its range.
Defence and dual-use companies raised $18.2B in 139 venture rounds in Q3 2026. Late-stage rounds set the total and early rounds set the count: the median priced round was $21M.
Vyriy Industries borrowed about UAH 1B from 12,000+ retail investors through Inzhur MilTech, while the quarter's disclosed Ukrainian venture rounds came to $2.7M. The largest Ukrainian transaction was an acquisition.
Defence and dual-use companies raised $18.2B in 139 venture rounds between 1 July and 30 September 2026. Five rounds of $1B or more took 49% of the money, and the 32 rounds of $100M or more took 90%.
Mistral AI, Helsing, Hadrian, Quantum Systems and Stoke Space each raised $1B or more. Mistral AI's $3.5B round alone is 19% of the quarter's total.
European companies raised $8.8B in 55 rounds and US companies $9.1B in 71. Without Mistral AI's round, the US lead is $3.8B, and the median European round is under two fifths of the American one.
The register names 550 investors; 85 backed more than one company. Khosla Ventures led with nine companies, eight of them as lead investor. At least 33 rounds had a corporate investor, 20 a state-backed one and 21 a defence specialist fund.
Mostly outside venture equity. Vyriy Industries, a drone maker, borrowed about UAH 1B from more than 12,000 retail investors through Inzhur MilTech in 20 days, while the quarter's two disclosed Ukrainian venture rounds came to $2.7M. Nasdaq-listed Swarmer agreed to buy Ratel Robotics for up to $224M, mostly in stock.
35 defence and dual-use companies were acquired. The 17 deals with a disclosed value total $29.8B, and GE Aerospace's $11.75B purchase of a castings maker is 39% of it.
34 pages: venture funding, sectors, regions, investors, state and fund capital, M&A and exits, with deal tables and method.