Mach Industries' valuation jumps to $3.7 billion after $600 million Series C extension

Mach Industries announced a $600 million Series C extension that lifts its valuation to $3.7 billion, a two-fold increase in just three months. The round follows a June extension of $300 million at a $1.8 billion valuation, and builds on a prior $100 million raise at $470 million valuation in June 2025. Backers include Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia, the latter marking its first defense-tech investment.

Mach, headquartered in Huntington Beach, California, produces a range of unmanned military drones, long-range strike systems and counter-drone technology, operating a 115,000-square-foot plant and additional sites across the state. In May, the firm bought solid-rocket-motor startup Exquadrum for $50 million, launching the Mach Energetics division that supplies SRMs, jet engines and energetic systems. Founder Ethan Thornton, a 22-year-old MIT dropout, has already secured a U.S. Army contract and attracted attention from venture firms traditionally focused on fintech and AI.