Mach Industries, the based defense technology startup founded by Ethan Thornton, has secured $100 million in a new funding round, co-led by Khosla Ventures and existing backer Bedrock Capital, according to a report by TechCrunch citing a source familiar with the deal.
The new funding is expected to value the company at approximately $470 million, although the deal is not yet finalized and terms may still change. Keith Rabois is reportedly leading the deal on behalf of Khosla.
Founded by Thornton, who dropped out of MIT as a teenager to launch the venture, Mach Industries has become one of the most watched startups in defense tech, notably catching the attention of Sequoia Capital, which made Mach its first investment in the defense sector.
Mach is developing cutting-edge technologies, including vertical liftoff vehicles, weapons operable from the edge of space, and mobile micro-factories designed to scale production quickly and flexibly.
In March, the company was selected by the Army Applications Laboratory to develop a precision vertical takeoff cruise missile called “Strategic Strike.” It also unveiled plans for its first factory, a 115,000-square-foot facility in Huntington Beach, California.
This new round is set to bring Mach’s total funding to about $185 million, following earlier rounds including a $5.7 million seed round led by Sequoia in June 2023, and a $79 million Series A led by Geoff Lewis of Bedrock Capital.
