Defense and space companies took most of the top spots this week, and the biggest check went to a company that's also buying its way deeper into hardware. Shield AI, which builds autonomy software and systems for defense customers, raised $2 billion. Drone delivery operator Zipline International landed the second-largest round at $1.5 billion.
Below that tier, the money spread across agentic AI, space infrastructure and AI compute. Those deals were smaller, but several carried valuations that suggest investors are still paying up for growth.
Defense and Space Take the Top Tier
1. Shield AI, $2B, defense tech: The San Diego company raised $2 billion in equity and $500 million in debt. The equity was made up of a $1 billion Series H led by Disruptive and Innovation X Capital, plus a $1 billion structured equity investment from funds managed by Blackstone. JPMorganChase led the debt. The bigger signal may be the acquisition: Shield AI is buying radar maker Echodyne in a deal valued at $5.3 billion, which suggests the company wants to own more of its sensing stack rather than rely on suppliers.
2. Zipline International, $1.5B, drones: Zipline raised $1.5 billion in late-stage funding at a $21.5 billion post-money valuation. Paradigm, WCM Investment Management and Layer Global led the round. The South San Francisco company plans to expand its U.S. manufacturing and hire more as it builds a nationwide drone delivery network. A valuation that size puts real pressure on the company to prove the network can scale.
3. CesiumAstro, $730M, space tech: The Austin company, which develops space and defense communications systems and satellites, closed a $730 million Series D at a valuation above $4.5 billion. Janus Henderson led the equity. CesiumAstro also secured $100 million in debt through the Export-Import Bank of the United States and JP Morgan, a mix that pairs growth equity with long-dated borrowing.
4. Northwood Space, $375M, space tech: Torrance-based Northwood builds ground infrastructure for satellite systems and picked up $375 million in Series C funding. Andreessen Horowitz and DFJ Growth led the round. The company is three years old and raised its Series B only about nine months ago, so this is a fast follow-on.
AI Rounds Keep Pace
5. Applied Compute, $350M, AI models: Applied Compute runs a cloud platform that enterprises and developers use to train and run large AI models. It raised $350 million at a $3.25 billion valuation, with Elad Gil leading and a long list of backers including Nvidia. The San Francisco startup launched 18 months ago and says its annual recurring revenue has already passed $100 million. That's an unusually fast revenue ramp, and it's the number that will get scrutiny.
6. Harbinger, $240M, electric trucks: Harbinger started with electric truck technology and has since expanded into battery storage and defense applications. The Garden Grove, California company closed a $240 million Series D led by Tiger Global, Capricorn Investment Group and Ridgeline. The defense exposure is the part worth watching here.
7. Sentra, $150M, AI data security: Sentra sells agentic data security tools and closed $150 million in a strategic investment led by Capital One Ventures. Founded in 2021, it has offices in New York and Tel Aviv. A strategic check from a bank's venture arm usually signals a customer relationship as much as a financial one.
8. Traversal, $120M, agentic AI: Traversal builds AI agents for enterprise site reliability engineering. It raised $120 million at a $1 billion valuation, co-led by Kleiner Perkins, Redpoint and Khosla Ventures. The New York startup now carries a unicorn valuation on a product category that's still finding its budget line.
9. Ocient, $100M, agentic AI: The Chicago company sells agentic AI for enterprises with a focus on data analytics. Its $100 million Series C was co-led by BOKA Capital and OCA Ventures.
Robotics and Insurtech at the Bottom of the List
10. (tied) Tutor Intelligence, $75M, robotics: The Watertown, Massachusetts company works on robot foundation model training and building robot workers. It raised a $75 million Series B led by Andreessen Horowitz.
10. (tied) Kalepa, $75M, insurtech: Kalepa provides AI tools for the insurance industry and raised $75 million in Series B funding at a $470 million valuation. Updata Partners led the New York-based company's round.
Methodology
This ranking covers the largest announced rounds raised by U.S.-based companies between Oct. 31 and Nov. 6, 2026. Most announced rounds appear in the database within the same week, but some arrive late, so the list could shift slightly as reports come in.
Illustration: Dom Guzman
