PitchBook-2025年垂直快照：防御技术（英）

EMERGING TECH RESEARCHVertical Snapshot: Defense TechVC trends, industry overview, and market landscape2025Published on August 5, 2025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2Institutional Research GroupAnalysisAli Javaheri Research Analyst, Emerging Spaces ali.javaheri@pitchbook.comDataMatthew Nacionales Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Jenna O’Malley and Adriana HansenPublished on August 5, 202535612131415192023ContentsExecutive summary IntroductionDefense tech taxonomy Defense tech landscape Defense tech VC ecosystem market map Industry drivers VC activity M&A activity Key players Key deals Recommended reading 2025 Vertical Snapshot: Defense Tech282025 Vertical Snapshot: Defense Tech CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Executive summary• Venture capital is flowing into defense tech at record-breaking levels. In Q2 2025 alone,investors deployed $19.1 billion across 165 deals—more than double the $9.3 billion raised in Q1and up over 200% from Q2 2024. YTD, defense tech startups have raised $28.4 billion across361 deals, putting the sector on pace to surpass 2024’s $37.9 billion total. This growth comeseven as broader VC markets remain soft, indicating that defense tech has become a priority forboth institutional and strategic investors.• Valuations and check sizes are rising as the market matures. Median pre-money valuationsfor defense tech startups climbed to $115 million in 2025, up from $61.3 million in 2024. Mediandeal sizes doubled YoY, from $10 million to $20 million. These gains reflect not only increasedinvestor appetite but also a sector-wide shift toward backing more mature, dual-use companieswith scalable commercial and government opportunities.• Public markets are validating the sector’s long-term potential. Companies like Karman Space& Defense, which listed publicly in February 2025, have seen postlisting performance that farexceeds expectations. Karman now trades at around 21x enterprise value (EV)/revenue andabout 63x EV/EBITDA, fueled by 23% annual revenue growth and nearly 39% EBITDA expansion.Voyager Technologies debuted in June 2025 and is trading at about 16x to 17x revenue despiteongoing losses. Rocket Lab and Palantir continue to post strong growth and command premiumvaluations, even at negative or elevated EBITDA multiples, highlighting sustained investoroptimism for defense-aligned and dual-use tech.• Advanced computing and autonomy secured the most defense tech VC funding over thepast year. Advanced computing & software led all categories with $16.5 billion invested across95 deals, followed by autonomous systems with 139 deals totaling $10.5 billion in aggregate.Sensing, connectivity & security came in third with $7.9 billion across 125 deals. Investment inthese categories demonstrates sustained investor focus on foundational technologies poweringnext-gen defense capabilities.• Autonomo