Defense technology firm Castelion has closed a $1bn Series C funding round, pushing its valuation to $13bn as it prepares to scale production of its Blackbeard hypersonic missile. The financing consists of $800m in equity alongside a $250m revolving credit facility, with backing from major institutional investors including JPMorganChase’s Strategic Investment Group, Andreessen Horowitz, Carlyle, Lightspeed Venture Partners, Lavrock Ventures, Altimeter, General Catalyst, Interlagos, and T. Rowe Price Associates.
As reported by Castelion, the capital injection will primarily fund manufacturing expansion at the 1,000-acre Project Ranger facility in Sandoval County, New Mexico. Over $250m has already been funneled into the complex, which serves as the largest dedicated hypersonic production campus in the United States. Beyond scaling the Blackbeard system toward its planned 2027 deployment, Castelion intends to leverage its manufacturing model to build a longer-range precision strike weapon and new air defense capabilities.
The funding follows significant momentum for the California-headquartered contractor, which secured over $500m in US military contracts within 18 months. By advancing Blackbeard from initial concept to a formal program of record in under four years, Castelion aims to demonstrate that high-rate, lower-cost hypersonic production can provide scalable long-range strike capacity and complement existing defense inventories.
