1 hour ago - Business

Startup missile maker now valued at $13 billion

Dan Primack,
Colin Demarest

Illustration of three rocket missiles flying and leaving smoke trails in the shape of a dollar sign. — Illustration: Lazaro Gamio/Axios

Castelion, a Torrance, Calif.-based developer of hypersonic missiles, raised $800 million in Series C equity funding at a $13 billion post-money valuation.

Why it matters: Startups are racing to help fill stockpiles depleted by the wars in Iran and Ukraine.

Deal details: The round was led by JPMorgan's Strategic Investment Group, a16z, and Carlyle.

Other backers include Lightspeed, Lavrock Ventures, Altimeter, General Catalyst, Interlagos, and T. Rowe Price.
Castelion also secured $250 million for a revolving credit facility.

The bottom line: "The lower-cost missile space is getting crowded quick, and speed is emerging as the new mass." — Colin Demarest, Axios Future of Defense

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Startup missile maker now valued at $13 billion

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