Approximately 20 companies have graduated from the NatSec100 through acquisition or public offering since 2023. SpaceX's SEC filing makes it ineligible for the 2026 list. Together, these exits represent the clearest evidence yet that defense tech is producing real liquidity events and that the asset class is becoming durable.
SVDG Take
Graduation is the point. A healthy ecosystem is not one where the same companies incubate technologies indefinitely. It is one where companies scale, exit, and make room for the next generation. The exit data is the strongest signal yet that this ecosystem is maturing.
Future Success Signals
Continued M&A activity at mid-cap and large-cap scale.
Additional IPOs from dual-use companies demonstrating public market viability.
Growth in repeat investors deploying into second and third defense tech funds on the back of strong exit returns.