The 2026 NatSec100 cohort has collectively raised $304.1B in total private capital over their lifetime. Three companies - OpenAI, Databricks, and Scale AI - account for $235B of that total between them. Excluding OpenAI, the cohort raised $118.2B, which is modestly lower than the 2025 cohort's $131.4B (a reflection of SpaceX and Groq graduating from the list rather than any slowdown in underlying investment activity).
2025 Was a Record Year for Defense Tech Investment By Every Measure
Globally, venture capital investment in defense technology reached $49.1 billion in 2025, nearly double the $27.2B recorded in 2024, according to PitchBook. Nearly 8% of all global VC funding now flows into defense tech ventures. Private equity and institutional capital set their own record, with aerospace and defense assets attracting $17.7 billion, up from a prior full-year record of $11B in 2021. Manufacturing-focused defense investment grew to $4.7B across 39 deals, up from $2.6B in 2024, the first clear signal that capital is beginning to follow the production bottleneck argument, not just the software thesis.
The Investor Base Is Changing
The 2026 top investor list looks meaningfully different from 2025. In-Q-Tel leads with 33 investments, followed by Gaingels with 30,,Alumni Ventures at 25 and Andreessen Horowitz at 15, reflect the continued commitment of both generalist and mission-aligned funds to the space. But the most consequential new entrant is BlackRock, appearing on the list for the first time with 11 investments in 2026 NatSec100 companies. When the world's largest asset manager begins deploying capital systematically into national security technology, it’s a market signal. It follows the launch of Point72's Deterrence Fund, JPMorganChase's Security and Resiliency Initiative, and a new vehicle from Booz Allen Ventures.
Capital Is Highly Concentrated
The concentration chart tells a story the headline numbers obscure. Just three companies (OpenAI, Databricks, and Scale AI) raised $235 billion between them, representing the overwhelming majority of total cohort capital. The next six top-capitalized companies raised $28B combined. The other 90 companies on the list raised $41.2B combined. In other words, the remaining 90 companies on this list share less capital between them than the top three companies raised individually in recent rounds.
That concentration has two implications. For the ecosystem, it means the vast majority of NatSec100 companies are competing in a fundamentally different capital environment than the headline figures suggest. For investors, it means that many companies likely to deliver operational outcomes are building on considerably more modest funding bases than the aggregate numbers imply.
The Private-to-Public Investment Gap Reached a New Extreme
The gap between total private capital raised ($304.1B) and total USG obligations ($16B) is the most lopsided it has ever been in four years of NatSec100 reporting. The surge in private investment has outpaced the growth in government procurement, widening the gap further. As SVDG noted in the 2025 report, this gap represents a structural sustainability risk. Private capital is not infinitely patient. Investors backing companies at 2025 valuations will expect returns commensurate with those valuations and those returns ultimately have to come from somewhere. The government is the primary customer for most of these companies. If procurement does not close the gap materially in the next 24 to 36 months, the ecosystem faces real pressure on capital formation and company valuations.
“The technology needs of the United States and our allies are evolving faster than traditional systems were built to respond to. Maintaining America’s technological and strategic edge requires sustained private-sector investment in commercial, scalable, interoperable mission-critical capabilities at the intersection of innovation, resilience, and national security.
Private capital plays a vital role in scaling technologies that strengthen the defense industrial base, support our allies, and ensure mission readiness within months, not years. By working closely with government, defense, and intelligence community stakeholders to understand urgent capability gaps, Washington Harbour Partners is committed to backing founders and business owners who are building the next generation of solutions and platforms essential to America’s long-term security and competitiveness.”