Breaking — the capital moves defining 2026
Breaking — the capital moves defining 2026
Breaking — the capital moves defining 2026
Defence primes joined $4.1bn of startup rounds this year
BAE Systems put €50 million into 2 venture funds. Lockheed Martin opened a London office for its venture arm. The primes are buying in.
In this story
The moves
Startups plus primes, not instead of
Which of the 3 are you pitching
BAE Systems put €50 million into 2 venture funds this year. Lockheed Martin opened a London office for its venture arm. The primes are not waiting to be disrupted. They are buying in.
The moves
BAE Systems. €50 million split evenly between Lakestar and Expeditions, both backing European defence startups.
Lockheed Martin. Reported to have earmarked at least $100 million for venture investment in Britain and Europe.
Lockheed Martin. Acquiring Ultra Maritime for $3.45 billion in July.
Across the sector. Primes are reported to have taken part in $4.1 billion of military startup funding rounds this year. A record.
Startups plus primes, not instead of
A few weeks ago Sacha Doliner argued in my comments that the endgame here is not startups replacing primes, it is startups plus primes. Software and autonomy on one side, certification, industrialisation and sovereign procurement on the other.
The money says he was right.
Which of the 3 are you pitching
If you are building in this sector, the prime is not just your competitor or your customer. Increasingly it is your investor, and eventually your buyer. Worth knowing which of the 3 you are pitching.
M&A
Funding Rounds
Written by
Dimeet Singh
Dimeet heads the firm's UAE and Gulf practice, working with family offices, private equity and institutional lenders deploying capital across borders.
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