Defense tech Mach Industries doubles valuation to $3.7B in 3 months

Mach Industries raised $600 million in a Series C extension, doubling its valuation to $3.7 billion after a $300 million round three months earlier. The company, founded by 22-year-old Ethan Thornton, builds unmanned military vehicles, VTOL drones, long-range strike systems and counter-drone tech, and recently acquired SRM startup Exquadrum for $50 million to launch Mach Energetics.