2025年垂直快照：防御技术

EMERGING TECH RESEARCH Vertical Snapshot:Defense Tech VC trends, industry overview, and market landscape REPORT PREVIEWThe full report is available through 2025 the PitchBook Platform. Published on August 5, 2025 Contents Institutional Research Group 3Executive summary 5612131415192023IntroductionDefense tech taxonomyDefense tech landscapeDefense tech VC ecosystem market mapIndustry driversVC activityM&A activityKey playersKey dealsRecommended reading28 Analysis Ali JavaheriResearch Analyst, Emerging Spacesali.javaheri@pitchbook.com Data Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byJenna O’MalleyandAdriana Hansen Published on August 5, 2025 Executive summary •Advanced computing and autonomy secured the most defense tech VC funding over thepast year.Advanced computing & software led all categories with $16.5 billion invested across95 deals, followed by autonomous systems with 139 deals totaling $10.5 billion in aggregate.Sensing, connectivity & security came in third with $7.9 billion across 125 deals. Investment inthese categories demonstrates sustained investor focus on foundational technologies poweringnext-gen defense capabilities. •Venture capital is flowing into defense tech at record-breaking levels.In Q2 2025 alone,investors deployed $19.1 billion across 165 deals—more than double the $9.3 billion raised in Q1and up over 200% from Q2 2024. YTD, defense tech startups have raised $28.4 billion across361 deals, putting the sector on pace to surpass 2024’s $37.9 billion total. This growth comeseven as broader VC markets remain soft, indicating that defense tech has become a priority forboth institutional and strategic investors. •Autonomous systems remained the dominant category in defense tech VC in Q2.Funding forautonomous systems rose from $3.7 billion in 2023 to $5.3 billion in 2024 and already standsat $6.7 billion through Q2 2025. While defense systems integration & optimization continueto draw the largest share of investment, every major autonomous subsegment has grown.Unmanned aerial vehicles (UAVs) raised $1.1 billion in 2024 and $388 million in Q2 2025, whileunmanned ground vehicles (UGVs) raised $847 million in 2024 and $765 million already in 2025. •Valuations and check sizes are rising as the market matures.Median pre-money valuationsfor defense tech startups climbed to $115 million in 2025, up from $61.3 million in 2024. Mediandeal sizes doubled YoY, from $10 million to $20 million. These gains reflect not only increasedinvestor appetite but also a sector-wide shift toward backing more mature, dual-use companieswith scalable commercial and government opportunities. •Public markets are validating the sector’s long-term potential.Companies like Karman Space& Defense, which listed publicly in February 2025, have seen postlisting performance that farexceeds expectations. Karman now trades at around 21x enterprise value (EV)/revenue andabout 63x EV/EBITDA, fueled by 23% annual revenue growth and nearly 39% EBITDA expansion.Voyager Technologies debuted in June 2025 and is trading at about 16x to 17x revenue despiteongoing losses. Rocket Lab and Palantir continue to post strong growth and command premiumvaluations, even at negative or elevated EBITDA multiples, highlighting sustained investoroptimism for defense-aligned and dual-use tech. •Autonomous maritime platforms are seeing explosive growth.Investment in unmannedsurface vessels (USVs) has nearly doubled in just two quarters, rising from $389.9 million in2024 to $729 million in Q2 2025 alone. This acceleration reflects increasing strategic interestin near-shore and naval capabilities amid rising Indo-Pacific tensions and a growing belief thatmaritime autonomy is central to next-gen deterrence strategies. •Counter-unmanned aerial systems and autonomous manufacturing are rapidly emerging aspriorities.Investment in counter-drone technologies jumped from $21.2 million in 2023 to $59.8million in 2024, then surged to $324.9 million in YTD 2025 alone. Autonomous manufacturingalso continues to draw investor attention, with $570.3 million raised in 2024 and another $591.5million raised through Q2 2025, underscoring an industry-wide effort to automate and fortifydefense supply chains. •Exit activity is rebounding, with fewer but larger deals.Following a sluggish 2023 with just40 exits totaling $2.3 billion, 2024 saw a significant rebound with 71 exits worth $18.2 billion inaggregate. So far, 2025 has continued that trend, logging 21 exits YTD totaling a combined $6.9billion. While the total number of exits remains below historical peaks, the dollar value indicatesthat both IPOs and strategic acquisitions are returning in scale, with buyers focusing on high-value, later-stage assets. •Defense tech is now firmly in the mainstream of private and public capital markets.Theconvergence of rising VC investment, elevated public valuations, and robust governmentspending sign