Defense technology startup Castelion secured $1 billion in Series C funding. The financing brings the company’s valuation to $13 billion. The round consists of $800 million in equity and a $250 million credit facility. Andreessen Horowitz, The Carlyle Group, and J.P. Morgan Chase co-led the equity portion.
Capital will scale production of the Blackbeard hypersonic strike missile. Funds will also support the development of longer-range weapons and defensive systems.
Former SpaceX executives founded the company to meet Pentagon demand for mass-produced weaponry. Castelion has secured over $500 million in military contracts over the last 18 months.