SVDG Releases 2026 NatSec100 Report
NEW YORK, NY, May 26, 2026 – The Silicon Valley Defense Group (SVDG), a nonprofit committed to strengthening U.S. national security by bridging the technology, capital, and policy communities, today announced the release of the 2026 NatSec100, the definitive data-driven ranking and analysis of the top 100 venture capital and private equity backed startups driving innovation in national security and dual-use and defense technology. The annual report is made possible thanks to the support of J.P. Morgan, the NatSec100 title sponsor.
Now in its fourth year, the 2026 NatSec100 asks a sharper question than any prior edition: Is the system actually delivering? The answer is: not yet at scale, but the conditions for delivery have never been stronger. 2025 was a year of seismic shifts across policy, capital, and contracting that, on balance, are genuinely promising. Whether they translate into durable mission outcomes through robust pathways remains the open question this ecosystem must now answer.
For the first time, the report incorporates U.S. government contracting data, powered by Pryzm, as a direct input into the ranking methodology, enabling SVDG to assess not just which companies are building, but which are beginning to sell and deliver within the federal ecosystem. A new eligibility requirement reflects this shift: companies must have secured at least one U.S. government contract as of December 31, 2025.
Key Findings
$4.3B in federal obligations to NatSec100 companies in FY2025, up 22% over FY24 — alongside $86.3B in total private capital raised. The private-to-public investment gap is the most lopsided in four years of reporting.
Government contracting data transformed the rankings. Integrating Pryzm’s data for the first time produced the most dramatic single-year movements in the report’s history: Sierra Space jumped from #56 to #3, Govini from #97 to #18, CesiumAstro from #75 to #10.
The most dynamic cohort yet. 38 first-time entrants, more than a third of the list, and 24 “Four-Peaters.”
SpaceX graduates. After confidentially filing its S-1 with the SEC, SpaceX is no longer eligible. Its trajectory from venture-backed startup to the cusp of the largest IPO in history is the fullest expression of what this ecosystem can produce.
Record exit cycle. Defense tech VC exits hit $54.4B in 2025, nearly tripling from 2024. Nvidia’s $20B acquisition of Groq validated the dual-use AI hardware thesis at scale. Eleven new defense tech unicorns were minted in 2025.
Production is the binding constraint. The 2026 report’s central finding: the challenge is no longer getting technology noticed — it is manufacturing and delivering at the volume deterrence demands. First-time entrants like Hadrian, Machina Labs, Divergent, and Vulcan Elements make this visible in the rankings.
OTA use is now structural. Other Transaction Authority grew from 18.1% of the contract mix in FY2020 to 30.6% in FY2025, as NatSec100 companies engage government increasingly as prime contractors rather than subcontractors.
Geographic expansion. For the first time, fewer than half the cohort is headquartered in California (47 companies, down from 59). Colorado, Virginia, and Washington state are gaining ground; 35 states now host at least one NatSec100 company office.
Institutional capital has entered the asset class. BlackRock appears on the top investor list for the first time with 11 investments in 2026 NatSec100 companies. The entry of the world’s largest asset manager, alongside initiatives like J.P. Morgan’s Security and Resiliency Initiative (SRI), signals that defense tech is maturing into a durable institutional asset class.
“The 2026 NatSec100 gives us a signal that is stronger than ever. We have a new generation of national security companies primed for operational success in the hands of the warfighter, and for successful exits on Wall Street. All stakeholders are pulling in the same direction to carry the momentum of the past ten years.”
Mike Keating, Executive Director, Silicon Valley Defense Group
“J.P. Morgan is proud to continue our sponsorship of SVDG including its work developing the 2026 NatSec100. The national security technology sector is undergoing a generational transformation, and this report offers a clear view of which companies are capturing investor attention. We believe capital flows where clarity exists, and the NatSec100 provides exactly that.”
John China, Co-Head of Innovation Economy, J.P. Morgan Commercial Banking
About the Silicon Valley Defense Group (SVDG)
The Silicon Valley Defense Group (SVDG) is a non-profit organization dedicated to accelerating national security innovation by bridging the gap between emerging technology, private capital, and the U.S. government. SVDG convenes industry, policymakers, and mission stakeholders to foster collaboration, surface new pathways for fielding critical technology, and support a resilient, distributed, and modern defense industrial base. Learn more at www.siliconvalleydefense.org.
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