Shield AI reported in talks to raise a Series H at a valuation of at least $20B
- Valuation
- $20B
- Place in VP50
- #7
- Sources
- 2
- Claims verified
- 5 of 6
What happened
The Information reported on 14 September 2026 that Shield AI, a defense technology company, was in talks for a new funding round at a valuation of at least $20 billion. Dealroom News summarised the report on 15 September, describing the round as a Series H that was still in talks. Dealroom said the figure came from a person with knowledge of the fundraise, that lead investors were not identified, and gave no amount being raised. The details below come from Dealroom's summary. Neither source reported a closed round.
Dealroom said Shield AI's previous valuation was $12.7 billion in March, when it raised $2 billion in a round co-led by Advent International and JP Morgan's Security and Resiliency Initiative, with Blackstone participating. Dealroom described the new figure as a roughly 60% increase. It said Shield AI has raised more than $3 billion in total, with backers including Andreessen Horowitz. Dealroom listed recent contracts, among them a US Air Force contract for its Hivemind software and a $16 million Polish navy contract for V-BAT drones.
Key points
- The Information reported on 14 September 2026 that Shield AI was in talks for a round at a valuation of at least $20 billion.12
- Dealroom described the round as a Series H and said lead investors were not identified; no amount was given.1
- The previous valuation was $12.7 billion in March, when Shield AI raised $2 billion.1
- Dealroom put Shield AI's total funding at more than $3 billion.1
Why it matters
Dealroom set the reported figure of at least $20 billion against $12.7 billion in March and called it a roughly 60% increase. It is a figure from talks and not a priced, closed round, so it is not a confirmed mark.
Dealroom said Shield AI had raised more than $3 billion in total, including the $2 billion March round. The reported talks set a higher price on a company with that funding history.
Dealroom listed a June US Air Force contract for Hivemind, a May Pentagon drone-swarm pilot and a June $16 million Polish navy contract for V-BAT drones. These government contracts are the business behind the reported valuation.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series E | Jun 9, 2022 | $2.3B | $165M | Snowpoint Ventures |
| Series E extension | Dec 13, 2022 | $2.3B | $60M | US Innovative Technology Fund (USIT) |
| Series F | Oct 31, 2023 | $2.7B | $200M | Riot Ventures and U.S. Innovative Technology Fund (USIT) |
| Series F extension | Dec 29, 2023 | $2.8B | $100M | Unknown |
| Series F-1 | Mar 6, 2025 | $5.3B | $240M | Unknown |
| Series G | Mar 26, 2026 | $13B | $1.5B | Advent International and Strategic Investment Group of JPMorganChase's Security and Resiliency Initiative |
Updated
Fact-check
- The Information reported on 14 September 2026 that Shield AI was in talks for a valuation of at least $20 billion.[2] The Information: the readable headline states talks for a valuation of at least $20 billion; the body is paywalled and the page shows no date, so 14 September comes from the event record. [1] Dealroom summarises the report on 15 September.Partly verified
- The round is described as a Series H, with lead investors not identified.Confirmed by [1] Dealroom News: it says Shield AI is in talks for a Series H and that lead investors were not identified, citing a person with knowledge of the fundraise.Verified
- The previous valuation was $12.7 billion in March, when Shield AI raised $2 billion.Confirmed by [1] Dealroom News: it gives $12.7 billion and a $2 billion round co-led by Advent International and JP Morgan's Security and Resiliency Initiative.Verified
- The new figure is a roughly 60% increase over the previous valuation.Confirmed by [1] Dealroom News, which states the roughly 60% figure itself; no calculation was made here.Verified
- Shield AI has raised more than $3 billion in total.Confirmed by [1] Dealroom News, which states the total raised.Verified
- Shield AI won a US Air Force contract for Hivemind in June and a $16 million Polish navy contract for V-BAT drones in June.Confirmed by [1] Dealroom News, which lists both contracts and the May Pentagon drone-swarm pilot.Verified
Sources
- [1]Dealroom News (opens in a new tab)Shield AI in talks to raise at $20B valuation, up 60% in five monthsin talks to raise a Series H round at a valuation of at least $20 billion
- [2]The Information (opens in a new tab)Defense Startup Shield AI in Talks for Valuation of at Least $20 Billion
