War is Becoming Software: Mach Industries' $300M Bet on Jet-Powered Drones

At an age when most people are still figuring out their first job, Ethan Thornton is running a defense empire. The 22-year-old founder and CEO of Mach Industries just closed a $300 million Series C** at a **$1.8 billion valuation — nearly quadrupling the company's worth in just one year. In June 2025, Mach was valued at $470 million. Today, it is one of the fastest-growing defense tech startups in the world.

The round was led by Infinite Capital and Ribbit Capital, with participation from Bedrock Capital, Sequoia Capital, and Khosla Ventures. But here is the real kicker: Thornton only wanted $200 million. He was "extremely oversubscribed" at that mark, so he pushed to $300 million. Still oversubscribed.

Five Weapons, One Factory, and a Pentagon Contract

Mach is not a PowerPoint company. Based in Huntington Beach, California, the startup now has five autonomous vehicles in development:

• Viper – a jet-powered vertical takeoff vehicle

• Glide – a high-altitude glider capable of launching weapons

• Stratos – an airborne surveillance platform

• Dart – a low-cost counter-drone interceptor

• Pike – designed for launching long-range munitions

Production on at least three of these systems begins next year. The company has grown from a dozen employees in its first year to 350 today, operates a 115,000-square-foot manufacturing facility, and plans to open four new production facilities by the end of 2026.

Just this week, Mach won a Department of Defense contract through the Defense Innovation Unit (DIU) to develop a sixth, never-before-discussed vehicle: a "runway-independent strike aircraft" for the Navy. Thornton says it could have commercial applications as well.

The Smartest $50 Million Mach Ever Spent

Last month, Mach acquired solid rocket motor (SRM) startup Exquadrum in a $50 million cash-and-equity deal, beating out eight other bidders. Why does this matter? There is an acute shortage of rocket motors globally. Drones have created unprecedented demand, but the market is controlled by two legacy giants: Aerojet Rocketdyne and Northrop Grumman. Lead times can stretch for years.

With Exquadrum, Mach now controls its own supply chain. It also launched a new commercial business called Mach Energetics to sell rocket motors to other companies. Today, revenue is split 50/50 between government and commercial customers.

Speed as a Weapon

Thornton's entire thesis is simple: legacy defense contractors are too slow. "Traditionally, it's four years to build a jet engine," he told TechCrunch. "We went from no team to a jet engine firing in about eight months."

That speed is why VCs are writing nine-figure checks to a 22-year-old. And with autonomous weapons proving themselves on battlefields in Ukraine, defense tech is suddenly the hottest sector outside of AI.

Thornton remembers standing at Mach's two-year party, looking at 200+ people in a room that once held 12. "It was standing-room only," he said. At 22, he is just getting started.