Hypersonic missile maker Castelion valued at $13 billion after raise
Article excerpt
Castelion, a hypersonic missile developer based in Torrance, California, has raised $1 billion in a Series C funding round that values the company at $13 billion. The round includes $800 million in equity financing and $250 million in committed financing for a revolving credit facility, the company said Aug. 19. JPMorganChase’s Strategic Investment Group, Andreessen Horowitz and Carlyle co-led the equity portion. Lightspeed Venture Partners, Lavrock Ventures, Altimeter, General Catalyst and Interlagos also participated, along with new investor T. Rowe Price Associates. The money will fund three efforts: expanding production of Castelion’s Blackbeard missile, developing a longer-range strike weapon, and building air and missile defense systems that draw on Blackbeard’s manufacturing methods. Blackbeard is Castelion’s first hypersonic strike missile. The company has taken it from initial design to program of record in under four years, with fielding targeted for 2027. Castelion has secured more than $500 million in U.S. military contracts over the past 18 months, according to the company. Production is centered at Castelion’s Project Ranger campus in Sandoval County, New Mexico, a 1,000-acre site the company describes as the largest dedicated hypersonic missile manufacturing facility in the country. Castelion had already committed more than $250 million in private...
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The planned defensive systems are intended to bring higher production rates and greater magazine depth to air and missile defense, according to Castelion, though the company did not specify a program name or timeline.
