November 11, 2026 – Shield AI’s $2.5 billion raise funds a radar acquisition, while Zipline’s valuation nearly triples. Physical technology swept the week’s top deals.
In Summary
The largest US rounds from October 31 to November 6 raised $5,715 million in equity.
Hardware, defense, space and robotics firms took $4.92 billion, or 86% of that total.
Shield AI raised $2.5 billion, including debt, to fund a $5.3 billion deal for radar maker Echodyne.
Zipline raised $1.5 billion at $21.5 billion, up from $7.6 billion in January 2026.
CesiumAstro and Northwood Space added $1.1 billion in equity for space infrastructure.
Defense, drones and space tech claimed the week’s biggest funding rounds. The top US rounds from October 31 to November 6 raised $5.7 billion in equity.
That list holds 11 deals because of a tie for tenth place. By Catenaa’s count, hardware firms took $4.92 billion, or 86%. In contrast, AI software firms raised $720 million.
The biggest funding rounds, ranked
Shield AI led with $2 billion in equity and $500 million in debt. Zipline followed with $1.5 billion. Together, the top two took 61% of the equity total. Including debt from Shield and CesiumAstro, the week’s total rises to about $6.3 billion.
Space tech, in turn, took the next two slots. CesiumAstro raised $730 million, while Northwood Space raised $375 million. Applied Compute, an AI model company, placed fifth with $350 million at a $3.25 billion valuation. Harbinger, an electric truck maker, added a $240 million Series D.
Shield AI funds a $5.3 billion radar deal
Shield’s raise pays for an acquisition. The company agreed to buy radar maker Echodyne in a deal valued at $5.3 billion.
The money comes in three layers. First, Series H funding adds $1 billion at a $28.8 billion post-money valuation. Next, Blackstone funds add $1 billion of structured equity. Finally, JPMorgan Chase leads $500 million of debt.
Of the $5.3 billion price, $4.8 billion falls due at closing. Up to $500 million more depends on Echodyne hitting agreed targets. Shield expects the deal to close in early 2027, subject to approvals.
In addition, Echodyne radars sit in counter-drone and security systems in more than 40 countries. In September, it won a counter-drone radar contract with a $250 million ceiling to supply US and allied forces.
Zipline’s valuation nearly triples
Zipline raised $1.5 billion at a $21.5 billion post-money valuation. In January, the drone delivery firm said it was worth $7.6 billion. That marks a 2.8-fold jump in under ten months.
Paradigm, WCM Investment Management and Layer Global led the round. Zipline says Walmart will launch 300 more sites with it. Uber, meanwhile, targets one million daily deliveries with Zipline by 2029.
Above all, speed underpins the pitch. In October, the median Zipline order arrived 19 minutes after checkout, against 30 minutes or more for traditional delivery. Moreover, Zipline reports 150 million commercial autonomous miles flown without a safety incident.
Space infrastructure draws capital
CesiumAstro’s Series D, led by Janus Henderson, values the company above $4.5 billion. It also lined up $100 million in debt through the Export-Import Bank of the United States and JPMorgan.
In total, its capital announced this year now tops $1.2 billion. Meanwhile, Northwood closed a $375 million Series C co-led by Andreessen Horowitz and DFJ Growth. Northwood says active satellites grew from about 3,000 in 2020 to over 14,000 by late 2025.
Since its Series B less than nine months ago, Northwood has deployed six multi-orbit sites on two continents. Furthermore, it plans to add 400 jobs over three years.
What the week signals
The pattern looks clear. Investors are paying up for physical systems tied to defense, logistics and space. AI software deals were smaller, with none above $350 million. In fact, across the biggest funding rounds, the four AI software deals raised less than CesiumAstro alone.
Still, one week is a narrow window. Several of the biggest funding rounds include debt, and private valuations can shift fast. The Echodyne deal also needs regulatory approval before it closes.
