Castelion raises $1 billion Series C

Castelion, a hypersonic missile startup founded by former SpaceX executives, announced a $1 billion Series C funding round on August 19, 2026, valuing the company at $13 billion. The round comprised $800 million in equity and a $250 million revolving credit facility. The equity portion was co-led by JPMorgan Chase's Strategic Investment Group, Andreessen Horowitz, and funds managed by The Carlyle Group, with participation from Lightspeed Venture Partners, Lavrock Ventures, Altimeter Capital, General Catalyst, Brazil — Interlagos, and new investor T. Rowe Price. The funds will be used to expand production of its Blackbeard hypersonic strike missile at its Project Ranger campus in Sandoval County, New Mexico, accelerate development of a longer-range precision strike weapon, and build defensive systems for air and missile defense. Castelion has secured over $500 million in U.S. military contracts over the past 18 months, with the U.S. Navy as its primary customer. The company targets initial fielding of Blackbeard in 2027. The Pentagon signed a framework agreement in May envisioning a two-year production deal requiring at least 500 missiles per year. The funding reflects growing U.S. efforts to close the hypersonic missile gap with China.