Shield AI is valued at $28.8 billion post-money after a $1 billion Series H announced on November 5, 2026, more than double the $12.7 billion set in March 2026. Shield AI is private: there is no Shield AI stock or ticker, and it has not filed for an IPO as of November 14, 2026.
The San Diego company, best known for its Hivemind autonomy software and V-BAT drone, has had the steepest valuation curve in US defense tech over the last two years: $2.7 billion in October 2023, $5.3 billion in March 2025, $12.7 billion in March 2026 and $28.8 billion in November 2026. This page lists each round with its amount, valuation, investors and source, and explains what is confirmed and what is reported.
Shield AI funding rounds at a glance
Shield AI has announced most of its later rounds itself. Several of them mixed equity with debt or preferred stock, which is why headline totals and equity totals often differ.
| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Not disclosed | Seed | Not disclosed | Not disclosed | Homebrew | TechCrunch |
| Mid 2021 | Series D | $210M to $300M (equity and debt, never confirmed) | $1.25B (reported) | Disruptive | TechCrunch |
| Jun 9, 2022 | Series E | $165M ($90M equity, $75M debt) | $2.3B | Snowpoint Ventures | TechCrunch |
| Dec 2022 | Series E extension | $60M | Not disclosed | US Innovative Technology Fund (sole investor) | TechCrunch |
| Oct 31, 2023 | Series F | $200M | $2.7B | US Innovative Technology Fund, Riot Ventures | TechCrunch |
| Dec 29, 2023 | Series F extension | $100M equity plus $200M debt | At the Series F price | Hercules Capital (debt) | Company release |
| Mar 6, 2025 | Series F-1 | $240M | $5.3B | Not named; L3Harris and Hanwha Aerospace new | SiliconANGLE |
| Mar 2026 | Series G | $1.5B, plus $500M preferred equity | $12.7B | Advent, JPMorganChase | TechCrunch |
| Nov 5, 2026 | Series H | $1B, plus $1B structured equity and $500M debt | $28.8B | Disruptive, Innovation X Capital | Company release |
Valuations for the Series E through Series H are the figures the company gave or confirmed; the Series D valuation is a press report. Earlier rounds (Series A to C) are not covered in detail by the sources we checked.
How much is Shield AI worth in 2026?
$28.8 billion post-money, the figure in Shield AI's November 5, 2026 release. The Series H was co-led by Disruptive and Innovation X Capital, with Advent, the Strategic Investment Group of JPMorganChase's Security and Resiliency Initiative, Snowpoint Ventures, Apandion and Center15 Capital also investing.
The Series H is part of a $2.5 billion package: $1 billion of Series H equity, $1 billion of structured equity from funds managed by Blackstone and $500 million of debt arranged by JPMorgan Chase Bank. The proceeds will be used principally to fund Shield AI's acquisition of Echodyne, a radar maker in Kirkland, Washington, for up to $5.3 billion: $4.8 billion at closing and up to $500 million more if performance targets are met. Closing is expected in early 2027, subject to regulatory approvals, and The Next Web reported that the new funding proceeds only if the deal closes.
The company's November release refers to itself as "Shield." We use Shield AI, the name in its earlier releases and in our Shield AI directory profile.
Shield AI valuation history: how it got here
2015 to 2022: from a San Diego start to $2.3 billion
Shield AI was founded in San Diego in 2015 by Ryan Tseng, Brandon Tseng, a former Navy SEAL officer, and Andrew Reiter. It started with about $100,000 from friends and family, according to Wikipedia, and Homebrew led its seed round. A Series D of $210 million to $300 million in 2021, led by Disruptive, valued it at a reported $1.25 billion. In June 2022, Snowpoint Ventures led a $165 million Series E of $90 million equity and $75 million debt at $2.3 billion.
2023 to 2025: $2.7 billion to $5.3 billion
The October 2023 Series F raised $200 million at $2.7 billion, co-led by the US Innovative Technology Fund and Riot Ventures, with ARK Invest as a new investor. In December 2023, Shield AI added $100 million of equity at the same price and $200 million of debt from Hercules Capital, bringing the Series F to $500 million. In March 2025, a $240 million F-1 round, with defense contractors L3Harris and Hanwha Aerospace joining, nearly doubled the valuation to $5.3 billion. Gary Steele, previously a Cisco executive, replaced Ryan Tseng as chief executive the same month.
2026: two rounds, more than five times the value
The March 2026 Series G raised $1.5 billion at $12.7 billion post-money, co-led by Advent and JPMorganChase, with Blackstone funds providing $500 million of preferred equity on top. TechCrunch tied it to a February 2026 US Air Force decision to select Hivemind as a mission autonomy provider for the Collaborative Combat Aircraft (CCA) program. Eight months later, the Series H more than doubled the valuation again, to $28.8 billion.
How much has Shield AI raised?
Shield AI has raised $5.4 billion of equity to date, according to The Next Web's report on the Series H. That figure counts equity only. Debt facilities, including the $75 million in 2022, $200 million from Hercules Capital in 2023, a $250 million loan facility reported with the Series G and the $500 million JPMorgan debt in the Series H package, come on top.
Shield AI revenue
Shield AI does not publish revenue figures. In March 2026, Fortune reported that the company was projecting at least $540 million of 2026 revenue, more than 80% growth over 2025, excluding the Aechelon acquisition. By our arithmetic that implies 2025 revenue of roughly $300 million. In its November release, Shield AI said it and Echodyne both expect "triple-digit revenue growth this fiscal year." Headcount was nearly 2,300, more than double a year earlier, according to The Next Web.
Where the reported numbers disagree
- Series G size: $1.5 billion of Series G equity, or $2 billion including the Blackstone preferred equity. Both figures appear in coverage.
- Value before the Series G: TechCrunch and SiliconANGLE say $5.3 billion; Fortune wrote $5.6 billion.
- Series D: Shield AI never confirmed the final amount, reported at $210 million to $300 million, and Wikipedia dates the unicorn round to late 2021 while TechCrunch placed it about 10 months before June 2022.
- Series H headline: "$2.5 billion" is the full package; the Series H itself is $1 billion.
Is there Shield AI stock? Will Shield AI IPO?
No Shield AI stock trades on any exchange. A full-text search of SEC EDGAR on November 14, 2026 found no S-1 registration statement filed by Shield AI; the hits were other companies that mention it. The company has not announced IPO plans or a timeline, and we found no on-the-record statement from management about a listing date.
That leaves the same routes as for other private companies: shares change hands in funding rounds, employee programs and secondary transactions that are generally restricted to accredited investors. Retail brokerages such as Robinhood cannot offer Shield AI stock because no listed security exists. Our guide to Anduril stock and IPO explains how private shares trade and how to spot pre-IPO scams; the same applies here.
Products behind the valuation: Hivemind, V-BAT, X-BAT
- Hivemind: Shield AI's autonomy software for flying drones and aircraft. It was selected in February 2026 as a mission autonomy provider for the Air Force CCA prototype program, working with Anduril's Fury aircraft.
- V-BAT: a surveillance drone that Fortune reported has been used in operations in Ukraine. Japan's Maritime Self-Defense Force selected it as its first maritime ISR platform, according to a January 2025 company release.
- X-BAT: an AI-piloted combat aircraft. Chief executive Gary Steele said it would fly for the first time before the end of 2026.
Acquisitions are part of the strategy: Heron Systems and Martin UAV earlier, Aechelon Technology (flight simulation) in 2026, and the pending Echodyne deal, which adds radar and counter-drone sensing.
Shield AI is second only to Anduril in our ranking of US defense tech unicorns; compare its curve with the Anduril valuation history. It is listed among US military drone companies and California defense tech companies in our directory.
This article is for information only and is not investment advice.
