Castelion valued at $13 bln after $1 bln Series C raise

Published Aug 20, 07:50 AM UTC

Castelion, a hypersonic missile developer based in Torrance, California, has raised $1 billion in a Series C funding round, valuing the company at $13 billion. The round includes $800 million in equity financing and $250 million in committed revolving credit. Co-led by JPMorganChase's Strategic Investment Group, Andreessen Horowitz, and Carlyle, the funding will expand production of Castelion's Blackbeard hypersonic strike missile, develop a longer-range strike weapon, and build new air and missile defense systems. Blackbeard, which went from initial design to program of record in under four years, is targeted for fielding in 2027. Castelion has secured over $500 million in U.S. military contracts in the past 18 months. Production is centered at its Project Ranger campus in New Mexico, described as the largest dedicated hypersonic missile manufacturing facility in the U.S.