Invest in Defense Tech Pre-IPO Companies
Defense is one of the six America 2030 sectors. America 2030 backs the autonomous systems, next-generation munitions, counter-UAS platforms, and software fabric that a new generation of companies is building faster and cheaper than the traditional primes.
Why now
Allied defense budgets are at multi-decade highs.
2% → 3.5%
NATO's spending commitment is moving up, with a sustained procurement shift toward autonomous systems and next-generation platforms.
Reshoring
The CHIPS Act, the Inflation Reduction Act, and export controls are pulling capital back into U.S. and allied manufacturing for the first time in a generation.
The traditional primes are slow and expensive. A generation of new entrants is winning defense contracts on speed, cost, and software-defined platforms, and America 2030 backs the ones with revenue, contracts, and a clear path to scale. At the June 2025 NATO summit in The Hague, allies committed to spending 5% of GDP on defense by 2035, of which 3.5% on core defense capabilities, up from the previous 2% guideline. Procurement is shifting toward autonomous systems, counter-drone defense, and munitions capacity, categories where new entrants are winning programs against the traditional primes on speed and cost. Private defense technology companies have captured a growing share of this spending: Anduril alone secured a U.S. Army enterprise agreement with a ceiling of up to $20 billion in 2026. Valuations in the sector have risen quickly as well, and we treat that as a risk to underwrite, not a reason to celebrate.
Sub-sector map
Defense, mapped across the full kill chain.
America 2030 tracks defense across seventeen sub-sectors, organized in five clusters that follow the modern kill chain: sense, connect, decide, act, and build.
Autonomous Platforms
The vehicles doing the mission.
Counter-Systems & Effectors
The response layer that fixes broken cost math.
Software & Intelligence
The decision layer that wins the engagement.
Sensing & Connectivity
The nervous system for contested environments.
Airframes & Materials
The industrial base: speed, range, and capacity to field at scale.
Company reports
A generation of new entrants.
Anduril
Software-defined weapons systems winning major U.S. programs on speed and cost.
Research →Shield AI
AI pilot software flying uncrewed aircraft on combat-relevant missions.
Research →Saronic
Autonomous surface vessels built for high-rate production as the Navy rearms at sea.
Research →Chaos Industries
Advanced radar and counter-UAS systems for a drone-saturated battlefield.
Research →Castelion
Low-cost hypersonic strike weapons built with commercial manufacturing methods.
Research →Allen Control Systems
Autonomous gun turrets pairing precision fire control with low-cost counter-UAS defense.
Research →Forterra
Autonomy software and kits turning military ground vehicles into uncrewed platforms.
Research →Firestorm Labs
Additively manufactured combat drones produced at the point of need.
Research →How to get exposure
Two ways in.
America 2030
Get diversified exposure
Gain exposure to Defense alongside the other five America 2030 sectors, Energy, AI Infrastructure, Robotics, Critical Minerals, and Space, through a single allocation to America 2030, a series of IPO CLUB II LLC. This is the route open today.
Explore America 2030 →Single-Name SPVs
Back one company directly
When a defense allocation opens, members can take a concentrated position in a single company through a dedicated SPV. No defense single-name is open right now; members are notified inside the Data Room when one is.
Enter the Data Room →Coverage
The work behind the cards.
Also under coverage
Full research on every name under coverage lives in the Data Room.
FAQ
IPO CLUB gives accredited investors and qualified purchasers access to pre-IPO defense companies, including Anduril, Shield AI, Saronic, Chaos Industries, Castelion, Allen Control Systems, Forterra, and Firestorm Labs, through single-name SPVs or through America 2030, a diversified fund spanning six sectors. Becoming a member is free; the next step is registering interest inside the Data Room.
- Access is available through single-name SPVs (one company at a time) or America 2030 (diversified across six sectors).
- The current defense pipeline includes Anduril, Shield AI, Saronic, Chaos Industries, Castelion, Allen Control Systems, Forterra, and Firestorm Labs.
- Membership is free; live deal access requires accredited investor or qualified purchaser status.
Many of the fastest-growing defense technology companies remain private, including Anduril, Shield AI, Saronic, Chaos Industries, Castelion, Allen Control Systems, Forterra, and Firestorm Labs. None has filed for an IPO or trades on a public exchange as of July 2026.
- None of the eight defense companies IPO CLUB currently tracks has filed for an IPO.
- All eight trade only in private markets and secondary transactions.
- Company-by-company detail, including latest valuation and funding, is on each deal page.
Anduril has not filed for an IPO and has no confirmed listing date. Founder Palmer Luckey has said the company will go public, but only after proving it can manufacture at scale, and CEO Brian Schimpf has cautioned against listing during a market hype cycle. As of July 2026, an IPO is planned but not scheduled. See the Anduril deal page for the latest on funding, valuation, and IPO signals.
- No IPO has been filed and no listing date is confirmed.
- Founder Palmer Luckey has confirmed Anduril will go public, after proving it can manufacture at scale.
- CEO Brian Schimpf has cautioned against listing during a market hype cycle (July 2026).
A single-name SPV gives investors concentrated exposure to one company, such as Anduril or Shield AI, so the outcome depends entirely on that company. America 2030 spreads exposure across many companies in Defense and five other sectors, Energy, AI Infrastructure, Robotics, Critical Minerals, and Space, trading concentration for diversification.
- Single-name SPVs concentrate risk and return in one company.
- America 2030 spreads exposure across Defense and five other sectors.
- Neither approach removes the underlying illiquidity and loss risk of private investing.
Pre-IPO investments are speculative, illiquid, and involve the risk of total loss. Defense companies carry added exposure to government contract cycles and procurement timing, and elevated valuations after rapid funding rounds. These investments are suitable only for accredited investors and qualified purchasers who can bear a complete loss of capital.
- Pre-IPO investments are speculative, illiquid, and can result in total loss.
- Defense companies carry added exposure to government contract and procurement cycles.
- Suitable only for accredited investors and qualified purchasers who can bear a complete loss.
There is no single answer. Valuations for the largest defense tech names have risen sharply. Anduril moved from a $14 billion valuation in August 2024 to $61 billion by mid-2026, more than quadrupling in under two years. Some investors see this as justified by revenue growth and contract wins; others see it as a sign of froth. IPO CLUB underwrites each opportunity on its own valuation, entry price, and risk, rather than assuming the sector as a whole is either cheap or expensive.
- Anduril's valuation rose from $14B (Aug 2024) to $61B (mid-2026), more than 4x in under two years.
- Valuation growth outpacing revenue growth in some names is a froth concern for some investors.
- IPO CLUB underwrites each opportunity on its own valuation, entry price, and risk.
America 2030 has a minimum investment of $50,000. Minimums for single-name SPVs vary by deal, depending on availability and secondary supply at the time, and are confirmed inside the Data Room for each live allocation.
- America 2030 minimum investment: $50,000.
- Single-name SPV minimums vary by deal and are confirmed inside the Data Room.
- Availability is subject to secondary supply at the time of investment.
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