05/28/2026
According to the Silicon Valley Defense Group's 2025 NatSec100, the top 100 venture-backed defense companies have raised $70.1B in private capital – but secured only $28B in federal awards.
That $42B gap isn't just a funding issue. It's a structural one.
The DoD has created more pathways for innovation. Investors see a booming market. Defense tech companies are winning prototypes and moving fast. But many are still burning cash while waiting for production revenue that arrives far later than expected – if it arrives at all.
Same ecosystem. Fundamentally different expectations of what success looks like.
We put together a short guide unpacking:
▪️ What's driving the disconnect
▪️ Why prototype wins don't guarantee scalable revenue
▪️ What leaders should be doing now to avoid becoming part of the gap
With the 2026 NatSec100 now out, we're already working on Part 2 – analyzing what changed, who moved, and what it means for BD and capture teams.
Get the report → https://lnkd.in/gF_me25n
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