Castelion is Scaling Production of Low-Cost Hypersonic Weapons with New Funding

Castelion, restoring America’s ability to field advanced weapons at speed and scale, led by Bryon Hargis, Sean Pitt, and Andrew Kreitz, has announced a $1 billion Series C fundraise to accelerate the scaled production of Blackbeard, Castelion’s first low-cost, mass-producible hypersonic strike missile, while expanding the company’s product portfolio to longer-range strike weapons and defensive systems. 

The Series C round is a combination of $800 million in equity financing and $250 million in committed financing for a revolving credit facility. The equity financing was co-led by JPMorganChase’s Strategic Investment Group, part of the firm’s Security and Resiliency Initiative, Andreessen Horowitz, and funds managed by global investment firm Carlyle (NASDAQ: CG). Lightspeed Venture Partners, Lavrock Ventures, Altimeter, General Catalyst, and Interlagos joined new investor T. Rowe Price Associates, Inc (an account advised by T. Rowe Price Associates, Inc.) in investing in the fundraise. The round values Castelion at $13 billion.  

Castelion has secured more than $500 million in U.S. military contracts over the past 18 months and took Blackbeard from a clean sheet to program of record in under four years, with fielding targeted for 2027.  

Castelion co-founder and CEO Bryon Hargis said the company’s latest funding will accelerate production of Blackbeard, its weapons system, as part of a broader push to strengthen U.S. defense manufacturing. He highlighted the role of private capital and government collaboration in scaling domestic production.

JPMorganChase’s Todd Combs said Castelion is helping strengthen the U.S. defense industrial base by bringing greater speed, manufacturing capacity, and scalability to next-generation defense technologies. He added that the investment supports more affordable solutions and innovation tied to long-term national and economic security.

Andreessen Horowitz General Partner Katherine Boyle said the firm backed Castelion early because of its ambition to build defense systems faster and at lower cost than traditional approaches.

Four years later, Castelion has a factory in New Mexico and a production agreement with the Department of War, highlighting American Dynamism’s belief that strong teams can tackle complex physical challenges and strengthen critical infrastructure.

Carlyle Managing Director Aaron Hurwitz described Castelion as a critical national security asset, citing its work on next-generation defense technology and efforts to strengthen the U.S. defense industrial base. He added that Carlyle will support the company as it accelerates development and expands production capacity.

Since its founding, Castelion has progressed from early development to flight testing, operational integration, and building dedicated high-rate production capabilities. The new capital will accelerate three priorities:

• Expanding Blackbeard production: Castelion plans to significantly increase manufacturing capacity at its 1,000-acre Project Ranger campus in New Mexico, already the largest dedicated hypersonic missile manufacturing facility in the U.S. The company has committed more than $250 million in infrastructure spending and plans to invest hundreds of millions more.

• Developing longer-range strike systems: Castelion is accelerating development of a longer-range precision strike weapon that builds on technologies, components, and manufacturing methods developed for Blackbeard. The goal is to deliver a lower-cost system that can be produced at higher volumes.

• Developing defensive systems: Castelion is applying the technologies and rapid manufacturing approach developed for Blackbeard to air and missile defense, targeting lower costs, higher production rates, and greater magazine depth.

Lightspeed Venture Partners co-founder Ravi Mhatre said Castelion has progressed rapidly since its Series A, moving from pre-flight development to producing its own propellant in New Mexico and delivering hardware to U.S. military services. He said the company’s ability to turn capital into physical production has driven Lightspeed’s continued investment.

Lavrock Ventures Partner Alex Poulin said Castelion has grown from a pre-seed idea into a program of record in under four years, with strong production demand signaling rapid adoption. He added that Lavrock will continue supporting the company as it scales Blackbeard and develops new systems.

Altimeter Partner Erik Kriessmann said Castelion has built strong credibility by demonstrating technology that can deliver an asymmetric advantage while being produced quickly, affordably, and at scale. He highlighted the company’s flight-tested hardware and growing production capacity, calling the opportunity ahead significant.

T. Rowe Price Associates’ Emma Norchet said Castelion has strong fundamentals, including existing contracts, a company-funded manufacturing campus, and improving unit economics as production scales. She described these as unusual strengths for a company that has yet to reach the public markets.

General Catalyst Partner Alexa Liautaud said effective deterrence will depend on companies capable of rapidly manufacturing advanced technologies while attracting top talent. She highlighted Castelion’s approach to developing and producing hypersonic systems and said General Catalyst will continue supporting the company.

Interlagos Capital Chairman and Founding Partner Tom Ochinero said Castelion is pushing the boundaries of U.S. defense manufacturing, with the capability to produce thousands of hypersonic weapons annually. He described the company’s $1 billion Series C as part of a broader shift in American defense production.

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