Castelion Raises $1B to Scale Hypersonic Missile Production

Castelion, a four-year-old defense-tech startup, closed a Series C of more than $1 billion ($800 million in equity and a $250 million revolving credit facility) at a $13 billion valuation to expand Blackbeard hypersonic missile production in New Mexico and hasten development of a broader offensive/defensive weapons portfolio. Led by JPMorgan Chase, Andreessen Horowitz and Carlyle, the round follows prior Navy contracts and signals a push for higher-rate, lower-cost missiles, with Blackbeard targeting initial fielding in 2027, a planned 500 missiles annually under a two-year framework, and a unit price near $384,000.