Hadrian has raised $1.37 billion in a Series D round at a stated $7.87 billion valuation, led by WCM Investment Management, Washington Harbour Partners, Valor Equity Partners, 137 Ventures and Bail…
The round more than quadruples the company's valuation from about $1.6 billion at its Series C roughly a year earlier, and takes total capital raised past $2 billion by PitchBook's estimate.
Hadrian builds automated factories that mass-produce precision parts for existing defence platforms, positioning manufacturing capacity, rather than a weapon, as the strategic asset.
At an estimated $30 million in 2024 revenue, the valuation implies a multiple of roughly 260 times sales, which assumes a capital-intensive factory rollout executed almost flawlessly.
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