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● TRACKER Updated 5d ago · 6 sources tracked

Secretive defense startup Covenant emerges from stealth with $250 million at over $1 billion valuation

Covenant, a defense startup backed by Peter Thiel and Andreessen Horowitz, has exited stealth mode to produce low-cost cruise missiles. The company raised $250 million at a valuation exceeding $1 billion. Covenant has opened a missile factory in the United States and plans to expand mass production of deep strike missiles into Europe. The firm aims to address current U.S. missile shortages by deploying factories capable of producing 1,000 missiles each next year, with a long-term scaling target of 5,000 missiles annually.

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  • ✓ Covenant is backed by Peter Thiel and Andreessen Horowitz.
  • ✓ The company raised $250 million at a valuation of over $1 billion.
  • ✓ Covenant is producing low-cost cruise missiles.
  • ✓ The startup has opened a missile factory in the United States.
🛡️ Source Corroboration: 6 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Covenant revealed its funding totals, valuation, and specific production targets for next year.

Live updates

  1. Defense Startup Covenant Exits Stealth with $1 Billion Valuation

    Covenant, a defense startup backed by Peter Thiel and Andreessen Horowitz, has exited stealth mode to produce low-cost cruise missiles. The company raised $250 million at a valuation exceeding $1 billion. Covenant has opened a missile factory in the United States and plans to expand mass production of deep strike missiles into Europe. The firm aims to address current U.S. missile shortages by deploying factories capable of producing 1,000 missiles each next year, with a long-term scaling target of 5,000 missiles annually.

    Why it matters

    The U.S. is currently rebuilding its arsenal amid a shortage of munitions. Covenant enters the market by focusing on mass-producible, inexpensive hardware to replace traditional high-cost defense procurement.

    What is confirmed

    • Covenant is backed by Peter Thiel and Andreessen Horowitz.
    • The company raised $250 million at a valuation of over $1 billion.
    • Covenant is producing low-cost cruise missiles.
    • The startup has opened a missile factory in the United States.

    Still unconfirmed

    • Covenant factories will produce 1,000 missiles each next year with a goal of 5,000 annually.
    • The company intends to mass-produce deep strike missiles in Europe.

    What to watch next

    • Verification of the first 1,000 missiles produced next year
    • Official announcements regarding European factory locations
    • Government procurement contracts for Covenant cruise missiles
    Sources used for this update (6)
    1. CNBC — Andreessen- and Thiel-backed defense startup opens U.S. missile factory as it exits stealth
    2. Financial Times — Thiel-backed start-up to mass-produce ‘deep strike’ missiles in Europe and US
    3. Reuters — Silicon Valley-backed Covenant unveils low-cost, mass-producible cruise missile
    4. The Washington Post — Peter Thiel-backed firm to make low-cost missiles amid U.S. shortage
    5. calcalistech.com — Secretive defense startup Covenant emerges from stealth with $250 million at over $1 billion valuation
    6. finance.yahoo.com — Thiel, Andreessen-backed Defense Startup Promises Cheap Missiles as US Rebuilds Arsenal
    confidence 90%
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