Uforce's $700 Million Series A Values a Drone Maker at $6 Billion, Up From a $1 Billion Seed in March

Uforce, the London-headquartered drone maker built from Ukrainian manufacturers, announced a $700 million Series A at a $6 billion valuation on November 12. The release does not say whether $6 billion is pre-money or post-money, and it gives no bookings or revenue figure, so the number that will travel is also the one with the least behind it.

The round is co-led by Valor Equity Partners and the UK National Wealth Fund, according to the company's PR Newswire release. The U.S.-Ukraine Reconstruction Investment Fund (URIF) also takes part. The release is the primary source for the investor list; the cheque sizes come from elsewhere.

What the $700 million round contains

Tech Funding News, citing Bloomberg, reports that the National Wealth Fund put in $150 million, its largest defence investment. The release does not disclose the amount. If that figure is right, the fund supplied about 21% of the round. If $6 billion is post-money, the whole $700 million buys about 11.7% of the company, and the fund's share of that is roughly 2.5%.

Stage	Date	Amount	Valuation
Seed	March 2026	$50 million	just over $1 billion
Talks, not closed	September 7, 2026	about $500 million (Bloomberg, via TNW)	about $5 billion
Series A	November 12, 2026	$700 million	$6 billion

Tech Funding News closes by calling the valuation eight times the March price. Its own inputs do not support that: $6 billion over "just over $1 billion" is six times or less. The September talks were reported by TNW as a round that "has not closed and the terms could change". It closed 40% larger than the figure in those talks.

Who is on the cap table, and who is not leading

Existing investors Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes. New money comes from Menlo Ventures, Xantium and Hiro Capital. Lakestar and Shield Capital led the March seed; neither co-leads this round, which went to a Valor partner's firm and a state fund. General Christopher Cavoli, the retired NATO Supreme Allied Commander Europe and a Valor partner, joins the board.

Valor is run by Antonio Gracias, who sits on SpaceX's board, according to TNW.

What the operating claims are worth

The release says the Magura family of uncrewed surface vessels has contributed to the destruction of more than a dozen Russian warships, and that Nemesis Class 1 aircraft have flown more than 300,000 combat flights across more than 100 units. These are company claims. TNW reported in September a company figure of more than 150,000 combat missions since 2022; the release counts flights, and does not explain how the unit differs.

On money, Tech Funding News relays that chief executive Oleg Rogynskyy told CNBC bookings more than doubled over the past year from a base of "several hundred million dollars". He did not give exact figures or name customers beyond saying Uforce works with several NATO countries. Bookings are orders, not revenue, and a doubling from an unstated base cannot be turned into a multiple.

For scale, Tech Funding News lists three peers: Helsing raised $1.8 billion at $18 billion in July, Quantum Systems $1.2 billion at about $8 billion in July, and Stark about €500 million at above €3.5 billion in June. Uforce is the UK's most valuable defence startup, per Bloomberg. Its Ukrainian combat record is the differentiator, and it is also the part no outside party has audited. Elsewhere on the battlefield-hardware beat, Starshield terminals in Ukraine show how little of the performance data in this sector is public, and Agility's listing showed how far conditional orders can sit from revenue.

What to watch next

Uforce is a UK company, so allotment returns at Companies House would show how much of the $700 million has been paid in cash and at what share price. Until one is filed, $700 million is the announced figure, and the amount closed is unverified.