Castelion, Muon Space complete Series C funding rounds

Castelion

This three-year-old maker of hypersonic strike missiles has completed a $1 billion Series C capital raise to aid its transition into scaled production of these weapons and efforts to expand the product portfolio.

For Castelion, this new financing round follows its $350 million Series C that closed in December and an 18-month period where the company has booked $500 million in U.S. military contracts.

JPMorgan Chase’s Strategic Investment Group, which is part of the banking giant’s Security and Resiliency Initiative, Andreesen Horowitz and The Carlyle Group acted as co-leads for the Castelion Series C equity financing. Lightspeed Venture Partners, Lavrock Ventures, Altimeter, General Catalyst and Interlagos joined new investor T. Rowe Price Associates in the raise.

Castelion now touts its valuation at around $13 billion following the Series C, which includes $800 million in equity capital and a $250 million revolving credit facility.

Castelion’s flagship system is the Blackbeard hypersonic missile, for which the Navy placed a $23.4 million firm-fixed-price order in June for 50 prototypes. In May, the Defense Department signed a testing-and-validation agreement with Castelion to lay down a framework for purchasing at least 500 Blackbeard missiles per year over up to five years.

The Pentagon’s pact with Castelion is part of a military-wide push to speed up the development and advancement of hypersonic weapons, which China and Russia have also prioritized. Hypersonics also depend on munitions, a segment of defense manufacturing under stress from conflicts in places like Ukraine and Russia.

In addition to Blackbeard, Castelion will use the newfound capital to speed up its work on a new precision strike weapon and systems for air and missile defense.

Bryon Hargis, Castelion’s chief executive and a co-founder, told CNBC in an interview aired Thursday described the company as “following the model of what the country used to do in the Apollo era.”

Muon Space

This five-year-old maker of small satellites has completed a $250 million Series C capital raise to aid its efforts at accelerating production of larger-scale constellations and expanding dual-use spacecraft.

For Muon, this new financing round follows its $146 million Series C round completed in the summer of 2025. Muon has launched seven satellites so far this year, a run that brings its total number of deployments to 11 satellites with plans for 13 more over the next 12 months.

Muon touts 50 customer satellites as currently in production and is pushing toward a production cadence of 500 birds per year. In addition to production, Muon also plans to use a portion of the newfound capital for investments in new capabilities such as orbital artificial intelligence computing.

Eclipse Capital led the Series C round for Muon in the same year that the investment firm also co-led True Anomaly’s $650 million Series D. Muon’s new investors include Galvanize, Google, Salesforce Ventures, Wellington Management, I Squared Capital and Woven Capital.

Existing investors returning to the fold for Muon include Radical Ventures, Congruent Ventures, Costanoa Ventures, Activate Capital, ACME Capital, ArcTern Ventures and Overlap Holdings.

Muon designs its satellites to operate in low-Earth orbit while collecting and distributing Earth intelligence data for government and commercial entities.

The company’s federal portfolio includes a second-stage contract with the National Reconnaissance Office, which they signed in May to aid the further development and eventual deployment of the Halo satellite.

Muon is also one of 14 companies involved in NASA’s Commercial Satellite Data Acquisition contract, which the agency uses to expand the availability of Earth observation data across scientific communities.