Company · Robotics
Shield AI revenue, valuation & funding
Shield AI announced a $1B Series H at a $28.8B post-money valuation in November 2026. Sacra estimates it made about $300M in revenue in the year ending March 2025. It's private, with no stock ticker and no stated IPO plan.
At a glance
- Valuation: $28.8B post-money, from the $1B Series H it announced in November 2026.
- Revenue: about $300M for the year ending March 2025, an estimate by Sacra. Shield publishes no audited results.
- Status: private. No stock ticker. No IPO plan has been stated.
- Founded: 2015 in San Diego, California, by Brandon Tseng, Ryan Tseng and Andrew Reiter.
- CEO: Gary Steele, a former Splunk CEO, named to the role in March 2025.
- Investors: Advent, Disruptive, Innovation X Capital, JPMorganChase, Blackstone funds, Snowpoint Ventures and Riot Ventures, among others.
- Products: Hivemind autonomy software, Aechelon simulation, and the V-BAT and X-BAT aircraft.
- Employees: 1,000 in 2025, by the company's count.
- On Real Alpha: 5 moments of its people talking, from 1 interview.
Is Shield AI public? Can you buy its stock?
No. Shield AI is a private company, and TipRanks notes it has no publicly traded stock. Its shares don't trade on any exchange, and it has no ticker symbol.
Its executives haven't said when it might go public, and no IPO filing has been announced. CEO Gary Steele spoke at Bloomberg Tech in London on November 3, 2026. TipRanks reported he expects Shield to raise more than $1B early in 2027. He said the money would fund production of the X-BAT jet. No valuation was given for that raise.
Two days later Shield announced a $1B Series H at a $28.8B post-money valuation, according to the company. For now its shares are held by its founders and investors. Recent backers include Advent, Disruptive, Innovation X Capital, JPMorganChase and funds managed by Blackstone. This page reports facts and gives no investment advice.
Valuation, round by round
Shield AI's valuation went from $2.3B in June 2022 to $28.8B in November 2026, more than twelve times in about four years.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Nov 2026 | $28.8B | $1B | Disruptive and Innovation X Capital (co-leads) | Shield AI (company press release) |
| Mar 2026 | $12.7B | $1.5B | Advent International, co-led by JPMorganChase's Security and Resiliency Initiative | Shield AI (company press release) |
| Mar 2025 | $5.3B | $240M | — | PR Newswire (Shield AI press release) |
| Oct 2023 | $2.7B | $200M | U.S. Innovative Technology Fund (USIT), co-led by Riot Ventures | Shield AI (company press release) |
| Jun 2022 | $2.3B | $165M | — | TechCrunch |
Sacra estimates the March 2025 round was extended by $300M, lifting its valuation to $5.6B, but no primary report confirms it. Gary Steele also said in November 2026 that Shield will likely raise more than $1B early in 2027, with no valuation given.
Revenue
Shield AI doesn't publish results. Sacra estimates it made about $300M in the year ending March 2025, up from $267M in 2024.
| Date | Figure | Basis | Source |
|---|---|---|---|
| Mar 2025 | $300M | Estimate | Sacra |
Shield said in November 2026 that it expects triple-digit revenue growth this fiscal year, without a figure. Sacra reports an earlier company forecast of at least $540M for 2026 and a $1B target for the year ending March 2028.
How Shield AI makes money
Shield sells to defense customers through three business units, it says. They are autonomy software, autonomous systems and mission systems. CEO Gary Steele calls them "fast-growing, high-margin, mutually supporting business units." The company hasn't disclosed any profit figures.
- Aircraft sales and operations. Sacra estimates Shield sells the V-BAT at about $1M per unit. It also works as a contractor that operates V-BATs for customers. Sacra
- Software. Sacra estimates Hivemind made up about 30% of revenue in the 12 months ending March 2025. Sacra says the company targets 50% software revenue by 2028. Sacra
- Service contracts. Sacra says Shield holds a $198M US Coast Guard contract for V-BAT surveillance services. Sacra
- Mission systems. Radars from Echodyne, which Shield agreed to buy in November 2026, would join this unit. Shield AI's site
From Shield AI's interviews
- 1:13:20 Shield AI moved beyond a small quadcopter marketBrandon Tseng · The Shawn Ryan Show · Oct 2025
- 1:40:38 Shield AI can integrate an AI pilot with three engineers in three monthsBrandon Tseng · The Shawn Ryan Show · Oct 2025
Products
- Hivemind, its autonomy software, an AI pilot that can be put on different aircraft. Sacra says it has been piloted across 26 classes of vehicles. Sacra
- V-BAT, a drone that takes off and lands vertically. Shield introduced it after buying Martin UAV in 2021, per Sacra. Sacra
- X-BAT (unveiled October 22, 2025). An AI-piloted fighter jet that takes off and lands vertically, built for expeditionary and maritime operations. Shield AI's site
- Aechelon, simulation for training and testing. Shield completed its purchase of Aechelon Technology on June 22, 2026. Yahoo Finance (Business Wire)
- Echodyne radars (pending). Shield agreed in November 2026 to buy Echodyne in a deal valued at $5.3B. Closing is expected in early 2027. Shield AI (company press release)
- Nova, an autonomous quadcopter drone. Wikipedia says Shield developed it in 2015, alongside Hivemind. Wikipedia
From Shield AI's interviews
- 1:51:22 X-BAT aims to deliver fighter capability without runwaysBrandon Tseng · The Shawn Ryan Show · Oct 2025
- 1:15:48 Autonomous systems learn through simulation and rewardBrandon Tseng · The Shawn Ryan Show · Oct 2025
Customers
Shield's named customers are US military services. Sacra says it also works with eight of the military's 25 main contractors. The company hasn't published a dated customer count.
- US Coast Guard. V-BAT 5.3 finished Coast Guard operational testing in July 2025, under a $198M services contract, per Sacra. Sacra
- US Air Force. Hivemind was selected in February 2026 for the Collaborative Combat Aircraft prototype program, working with Anduril's Fury jet. TechCrunch
From Shield AI's interviews
- 6:15 V-BAT supported a major Caribbean drug interdictionBrandon Tseng · The Shawn Ryan Show · Oct 2025
Leadership
- Gary Steele, CEO. Shield named the former Splunk CEO in March 2025, and he took over on May 13. Breaking Defense
- Brandon Tseng, co-founder and president. He is a former Navy SEAL. Shield AI (company press release)
- Ryan Tseng, co-founder, president and chief strategy officer. He was CEO until 2025. Shield AI's site
- Andrew Reiter, co-founder. He leads State Estimation for the V-BAT platform. Shield AI's site
- Nathan Michael, chief technology officer. Shield AI's site
- Kingsley Afemikhe, chief financial officer. Shield AI's site
- Frank Dimina, chief revenue officer. Shield AI's site
- Michael Yang, chief legal officer and corporate secretary. Shield AI's site
- Armor Harris, senior vice president of aircraft, as of October 2025. Shield AI's site
Who owns Shield AI?
Its founders and investors. As a private company Shield doesn't publish who holds what, and no stakes have been disclosed.
Funds managed by Blackstone put $500M of preferred equity into Shield in March 2026, the company said.
- Disruptive and Innovation X Capital co-led the $1B Series H in November 2026. Advent, Snowpoint Ventures, Apandion and Center15 Capital also took part. Shield AI (company press release)
- Advent led the March 2026 Series G. Its chairman, David Mussafer, joined Shield's board. Shield AI (company press release)
- JPMorganChase co-led the Series G through its Strategic Investment Group. Shield AI (company press release)
- Blackstone funds are making a $1B structured equity investment toward the Echodyne deal, announced in November 2026. Shield AI (company press release)
- U.S. Innovative Technology Fund and Riot Ventures led the $200M Series F in October 2023. ARK Invest took part. Shield AI (company press release)
- Earlier investors include Homebrew, Point72 Ventures, Andreessen Horowitz, Breyer Capital, SVB Capital and Bloomberg Beta, per Sacra. Booz Allen made its largest corporate venture investment in Shield. Sacra
Competitors
TechCrunch calls Anduril a competitor. Sacra also names large defense contractors. The two startups have worked together too. Hivemind was picked in February 2026 to fly with Anduril's Fury jet in an Air Force program.
- Anduril, an AI-first defense startup that builds the Fury autonomous fighter jet. TechCrunch
- Boeing, Lockheed Martin and Raytheon, large defense contractors that Sacra names as key competition. TechCrunch
Timeline and latest news
From its founding to the latest reports, newest first.
- Nov 5, 2026Latest
Announced a $1B Series H at a $28.8B post-money valuation. Shield AI (company press release) - Nov 5, 2026Latest
Agreed to buy radar maker Echodyne in a deal valued at $5.3B. Shield AI (company press release) - Nov 3, 2026Latest
Gary Steele said Shield will likely raise more than $1B early in 2027 for X-BAT production. TipRanks (citing Bloomberg) - Sep 2026
Named Washington state as the production home for X-BAT. Shield AI's site - Jun 22, 2026
Completed its purchase of simulation company Aechelon. Yahoo Finance (Business Wire) - Mar 26, 2026
Announced a $1.5B Series G at a $12.7B post-money valuation, led by Advent. Shield AI (company press release) - Feb 2026
Hivemind was selected for the Air Force's Collaborative Combat Aircraft prototype program. TechCrunch - Oct 22, 2025
Unveiled X-BAT, an AI-piloted fighter jet that takes off vertically. Shield AI's site - Jul 2025
V-BAT 5.3 completed Coast Guard operational testing, per Sacra. Sacra - Apr 9, 2025
China added Shield AI to its unreliable entity list. Xinhua - Mar 12, 2025
Named former Splunk CEO Gary Steele as chief executive. Breaking Defense - Mar 6, 2025
Raised $240M at a $5.3B valuation. PR Newswire (Shield AI press release) - Apr 2024
A V-BAT injured a US Navy service member's hand. Wikipedia - Oct 31, 2023
Raised a $200M Series F at a $2.7B valuation. Shield AI (company press release) - Jun 9, 2022
Raised $165M at a $2.3B valuation. TechCrunch
Legal matters
Shield AI's legal matters on record involve a Chinese government listing, a 2024 drone injury and approvals for the Echodyne deal.
- China's commerce ministry added Shield AI, Inc. and five other US firms to its unreliable entity list, effective April 10, 2025. It cited military technology cooperation with Taiwan. Xinhua
- V-BAT injury. In April 2024 a V-BAT partially amputated three fingers of a US Navy service member, per Wikipedia. The member recovered completely, and flight restrictions followed. Wikipedia
- Echodyne approvals. The $5.3B purchase is subject to regulatory approvals, with closing expected in early 2027. Shield AI's site
In their own words, and what followed
What people said about the business, with the minute they said it, and what was reported after.
Brandon Tseng on The Shawn Ryan Show · Oct 23, 2025
“We're targeting $27.5 million per pop on it with a $6,000 per hour operating cost for the aircraft.”
1:51:22 X-BAT aims to deliver fighter capability without runways
Reported after
In September 2026 Shield named Washington state as the production home for X-BAT. Shield AI's site
Brandon Tseng on The Shawn Ryan Show · Oct 23, 2025
“we can now do, with a couple hundred thousand dollars, three engineers in three months”
1:40:38 Shield AI can integrate an AI pilot with three engineers in three months
Reported after
In February 2026 Hivemind was selected for the Air Force's Collaborative Combat Aircraft prototype program, flying with Anduril's Fury jet. TechCrunch
Brandon Tseng on The Shawn Ryan Show · Oct 23, 2025
“you basically give it a goal and then behaviors that you believe are positive, you reinforce those behaviors”
1:15:48 Autonomous systems learn through simulation and reward
Reported after
Shield completed its purchase of simulation company Aechelon in June 2026. Yahoo Finance (Business Wire)
Questions people ask
Is Shield AI a public company? Can I buy Shield AI stock?
No. Shield AI is private and has no ticker, so its shares aren't sold on any exchange.
When will Shield AI IPO?
It hasn't announced IPO plans or filed. CEO Gary Steele said in November 2026 it will likely raise more than $1B early in 2027, TipRanks reported.
Who owns Shield AI?
Its founders and investors, including Advent, Disruptive, Innovation X Capital, JPMorganChase, Blackstone funds and Snowpoint Ventures. Stakes haven't been disclosed.
Who is the CEO of Shield AI?
Gary Steele, a former Splunk CEO. Shield named him in March 2025, and co-founder Ryan Tseng moved to president.
Who founded Shield AI?
Brandon Tseng, his brother Ryan Tseng and Andrew Reiter, in San Diego in 2015.
How much is Shield AI worth?
$28.8B post-money, from the $1B Series H it announced in November 2026. It was valued at $12.7B in March 2026.
How much revenue does Shield AI make?
Sacra estimates about $300M for the year ending March 2025. Shield said in November 2026 it expects triple-digit growth this fiscal year.
Is Shield AI profitable?
It hasn't disclosed profit or loss figures. Gary Steele calls its business units high-margin, and Sacra says it targets margins closer to commercial tech companies.
How does Shield AI make money?
It sells and operates V-BAT drones, at about $1M per unit per Sacra. Sacra estimates Hivemind software made up about 30% of revenue in the year ending March 2025. 1:13:20
Who are Shield AI's customers?
US military services, including the Coast Guard and the Air Force. Sacra says it works with eight of the military's 25 main contractors. 6:15
Where is Shield AI headquartered?
San Diego, California.
Who are Shield AI's competitors?
Anduril, plus large defense contractors such as Boeing, Lockheed Martin and Raytheon.
Every moment from Shield AI's people
5 moments from 1 interview on 1 show, newest first. Each one plays from the minute it starts.
The Shawn Ryan Show · Oct 23, 2025 · 5 moments
Brandon Tseng – Shield AI’s X-BAT: The First AI Fighter Jet to Outsmart Top Gun | SRS #247
- 1:51:22 X-BAT aims to deliver fighter capability without runways 7 min
- 1:15:48 Autonomous systems learn through simulation and reward 5 min
- 1:40:38 Shield AI can integrate an AI pilot with three engineers in three months 3 min
- 1:13:20 Shield AI moved beyond a small quadcopter market 3 min
- 6:15 V-BAT supported a major Caribbean drug interdiction 2 min
People on Real Alpha
- Brandon Tseng, President & co-founder, Shield AI · 5 moments
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How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 6, 2026