Abelian Security Council ABELIAN Security Council
Issue·Apr 2026·Public sources·Published monthly

Apr 2026 Pulse

Eighteen events, fifteen of them financings, under True Anomaly’s $650M Series D for space-based interceptors; four $100M-plus rounds went to companies new to the tape.

18
Events
≥$1.86B
Disclosed floor
15
Disclosed of 18
3
M&A events
01

Apr 2026 in brief.

Eighteen events with a ≥$1.86B floor — a high count on a modest base, like February. True Anomaly’s $650M Series D (Eclipse, Riot; $600M of it equity) for Jackal spacecraft and space-based interceptors was the month’s only round above $350M and the first Golden Dome-framed financing at that size. Hermeus raised $350M (Khosla) for high-Mach unmanned aircraft; Cambridge Aerospace’s $200M Series B (Elad Gil, Spark) brought UK mass-produced interceptors onto the tape; Starfish Space ($110M, Point72) and Turion Space ($75M, Washington Harbour) funded on-orbit servicing and space-domain-awareness spacecraft; Skydio’s $110M Series F valued the drone maker at $4.4B. Scout AI’s $100M Series A (Align, Draper) for an unmanned-warfare foundation model was the largest first round of the month. Lockheed Martin put a $25M strategic tranche into Fortem (kinetic counter-UAS). The three acquisitions — Godspeed’s GALT Aerospace platform, Acorn’s MTI Aviation and Avem’s PAMCO — were all sponsor platform deals on undisclosed terms.

April’s signal is layered air-and-space defense reaching the startup tier: True Anomaly (space-based interceptors), Cambridge Aerospace (mass-produced interceptors), Fortem (kinetic counter-UAS) and Turion (space domain awareness) are four layers of the same architecture, funded in one month. Space also had a rare servicing-and-mobility cluster (Starfish, Turion, Portal Space Systems) worth watching for consolidation. Three undisclosed sponsor platforms in aerospace components and MRO continue the mid-market pattern — none printed a price, so April’s real volume is higher than the floor suggests.

02

Activity vs each domain’s own baseline.

Each cell is the number of publicly announced deals in that domain and month. Color compares the month with that domain’s own average over the months shown — not a scale shared across domains — so a dark cell in a small domain means “busy for that domain”, not “large in dollars”. Domains with fewer than 12 events in the window are shown in gray without color. Absolute totals across all 24 months are on the archive home.

DomainMay 25Jun 25Jul 25Aug 25Sep 25Oct 25Nov 25Dec 25Jan 26Feb 26Mar 26Apr 2612-mo deals12-mo disclosed $Last 3 mo vs prior 3
Missiles, Munitions & Missile Defense21––111123–315≥$2.75B6 vs 4
Autonomous Systems & Robotics52532451233439≥$8.69B10 vs 8
Space & Launch44132225254337≥$11.04B12 vs 9
C4ISR, EW & Sensing423–1112–11218≥$6.46B4 vs 3
Cyber & Intelligence21––1–1–21–19≥$838.5M2 vs 3
AI, Compute & Defense Software55211–––2–1118≥$2.4B2 vs 2
Platforms: Air, Land & Maritime––3–––––21–17≥$5.88B2 vs 2
Defense Manufacturing & Industrial Base1133––31322221≥$6.12B6 vs 7
Logistics, Sustainment & Training5141––––211116≥$320.7M3 vs 2
Acquisition, Budget & National Security Policy11–––1–––1––4≥$177.4M1 vs 0
Other / critical technologies–11–––11––1–5≥$1.31B1 vs 2
nonewell belowbelownearabovewell abovetoo few events to color
03

Top deals.

DateCompanyEventAmountInvestors / AcquirerDomain
2026-04-28True AnomalyF-D+$650MEclipse; Riot VenturesMissiles, Munitions & Missile DefenseSource
2026-04-07HermeusF-C$350MKhosla VenturesPlatforms: Air, Land & MaritimeSource
2026-04-15Cambridge AerospaceF-B$200MElad Gil & Co; Spark CapitalMissiles, Munitions & Missile DefenseSource
2026-04-07Starfish SpaceF-B$110MPoint72 Ventures; Activate Capital; Shield CapitalSpace & LaunchSource
2026-04-23SkydioF-GROWTH$110M—Autonomous Systems & RoboticsSource
2026-04-29Scout AIF-A$100MAlign Ventures; Draper AssociatesAI, Compute & Defense SoftwareSource
2026-04-29Firestorm LabsF-B$82MWashington Harbour PartnersAutonomous Systems & RoboticsSource
2026-04-15Turion SpaceF-B$75MWashington Harbour PartnersSpace & LaunchSource
2026-04-09Portal Space SystemsF-A$50MGeodesic Capital; Mach33Space & LaunchSource
2026-04-16UlyssesF-A$38MAndreessen Horowitz (American Dynamism)Autonomous Systems & RoboticsSource

Notable undisclosed

  • PAMCO (Precision Aircraft Machining Company) · M-PE-PLATFORM · 2026-04-21 · Avem Partners · SourceSun Valley, CA (founded 1980) manufacturer of source-controlled fluid conveyance fittings for aerospace, defense, and space OEMs/Tier-1s.
  • MTI Aviation · M-PE-PLATFORM · 2026-04-20 · Acorn Capital Management · SourceOpa-Locka, FL provider of repair/overhaul and parts distribution focused on electro-mechanical, hydraulics, pneumatics, and power-gen components; customer base primarily commercial airlines/MRO/distributors.
  • GALT Aerospace · M-PE-PLATFORM · 2026-04-01 · Godspeed Capital · SourceAirborne C3 / command-control-communications solutions for multi-domain ops.
04

Movers.

We flag a domain only when its last three months differ from the prior three by 30% or more and it has at least 36 events in the trailing 12 months. Smaller samples stay as raw counts on the heat map; we never quote month-over-month percentages.

  • Space & Launch: 12 events in the last three months vs 9 in the prior three (+33%); 3 events this month against a 12-month average of 3.1.
06

Apr activity by domain.

A full section (narrative and table) for any domain with five or more events this month; a compact list otherwise. Each event has one primary domain: the market the money is buying.

01

Missiles, Munitions & Missile Defense

3 events · disclosed floor ≥$875M (3 disclosed of 3)

  • 2026-04-28 True Anomaly · F-D+ · $650M · Eclipse; Riot Ventures · Source
  • 2026-04-22 Fortem Technologies · F-STRATEGIC · $25M · Lockheed Martin · Source
  • 2026-04-15 Cambridge Aerospace · F-B · $200M · Elad Gil & Co; Spark Capital · Source
02

Autonomous Systems & Robotics

4 events · disclosed floor ≥$246.5M (4 disclosed of 4)

  • 2026-04-29 Firestorm Labs · F-B · $82M · Washington Harbour Partners · Source
  • 2026-04-23 Skydio · F-GROWTH · $110M · — · Source
  • 2026-04-16 Ulysses · F-A · $38M · Andreessen Horowitz (American Dynamism) · Source
  • 2026-04-14 Kelluu · F-A · $16.5M · NATO Innovation Fund · Source
03

Space & Launch

3 events · disclosed floor ≥$235M (3 disclosed of 3)

  • 2026-04-15 Turion Space · F-B · $75M · Washington Harbour Partners · Source
  • 2026-04-09 Portal Space Systems · F-A · $50M · Geodesic Capital; Mach33 · Source
  • 2026-04-07 Starfish Space · F-B · $110M · Point72 Ventures; Activate Capital; Shield Capital · Source
04

C4ISR, EW & Sensing

2 events · disclosed floor ≥$15M (1 disclosed of 2)

  • 2026-04-13 Citra Space · F-A · $15M · Washington Harbour Partners · Source
  • 2026-04-01 GALT Aerospace · M-PE-PLATFORM · Undisclosed · Godspeed Capital · Source
05

Cyber & Intelligence

1 event · disclosed floor ≥$17.5M (1 disclosed of 1)

  • 2026-04-23 Rilian · F-SEED · $17.5M · 8VC; First In; Tamarack Global · Source
06

AI, Compute & Defense Software

1 event · disclosed floor ≥$100M (1 disclosed of 1)

  • 2026-04-29 Scout AI · F-A · $100M · Align Ventures; Draper Associates · Source
07

Platforms: Air, Land & Maritime

1 event · disclosed floor ≥$350M (1 disclosed of 1)

  • 2026-04-07 Hermeus · F-C · $350M · Khosla Ventures · Source
08

Defense Manufacturing & Industrial Base

2 events · disclosed floor ≥$25M (1 disclosed of 2)

  • 2026-04-21 PAMCO (Precision Aircraft Machining Company) · M-PE-PLATFORM · Undisclosed · Avem Partners · Source
  • 2026-04-09 Hybron Technologies · F-SEED · $25M · Marque Ventures · Source
09

Logistics, Sustainment & Training

1 event · disclosed floor — (0 disclosed of 1)

  • 2026-04-20 MTI Aviation · M-PE-PLATFORM · Undisclosed · Acorn Capital Management · Source
10

Acquisition, Budget & National Security Policy

No events in the issue month.

07

Deal table, method and definitions.

Issue deal table

IDDateStatusCompanyTypeAmountDomain
PULSE-202604-02062026-04-29closedScout AIF-A$100MAI, Compute & Defense SoftwareSource
PULSE-202604-02022026-04-29closedFirestorm LabsF-B$82MAutonomous Systems & RoboticsSource
PULSE-202604-02012026-04-28closedTrue AnomalyF-D+$650MMissiles, Munitions & Missile DefenseSource
PULSE-202604-02052026-04-23closedRilianF-SEED$17.5MCyber & IntelligenceSource
PULSE-202604-02002026-04-23announcedSkydioF-GROWTH$110MAutonomous Systems & RoboticsSource
PULSE-202604-01992026-04-22closedFortem TechnologiesF-STRATEGIC$25MMissiles, Munitions & Missile DefenseSource
PULSE-202604-02092026-04-21closedPAMCO (Precision Aircraft Machining Company)M-PE-PLATFORMUndisclosedDefense Manufacturing & Industrial BaseSource
PULSE-202604-02082026-04-20announcedMTI AviationM-PE-PLATFORMUndisclosedLogistics, Sustainment & TrainingSource
PULSE-202604-02112026-04-16closedUlyssesF-A$38MAutonomous Systems & RoboticsSource
PULSE-202604-02032026-04-15closedTurion SpaceF-B$75MSpace & LaunchSource
PULSE-202604-01982026-04-15closedCambridge AerospaceF-B$200MMissiles, Munitions & Missile DefenseSource
PULSE-202604-01972026-04-14closedKelluuF-A$16.5MAutonomous Systems & RoboticsSource
PULSE-202604-02122026-04-13closedCitra SpaceF-A$15MC4ISR, EW & SensingSource
PULSE-202604-02072026-04-09closedHybron TechnologiesF-SEED$25MDefense Manufacturing & Industrial BaseSource
PULSE-202604-02042026-04-09closedPortal Space SystemsF-A$50MSpace & LaunchSource
PULSE-202604-02102026-04-07closedStarfish SpaceF-B$110MSpace & LaunchSource
PULSE-202604-01962026-04-07closedHermeusF-C$350MPlatforms: Air, Land & MaritimeSource
PULSE-202604-01952026-04-01closedGALT AerospaceM-PE-PLATFORMUndisclosedC4ISR, EW & SensingSource

Method & coverage

Public sources only · Issue window = first public announcement in Apr 2026 · 18 announced or closed events (F 15 · M 3 · P 0) · Disclosed floor ≥$1.86B across 15 of 18 (17% undisclosed) · Closings of deals first announced in an earlier month are not counted again here · Capital-supply items are sidebar-only and excluded from domain statistics · Heat-map colors use each domain’s own trailing-12-month baseline.

Event codes & terms

F-SEEDPre-seed or seed round
F-ASeries A
F-BSeries B
F-CSeries C
F-DSeries D
F-D+Series D or later (E, F, G …)
F-ESeries E
F-EXTExtension of an earlier round
F-GROWTHGrowth or late-stage round, series not stated
F-STRATEGICStrategic investment by a corporate
F-DEBTDebt or convertible financing
F-GOVGovernment equity or convertible investment
M-STRATEGICAcquisition by a strategic (corporate) buyer
M-PE-PLATFORMPrivate-equity platform acquisition
M-PE-ADDONPrivate-equity add-on acquisition
M-CARVEOUTCarve-out of a business unit
M-TAKEPRIVATETake-private of a listed company
M-OPTIONPurchase option — listed for context, excluded from counts
P-IPOInitial public offering
P-SPACSPAC business combination
P-DIRECTDirect listing
P-FOLLOWONFollow-on public offering
C-FUNDCLOSEFund close (sidebar only)
C-PROGRAMCapital program or policy item (sidebar only)
C-RAISEFund raise in progress (sidebar only)

Disclosed floor — the sum of publicly disclosed amounts only. Undisclosed deals add zero, so read every total as “at least”.

Announcement month — events are dated to their first public announcement. A close in a later month does not move the event.

Mission domain — the market the capital is buying: the investor’s thesis first, the product second. One primary domain per event.

Heat-map baseline — color compares a month’s count with the same domain’s average over the trailing 12 months shown. Grey means fewer than 12 events in the window, too few to color.

About ASC

Abelian Security Council (ASC) gives clients in defense, national security and critical technologies direct, compliant access to the people who researched, designed, built, evaluated, bought, deployed and competed with the systems they are underwriting. Pulse is the public layer of that work: a curated tape of announced financings, acquisitions and listings, compiled from public sources and published monthly. Clients can schedule a call with Owen Davies, ASC’s Chief Executive. Members can apply to join.

Disclaimer

Compiled from public sources as of 2026-09-11. Amounts as reported; undisclosed amounts are excluded from totals. Figures may be restated as better primary sources appear. Nothing in this document is investment advice, an offer, or a solicitation.