# REPORT: $12.3 Billion in Six Months — Silicon Valley Goes to War to Fund Tomorrow's Armies

> The first half of 2026 has written a number into defense industry history that will be debated for years: $12.3 billion in

- Author: Maxime Marquette
- Publisher: MadMax (https://mad-max.co)
- Section: Reportage
- Published: 2026-06-26
- Canonical URL: https://mad-max.co/en/article/reportage-12-3-milliards-en-six-mois-silicon-valley-en-guerre-finance-les-armees

## Introduction: venture capital has discovered war

### A record that changes everything

The first half of **2026** has written a number into defense industry history that will be debated for years: **$12.3 billion** in venture capital flowed into defense startups worldwide in just **six months**. That is nearly double the amount raised over the same period in **2025**. It is also more than the entirety of **fiscal year 2025**, which closed at **$9.95 billion**.

This striking figure, documented by **PitchBook** and amplified by the **Financial Times** via **Chosun Biz** on **June 22, 2026**, is not a statistical anomaly. It reflects a deep paradigm shift: financial markets have decided that defense technology is the most attractive sector of the decade — and they are putting billions behind that conviction.

### American startups: capturing 93% of the windfall

Within that flood of capital, American startups are absorbing **93%** of the global total — a full **$11.4 billion**. U.S. dominance over defense tech is not merely holding; it is accelerating. **Silicon Valley**, **Washington D.C.**, **Austin**, and other American tech hubs have become the world capitals of the defense startup ecosystem.

That is no accident. The American ecosystem combines an entrepreneurial culture built on risk-taking, abundant **VC** funding, structural demand from the **Pentagon**, and the political legitimacy of a country that has navigated several conflicts in the span of a few months. **Demand for security creates the market, and the market attracts the capital.**

*There is something deeply unsettling — and fascinating — about the fact that war has become one of the best investment opportunities of our era. I make no moral judgment against the investors themselves; they are responding to real incentives. But the convergence between Silicon Valley and the military-industrial complex ought to make us pause and examine the values we are collectively financing.*

## Anduril Industries: $20 billion for AI-driven killer drones

### The contract of the century with the U.S. Army

In **March 2026**, **Anduril Industries** — the defense startup founded by billionaire **Palmer Luckey** — landed a **$20 billion contract** with the U.S. Army for its **Lattice AI-based counter-drone systems**. It stands as one of the largest defense contracts ever awarded to a non-traditional startup in American history.

**Anduril**'s **Lattice** platform is an artificial intelligence system that fuses data from dozens of distinct sensors to identify, track, and neutralize aerial threats — particularly drone swarms. It operates in real time, makes decisions at speeds no human operator can match, and can be deployed across radically different operational theaters.

### The Lattice system: AI as a weapon

The **$20 billion Anduril** contract is not simply a hardware order. It is the U.S. Army's adoption of an entire software architecture — a platform that can be updated, expanded, and adapted. **Anduril** is selling a defensive AI infrastructure, not just weapons.

That distinction matters enormously. It means **Anduril** will be deeply embedded in U.S. Army command-and-control systems for decades to come — creating an institutional dependency that guarantees future revenue well beyond the initial contract. **In defense tech, the goal is not to sell a product — it is to become infrastructure.**

*Anduril is the perfect embodiment of the new military-technological complex. Palmer Luckey built Oculus VR, sold it to Facebook, then decided to channel his talent into defense. His stated ambition is to make the United States invincible. That kind of ambition raises philosophical questions that no one in the VC world seems in any hurry to ask.*

## Saronic Technologies and the autonomous shipyard

### Port Alpha: the world's first fully robotic shipyard

**Saronic Technologies**, a specialist in **Autonomous Surface Vehicles** (ASVs), has announced an ambitious project that could transform military shipbuilding: **Port Alpha**, a fully autonomous shipyard set to open by the end of **2026**.

The concept is radical: a facility where assembly, logistics, and testing are carried out without direct human intervention, through a combination of robots, computer vision systems, and coordination AI. The goal is to produce autonomous military vessels at costs and timelines that conventional shipyards cannot match.

### The Marauder drone and the unmanned fleet revolution

The flagship of the **Saronic** fleet is the surface drone **Marauder**, an autonomous vehicle capable of surveillance operations, electronic warfare, and escort missions in contested maritime environments. According to data cited by **DroneSense** on **June 22, 2026**, the **Marauder** has completed successful tests across multiple operational environments.

The rise of unmanned surface fleets fundamentally reshapes the logic of maritime warfare. A surface drone requires no sailor training, risks no human lives, and can operate continuously without rest. **In a high-intensity naval conflict, a fleet of autonomous Marauders could overwhelm enemy defenses at zero human cost.**

*War without soldiers — that is the dream and the nightmare of every democracy. The dream because it preserves lives. The nightmare because it makes war easier to decide. If launching a drone fleet costs no American lives, the threshold for deploying military force drops. I honestly do not know whether that is good for global peace.*

## Helsing and the drones for Ukraine: 6,000 units delivered

### Germany enters the military drone race

**Helsing**, a German AI defense startup founded in Munich, is in the process of delivering **6,000 HX-2 drones** to **Ukraine**. These drones carry a range of **100 kilometres** and integrate AI algorithms for autonomous navigation during the final approach to their targets. The **Helsing** factory in southern Germany is currently producing **1,000 units per month**.

That production figure is strategically significant. **Ukraine** needs tens of thousands of drones to sustain pressure on Russian positions. **1,000 units per month** from a single European supplier represents a substantial contribution — one that adds to Ukraine's domestic drone output and deliveries from other allied producers.

### The HX-2: a weapon built for 21st-century trench warfare

**Helsing**'s **HX-2** drone was designed specifically for the conditions of the war in **Ukraine**: operations in urban environments, intense electronic jamming, and the need to navigate without GPS signal in the final kilometres of its flight path. Its on-board artificial intelligence allows it to keep flying and find its target even when all communications are severed.

That capability is decisive on the Ukrainian battlefield, where both sides deploy sophisticated electronic warfare systems to jam enemy drone communications. A drone capable of operating in fully autonomous mode is a direct answer to that threat. **The war in Ukraine is a real-time technological laboratory accelerating military innovation at a pace unseen since the Second World War.**

*Helsing may be the most symbolically important defense startup in this entire sequence. A German company — heir to a nation that swore never to become a warring power again — delivering lethal weapons to a democracy at war. Germany has changed. And I believe that change is right, even if it deserves serious ethical reflection about where the limits lie.*

## Ukraine and its Centre A1: AI inside the kill chain

### Centre A1: steering drones with AI in the final seconds

**Ukraine** is not only receiving technology — it is developing its own. **Euromaidan Press** reported on **June 25, 2026** the launch of **Centre A1**, a new Ukrainian military-technology structure dedicated to integrating AI into the operational command chain.

Its specialty: autonomous drone guidance in the **final seconds** of the flight path toward a target. When a drone is within range but enemy electronic warfare systems have severed all communications, **Centre A1** develops algorithms that allow the drone to make the final guidance decision on its own. That is embedded lethal autonomy in the field.

### The AI-driven army: a doctrinal revolution

The ambition of **Ukraine**, according to **Euromaidan Press**, is to build an **AI-driven army** — a military force in which autonomous systems are not auxiliaries to human soldiers but full operational actors in their own right. This doctrinal vision goes far beyond the technology itself.

It means rethinking command structures, rules of engagement, officer training, intelligence and communications systems. **Ukraine is carrying out a military revolution in the middle of a war** — which is simultaneously a survival imperative and an unprecedented laboratory whose results every Western military is watching with close attention.

*There is a terrible and admirable irony in the fact that it is Ukraine — a country under invasion, impoverished by four years of war, fighting for its survival — that is defining 21st-century military doctrine. Zelensky has no choice but to innovate: he innovates or he dies. And he has chosen to innovate.*

## France and Harmattan AI: 5,000 ISR drones ordered

### France enters the surveillance drone race

**France** has ordered **5,000 additional ISR drones** (Intelligence, Surveillance, Reconnaissance) from **Harmattan AI**, a startup backed by **Dassault**, according to **UAV Vision** on **June 25, 2026**. This massive order positions France as a serious player in the emerging European defense drone architecture.

**Harmattan AI** develops long-endurance surveillance drones capable of covering vast geographic areas with electro-optical and electronic intelligence payloads. With the backing of **Dassault** — France's storied military aviation giant — it commands an industrial credibility that few pure-play startups can claim.

### A waking Europe: a defense ecosystem under rapid construction

France's order to **Harmattan AI** fits within a broader dynamic of rebuilding the European defense ecosystem. Since Russia's invasion of **Ukraine**, European governments have recognized their excessive dependence on American systems and the urgent need to build autonomous capabilities.

Specialized defense investment funds are emerging across Europe — in the **United Kingdom**, **Germany**, **France**, and the **Nordic countries**. The **7%** of global defense VC captured by non-American startups in H1 **2026** represents the first fruits of that effort, even if Europe remains far behind the United States. **The road is long, but the direction is clear.**

*European defense was in clinical coma during the years of perpetual peace after the Cold War. Putin's Russia jolted it awake with brutal force. I take no pleasure in the threat, but I welcome the awakening. A Europe capable of defending itself is a Europe less dependent on Washington's shifting moods — and that is good for everyone, including the United States.*

## The Shahed drones and adversarial AI: the race on both sides

### Iranian Shaheds learning to choose their targets

The military drone revolution is not a one-sided phenomenon. **Business Insider** reported on **June 25, 2026**, drawing on analysis from Ukrainian military expert **Serhii Beskrestnov** (known by the call sign Flash), that **Iranian Shahed drones** deployed by **Russia** now incorporate AI systems capable of **choosing their targets autonomously**.

That development is alarming. The basic Shahed was a relatively straightforward loitering munition: it flew toward a predetermined target. With embedded AI algorithms, it becomes capable of identifying and discriminating targets in a complex environment, circumventing obstacles, and potentially adjusting its target selection based on what it perceives. **That is the difference between a dumb missile and a weapon with autonomous judgment.**

### The asymmetric technological race

The growing sophistication of Iranian-Russian drones places **Ukraine** and its allies in a permanent technological race. Every advance on one side triggers a countermove from the other. Electronic warfare systems improve to defeat drones; drones improve to defeat electronic warfare; detection and interception systems adapt; and the cycle continues.

This dynamic of permanent technological escalation is a powerful engine for defense startups — and therefore for VC investment. Every report of new adversarial capabilities generates new demand among military buyers, which generates new contracts for startups, which generates new investment cycles. **The technological war is also an economic war, and defense startups are its direct beneficiaries.**

*When I read that Shaheds can now choose their targets autonomously, I think of Ukrainian civilians living under those drones. This is not a technological abstraction — it is a lethal threat striking residential neighborhoods. The AI arms race has very real civilian victims, and we should never allow ourselves to forget that.*

## Eurosatory 2026: the showcase of new technologies

### The defense trade show as innovation barometer

**Eurosatory 2026**, the world's largest land defense trade show, took place in Paris and displayed a proliferation of new technologies — drones, counter-drone systems, combat robots, AI-guided munitions. The **Ronin's Grips** report dated **June 20, 2026** documented the presentation of the **U145** system and the autonomous munition **BLAZE**.

These presentations illustrate a deep trend: the boundary between traditional military hardware and cutting-edge civilian technologies (sensors, AI, communications) is dissolving rapidly. Defense startups are no longer hiring only former military personnel and aerospace engineers — they are recruiting data scientists, AI specialists, and software developers from major tech companies.

### The democratization of lethal military technology

One of the most troubling developments revealed at **Eurosatory 2026** is the continued collapse in the cost of advanced military technologies. Drones capable of complex tactical operations now cost hundreds or thousands of dollars — not millions. This democratization carries profound geopolitical consequences.

When advanced military technology becomes accessible to non-state actors, irregular armies, or countries with limited defense budgets, the balance of forces shifts fundamentally. **Technology has always leveled battlefields — but never as fast as today.** And that leveling can benefit democracies and adversaries alike.

*Eurosatory is fascinating and frightening in equal measure. Immaculate booths display weapons engineered to kill more efficiently, staffed by suited representatives smiling and handing out brochures. There is a normalization of technological violence at these events that makes me deeply uneasy — even as I acknowledge the necessity of these technologies for democracies under threat.*

## The Pentagon and startups: a revolutionary partnership

### DARPA, DIU, and the new acquisition pathways

The **Pentagon** has profoundly transformed its acquisition processes to accommodate the rise of defense startups. The **Defense Innovation Unit** (**DIU**), established in **2015**, and the U.S. Air Force accelerator **AFWERX** have developed streamlined, fast-track contracts — **OTAs** (Other Transaction Authorities) — that allow the acquisition of startup technologies without the traditional procurement procedures that drag on for years.

These new acquisition pathways have been decisive in drawing Silicon Valley talent into the defense sector. Entrepreneurs accustomed to rapid product cycles could not tolerate the multi-year timelines of traditional military procurement. **The Pentagon had to adapt to Silicon Valley as much as Silicon Valley adapted to the Pentagon.**

### Conflicts of interest and ethical questions

This convergence between Silicon Valley and the Pentagon does not come without friction and controversy. Ethical debates have shaken major tech companies — notably **Google** and **Microsoft** — over their military contracts. Employees have resigned in protest against drone warfare projects or surveillance programs.

These debates reflect a fundamental question: what is the moral responsibility of an engineer or tech entrepreneur whose algorithms are used in lethal operations? There is no simple answer — and the question grows more urgent as AI becomes deeply embedded in weapons systems. **Technological power without a robust ethical framework is a threat to democratic values, not just to adversaries.**

*I have no ready-made answer to the ethics of military AI. I cannot draw a clean line between a legitimate defensive drone and an autonomous weapon that violates the laws of war. What I know is that the line exists — and that we must collectively work to define it before technology forces us to improvise under fire.*

## The impact on financial markets: a new asset class

### Defense as inverted ESG investing

Historically, investment funds applying **ESG** (Environmental, Social, Governance) criteria excluded defense industries from their portfolios. The war in **Ukraine** and the rise of authoritarian threats have changed that calculus. A growing number of fund managers now consider the defense of democracies to be an ESG criterion in itself — that financing technologies enabling Ukraine to resist Putin is ethically justifiable.

This doctrinal shift in responsible investment opens ESG portfolios to defense startups — which potentially represents trillions of additional dollars. If this trend deepens, the financing of democratic military technologies could accelerate even faster than the **$12.3 billion** of H1 **2026** already suggests.

### The bubble risk: defense tech as the next FOMO trade

But every capital rush carries a bubble risk. Investors who missed the civilian AI revolution do not want to miss defense tech. Startup valuations at very high multiples are beginning to appear — companies with minimal recurring revenue raising at valuations that imply market dominance that has yet to materialize.

Defense contracts carry their own risks: they can be cancelled for political reasons, revised downward, or lost to a competitor. **A defense startup valuation built on the assumption of a single large Pentagon contract is inherently fragile.** Investors who let their enthusiasm paper over these risks may come to regret it.

*Financial markets have this extraordinary ability to transform tragic realities into investment opportunities. The war in Ukraine is a human tragedy I never allow myself to forget. The fact that it is generating opportunities for defense startups is an economic mechanism I observe with a certain unease — even as I understand its logic.*

## Ukraine as client and laboratory: a symbiotic relationship

### Ukrainian contracts: a real-world stress test

For defense startups, **Ukraine** represents something unique in recent history: a client using their products in **actual combat conditions** against a high-technology adversary, and providing immediate operational feedback. No training range, no simulated exercise can replicate the conditions of real war.

Performance data gathered on the Ukrainian battlefield feeds directly into startup development cycles. **Helsing** is improving its **HX-2** based on Ukrainian Army feedback. **Anduril** is testing its counter-drone systems against real Shaheds. This wartime feedback loop is an extraordinary competitive advantage.

### Support for Ukraine: also a strategic investment

Western governments financing weapons deliveries to **Ukraine** are simultaneously investing in their own defense industries. Every drone delivered to **Kyiv** is a product tested in real conditions, whose results serve to improve the next generation. **Zelensky** requests weapons to defend his country — and offers, in return, a testing laboratory with no equal.

This dimension is consistently underestimated in the debate over aid to Ukraine. Beyond the moral and geopolitical argument — supporting a democracy attacked by an authoritarian regime — there is a research-and-development argument that NATO member states cannot afford to ignore. **The war in Ukraine is devastating — and it is redrawing Western military doctrine in real time.**

*I know that speaking of Ukraine as a "laboratory" can seem callous. It is a country, not a testing ground. People are dying; cities are being destroyed. But this is the reality — the lessons of this war will be analyzed by military strategists around the world for decades to come. The tribute we owe Ukraine is to ensure those lessons also serve to protect it better.*

## Ethical and regulatory challenges: who controls military AI?

### The international framework: insufficient and overtaken

International humanitarian law — the Geneva Conventions, the law of armed conflict — was designed in an era when weapons were operated by human beings. The emergence of **Lethal Autonomous Weapons Systems** (LAWS) raises questions this legal framework cannot adequately answer.

Who is responsible when an autonomous drone kills civilians? The manufacturer? The military commander who activated the system? The state that purchased the technology? These questions are unresolved — and they are urgent. Discussions are underway at the **United Nations** on a regulatory framework for autonomous weapons, but without convergence toward an agreement. **Technology is advancing far faster than international law.**

### Democracies facing the ethical challenge

Democracies bear a particular responsibility in this debate. Unlike authoritarian regimes — **Russia**, **Iran**, **North Korea**, **China** — which are accountable to no one for their use of autonomous weapons, democracies are subject to parliamentary, judicial, and media oversight.

That responsibility is a constraint — but also a source of strength. By establishing high ethical standards for the use of autonomous weapons, democracies distinguish themselves from their adversaries and legitimize their moral leadership in the geopolitical competition. **A democracy that adopts the same practices as the regimes it is fighting no longer deserves the name.**

*I am convinced that democracies have the right and the duty to defend themselves, including with advanced technologies. But I am equally convinced that they must do so with rules, limits, and a transparency their adversaries do not have. That is what sets them apart. And that distinction must be preserved at all costs.*

## The outlook for the second half of 2026: the acceleration continues

### $12.3 billion in H1: toward $25 billion for the full year?

If the pace of the first half of **2026** holds through the second — and nothing in the global geopolitical landscape suggests a slowdown — then **2026** could see the annual defense VC total surpass **$25 billion**. That would be more than double any previous year on record.

The factors driving this dynamic — geopolitical instability, NATO demand for a capability build-up, the success of startups like **Anduril** demonstrating real investment returns — are all structural and durable. There is no credible reason to expect the flow of capital into defense tech to dry up any time soon.

### The emerging players: who will be the next Anduril?

In the effervescent defense tech ecosystem, new players emerge every month. Startups specializing in **electronic warfare**, **underwater drones**, **commercial satellites with military applications**, **secure communications**, and **intelligence AI** are raising funds at an accelerating pace.

The question is no longer whether defense startups will revolutionize armies — they already are. The question is which ones will emerge as the dominant architectures of 21st-century defense. **And that will ultimately be decided on battlefields — above all, in Ukraine, which remains the largest real-world stress test in recent history.**

*I am struck by the speed at which this world is changing. Ten years ago, Anduril did not exist. Neither did Helsing. In ten years, some of the startups raising capital today may be the dominant suppliers to Western armies. And some technologies that seem like science fiction today will be standard on the battlefields of 2036. Living through this era is both dizzying and solemn.*

## The ethics of military AI: the questions the industry avoids

### Rules of engagement in the age of lethal autonomy

Among the questions that the **defense tech** industry prefers to avoid in its investor presentations, one is asserting itself with growing urgency: who decides on life or death when the system is autonomous? Armed drones that "choose their targets autonomously" — like the upgraded **Shaheds** documented by **Business Insider** — pose this question in a way that can no longer be sidestepped.

**International humanitarian law** requires that military attacks respect the principles of **distinction** (between combatants and civilians), **proportionality**, and **precaution**. These principles require human judgment that current AI systems cannot fully exercise. An autonomous drone can identify a military target — but can it assess the presence of civilians in the vicinity? Can it anticipate the indirect effects of its action? **These are not philosophical questions — they carry concrete legal and moral consequences.**

### Democracies and their responsibility to set the limits

**Western democracies** — which finance the majority of the **$12.3 billion** invested in defense tech in H1 **2026** — bear a particular responsibility in defining the ethical limits of military AI. Unlike authoritarian regimes such as **Russia** or **China**, they are subject to democratic, judicial, and media accountability that compels them to answer for how their armed forces operate.

That responsibility is also an opportunity: by establishing high ethical standards for the use of autonomous weapons, democracies distinguish themselves from their adversaries and reinforce their legitimacy in the geopolitical competition. **A robust ethical framework for military AI is not a constraint — it is a strategic advantage for democracies defending universal values.**

*I spend a great deal of time wrestling with this question: how do I support the technologies that allow Ukraine to defend itself while drawing clear lines around what should never be permitted? I have no perfect answer. But I know the question deserves to be asked — and that the $12.3 billion invested in six months only has moral value if those doing the investing ask it too.**The defense tech revolution we are living through in 2026 is one of the most profound since the invention of the atomic bomb. Like that weapon, it will change the nature of war and international relations in ways we cannot yet fully measure. Humility is called for — and so is democratic vigilance.*

## Conclusion: war as economic engine — and what that means for peace

### A sector that does not want peace?

The question deserves to be asked plainly: does a defense VC sector that raises **$12.3 billion** in six months have a stake in peace? The nuanced answer is: not necessarily total peace, but permanent security. Investors are not betting on endless war — they are betting on a durable threat level that sustains demand for defense technologies.

That logic is not cynical — it is structural. For as long as regimes like **Putin**'s **Russia**, **North Korea**, **Iran**, or an expansionist **China** threaten democracies, democracies will need to defend themselves. And to defend themselves effectively, they will need the technologies these startups are developing.

### The democratic imperative: mastering what we finance

The conclusion of this report is not that the **$12.3 billion** invested in defense tech is a bad thing. In a world where armed authoritarian regimes threaten democracies, investment in superior defense technologies is a strategic necessity. **Zelensky**'s **Ukraine** is the living proof.

But these investments must be accompanied by an ethical framework, democratic oversight, and serious reflection on the limits of lethal autonomy. **Democracies that finance the world's most powerful armies have a responsibility to ensure those armies remain servants of democratic values — and not the other way around.** That is the real stakes behind the $12.3 billion revolution.

**By Maxime Marquette, columnist**

## Columnist's transparency note

### Editorial stance

I am not a journalist but a **columnist and analyst**. My expertise lies in observing and analysing the geopolitical, economic and strategic dynamics that shape our world. My work is to take political strategies apart, to understand global economic movements, to put the decisions of international actors in context and to offer analytical perspectives on the changes that are redefining our societies.

I do not claim the cold objectivity of traditional journalism, which stops at reporting facts. **I claim analytical clarity**, rigorous interpretation and a deep understanding of the complex issues that concern us all. My role is to give meaning to the facts, to place them in their historical and strategic context, and to offer a critical reading of events.

### Method and sources

This text keeps the basic distinction between **verified facts and interpretive analysis**. The rule never changes: a factual claim is published only when a verifiable source supports it, and the sources this article actually used are listed under **Sources**, never here.

**Primary source families** used by the publication, when the story has them: official statements from governments and international institutions, public statements by political leaders, reports from intergovernmental organisations, dispatches from recognised international news agencies.

**Secondary source families**: specialised publications, internationally recognised news media, analyses from established research institutions, reports from industry organisations.

When an article cites statistical, economic or geopolitical data, it comes from the institutions that produce it (intergovernmental organisations, central banks, national statistics offices), and the exact institution is named under **Sources**.

### Nature of the analysis

The analyses, interpretations and perspectives in the analytical sections of this article are a **critical, contextual synthesis** based on the information available, the trends observed and the expert comments cited in the sources consulted.

My role is to interpret these facts, to set them in the context of today's geopolitical and economic dynamics, and to give them a coherent meaning within the larger story of the changes shaping our time. These analyses reflect expertise built through continuous observation of international affairs and an understanding of the strategic mechanisms that drive global actors.

This article describes a documented state of affairs on its publication date, not a prediction: later developments may shift its outlook. No update is promised in advance; when an article is corrected or completed, the change is dated in the text.

## Sources

### Primary sources

- [Chosun Biz / FT / PitchBook — Defense VC $12.3B H1 2026, 93% American startups — June 22, 2026](https://biz.chosun.com/en/en-international/2026/06/22/HUIUFWIKNRFV3CTC2CL46AHYXA/)

- [Euromaidan Press — Ukraine's Centre A1, AI inside the drone kill chain — June 25, 2026](https://euromaidanpress.com/2026/06/25/ukraine-wants-an-ai-driven-army-its-new-defense-center-is-already-putting-ai-inside-kill-chain-steering-drones-onto-target-in-final-seconds/)

### Secondary sources

- [DroneSense — Anduril Lattice, Saronic Marauder, Helsing HX-2 — June 22, 2026](https://www.dronesense.ai/weekly-intelligence-brief-062226/)

- Ronin's Grips — Eurosatory, U145, BLAZE — June 20, 2026

- [UAV Vision — France orders 5,000 ISR drones from Harmattan AI — June 25, 2026](https://www.uasvision.com/2026/06/25/france-orders-an-additional-5000-isr-drones-from-dassault-backed-startup-harmattan-ai/)

- [Business Insider — Shaheds with AI to choose targets, analysis by Flash — June 25, 2026](https://www.businessinsider.com/shaheds-ai-choose-target-attack-drones-serhii-flash-beskrestnov-ukraine-2026-6)

- [x] ≥150

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Source: Maxime Marquette, MadMax. When citing, name the author and link https://mad-max.co/en/article/reportage-12-3-milliards-en-six-mois-silicon-valley-en-guerre-finance-les-armees