Californian missile-making startup Castelion has closed a funding round exceeding $1 billion, co-led by Carlyle Group, JPMorgan Chase, and Andreessen Horowitz. The Series C investment comprises $800 million in equity and a $250 million revolving credit facility, raising the company's valuation to $13 billion. The fresh capital will fund production of Castelion's Blackbeard hypersonic missile and development of a larger hypersonic strike weapon and air-defence missile. Military leaders seek more hypersonic weapons to match China's growing arsenal, whilst the Pentagon requires increased production of traditional defensive systems like Patriot missiles. Castelion, founded by three SpaceX alumni, has invested roughly $250 million building a New Mexico production campus and is searching for a new factory site.

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