StoryFunding
Hadrian raises $1.37B Series D at a $7.87B valuation to build new factories
Hadrian, which builds highly automated factories for defence and aerospace parts, raised $1.37 billion at a $7.87 billion post-money valuation, 12 months after its Series C. The money pays for new factories, R&D and more production capacity for munitions, shipbuilding and autonomous systems. It already runs four plants totalling just under 3 million square feet and plans more within a year.
- Co-leads: WCM, Washington Harbour Partners, Valor Equity Partners, 137 Ventures and Baillie Gifford, with JPMorganChase's Strategic Investment Group as anchor co-lead.
- Also in: Apollo, Morgan Stanley Wealth Management, T. Rowe Price, CapitalG, Andreessen Horowitz, Founders Fund, Lux, Altimeter and 1789 Capital.
- Current plants: two in Torrance, California, plus Mesa, Arizona and Muscle Shoals, Alabama.
- Model: 'factories-as-a-service', making parts for defence programmes. CEO Chris Power: "Production is now the frontline of deterrence."