Defense startup Epirus is in talks to raise more than $150 million, which could lead to a valuation cut

Defense technology startup Epirus is reportedly raising between $150 million and $200 million in a new funding round led by Joe Lonsdale’s investment firm 8VC. Bloomberg reports. The round could give the company, which develops technology to intercept drones, a valuation of about $1 billion. If this is the final valuation, it would be a decline from the company’s previous valuation of $1.35 billion. (Epirus did not comment to Bloomberg.)

Lonsdale co-founded the company in 2018 with Beau Marr, Max Madani, Nathan Mintz, Grant Verstandig and John Tenet. The startup has already raised nearly $300 million from investors like DCVC and Bedrock, according to PitchBook. It is also one of the few US-based defense technology unicorns, along with companies like Anduril, Shield AI, and Rebellion Defense.

Only time will tell if 2025 defense funding will reach last year’s highs, with space startups raising nearly $3 billion. By November.