# Covenant Stealth Exit Funding **September 9, 2026 — more than $250M cumulative, valuation above $1B.** [[Covenant]] emerged from two years of stealth with **Anthem**, a long-range, heavy-payload cruise missile, and disclosed its funding for the first time. > [!warning] This is a cumulative disclosure, not a round > The **$250M+ figure spans three rounds**, none of them individually dated in the reporting. It surfaced because the company exited stealth, not because it raised on September 9. Do not record it as a single raise, and do not add it to a 2026 venture total as though it closed this quarter. ## Terms | Item | Detail | |---|---| | Disclosed funding | **>$250M across three rounds** (dates not broken out) | | Valuation | **above $1B**, roughly two years after founding | | Investors | [[Andreessen Horowitz]], [[Founders Fund]], Lux Capital, [[8VC]], Aleph, Lightspeed Venture Partners | | Founded | 2024, by Michael Kaufman and Ofir Dayan | | Footprint | United States, Germany, Israel; factory at **Grand Prairie, Texas** | | Product | **Anthem** — payload above 200 kg, long range; **200+ test flights** logged | | Production plan | **1,000 units in year one**, serial production from **Q1 2027**, scaling toward **5,000/year** | | Claimed order book | roughly **$150M** across R&D, qualification and production contracts | ⚠️ The order-book figure is a **company statement with no customer, contract number or obligation date attached**. The vault separately records an Army Other Transaction Agreement for accelerated testing and qualification, and roughly **$70M** in Navy Rapid Capabilities Office cost-sharing toward a maritime variant — see [[Covenant]]. ## Why it clears the bar Three closely watched principals sit in one cap table: **[[Founders Fund]]** ([[Peter Thiel]]), **[[Andreessen Horowitz]]** ([[Marc Andreessen]]) and **[[8VC]]** ([[Joe Lonsdale]]). All three are tracked here as defense-tech funders, and this is the clearest single instance of them converging on the same munitions company. The strategic content is the **factory and the volume**, not the valuation. A stated 1,000 units in year one is an explicit bet that the binding constraint on Western deep strike is *manufacturing capacity*, not missile design — the same thesis [[Anduril]] sells at [[Arsenal-1]], now with a second well-funded company asserting it in the same lane. Set against a U.S. stockpile shortage attributed to the war with [[Iran]], the competitive question this raises for the [[Anduril]] dossier is whether mass-production-as-differentiator survives having rivals with identical backers. ## What would change the reading - **A named customer behind the "$150M in orders."** Until then it is a claim, and the Army OTA and Navy RCO cost-share are the only documented government money. - **A dated, priced round.** The next raise, with a date, would let the cumulative figure be decomposed. - **First serial deliveries, promised Q1 2027.** The 200+ test flights are pre-production; the volume claim is unproven until a line runs. ## See Also - [[Covenant]] · [[Anduril]] · [[Arsenal-1]] - [[Founders Fund]] · [[Andreessen Horowitz]] · [[8VC]] · [[Castelion $1B Series C]] · [[Mach Industries Series C]] - [[Anduril Watch Log]] — sweep note 2026-09-14