Uforce is negotiating a new financing that would bring in about $500 million at an approximate $5 billion valuation, according to people with knowledge of the discussions. Valor Equity Partners is slated to lead the round, with Antonio Gracias - an Elon Musk ally who sits on the SpaceX board - at the helm. The process is ongoing and could change before it closes, those people said.
Uforce declined to comment on the prospective raise, while A request for comment to Valor Equity Partners went unanswered. In August, Sifted reported that Uforce had begun the fundraising push. Back in March, the company raised $50 million at a valuation above $1 billion, with Shield Capital and Lakestar leading the round.
The company consolidates proven Ukrainian makers of unmanned platforms across air, sea, and land, including teams behind the Magura sea drones, the Nemesis bombers, and counter-drone systems. Uforce's goal is an integrated combat system designed for NATO as Europe accelerates its drone buildup. Chief Executive Officer Oleg Rogynskyy is a serial founder who earlier built People.ai. Former Ukrainian Prime Minister Oleksiy Honcharuk is chairman and co-founder, and Ben Wallace, the former UK defense secretary, serves on the board.
European money has been pouring into drone tech this year as defense budgets rise and the region pushes for more autonomy from the US. In July, Germany's Quantum Systems raised $1.2 billion at an $8 billion valuation, and That same month, Helsing announced a $1.8 billion raise valuing the company at $18 billion. Valor itself has a track record in defense, with investments in Anduril Industries, Hadrian, and Chaos Industries, Years of support for Musk's companies have also paid off for the firm.
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At the time SpaceX went public, the firm owned about 4%. For everyday investors, the takeaway is simple: interest and capital are crowding into European defense drones, which could keep valuations lively across the sector.
