UFORCE Raises $700 Million at $6 Billion Valuation in Record Round

Ukrainian drone maker UFORCE has raised $700 million at a $6 billion valuation, a sixfold jump from the roughly $1 billion it was worth when it collected $50 million in March. Valor Equity Partners and the UK's National Wealth Fund, wholly owned by the British Treasury, co-led the Series A round announced Thursday. Ukrainian outlet dev.ua called it the largest venture round in the history of Ukrainian startups.

Who put in the money?

The co-leads were joined by the U.S.-Ukraine Reconstruction Investment Fund, Menlo Ventures, Xantium and Hiro Capital. Existing backers Shield Capital, Ballistic Ventures, Lakestar and Squadra added to their stakes. Former NATO Supreme Allied Commander Europe Christopher Cavoli, now a Valor partner, joins the board.

The National Wealth Fund's stake marks its largest defense-sector investment to date, according to dev.ua.

What does the company claim it has built?

UFORCE, founded in Ukraine and now headquartered in London, builds four product families plus the command software that runs them:

• MAGURA uncrewed surface vessels
• NEMESIS heavy strike drones
• LIUT ground robots
• PREDATOR counter-drone turrets

The company says MAGURA boats have contributed to the destruction of more than a dozen Russian warships in the Black Sea, and have shot down helicopters and fighter jets. It also says NEMESIS drones have flown more than 300,000 combat flights across a fleet of over 100 units. All of those figures are company claims and have not been independently verified.

How big is the business?

UFORCE does not publish revenue or bookings. Chief executive Oleg Rogynskyy told CNBC that bookings more than doubled over the past year from a base of several hundred million dollars.

Rogynskyy said the company turned down offers at higher valuations to bring in these investors, and argued the pricing is restrained: "In terms of valuation to bookings, valuation to revenue, this is actually not an aggressive valuation."

The gap between a $6 billion valuation and undisclosed revenue leaves outside analysts without the numbers to test that claim. What is confirmed is the pace of repricing: $1 billion in March, $6 billion by Thursday's announcement.

Where will the money go?

The capital will expand production in Ukraine and in the US, Europe, Asia-Pacific and the Middle East. Plans include converting maritime and automotive plants to defense work, plus a partnership with ReconCraft to build MAGURA boats in the United States.

UFORCE works with several NATO countries but has not named them, and it has not said how much output goes to Ukraine. Rogynskyy said Ukrainian needs come first.

The production geography matters commercially. Building MAGURA vessels through ReconCraft inside the US gives UFORCE a domestic manufacturing base for American and allied buyers, while converted automotive plants offer capacity that pure-play defense lines cannot match quickly.

Is the funding climate shifting?

The round lands in a rapidly deepening pool of defense capital. Startups in NATO and allied countries raised $27.1 billion through September, nearly double the total for all of 2025, according to Dealroom and Resilience Media data cited by CNBC.

Competitive pressure is rising on other fronts. Germany's Helsing launched its own AI battlefield platform this week. Ukrainian drone makers, meanwhile, are contending with soaring prices for the optical fiber used in jam-proof drones, a cost pressure that touches UFORCE's supply chain directly.

The takeaway in plain words: a sixfold valuation increase in six months, backed by a sovereign fund, signals that Western capital now treats Ukrainian drone manufacturing as a durable industry rather than wartime expediency. Whether the $6 billion figure holds will depend on converting undisclosed bookings into reported revenue as expanded production in the US and elsewhere comes online.