Feb 2025 in brief.
Eleven events and a ≥$3.96B floor. Warburg Pincus and Berkshire Partners’ $3B take-private of Triumph Group led the month, and Platinum Equity closed its take-private of Héroux-Devtek, the world’s third-largest landing-gear maker, on undisclosed terms — two components businesses leaving public markets within eight days. In venture, Saronic’s $600M Series C for autonomous surface vessels and its Port Alpha shipyard was the largest defense financing in the archive’s first six months. The rest was early: K2 Space’s $110M Series B for high-power satellite buses, Dream’s $100M Series B for national cyber resilience (Tel Aviv, Bain Capital Ventures), Hidden Level’s $65M Series C for passive drone-detection radar, Urban Sky’s $30M Series B for stratospheric ISR balloons, Andesite’s $23M seed for AI-assisted cyber defense, and Agile Space Industries’ $17M Series A for in-space propulsion. Rune Technologies ($6.2M) and Deepnight ($5.5M) seeded contested logistics and software night vision.
After Barnes in January, Triumph and Héroux-Devtek are the second and third private-equity exits of public aerospace-components companies within three weeks — sponsors were paying for machined and engineered content with defense exposure well before the 2026 industrial-base rounds made it fashionable. Saronic’s $600M at Series C reset what a maritime-autonomy company could raise; its $1.75B Series D follows 13 months later.
Activity vs each domain’s own baseline.
Each cell is the number of publicly announced deals in that domain and month. Color compares the month with that domain’s own average over the months shown — not a scale shared across domains — so a dark cell in a small domain means “busy for that domain”, not “large in dollars”. Domains with fewer than 12 events in the window are shown in gray without color. Absolute totals across all 24 months are on the archive home.
| Domain | Sep 24 | Oct 24 | Nov 24 | Dec 24 | Jan 25 | Feb 25 | Deals since Sep 24 | Disclosed $ (same window) | Last 3 mo vs prior 3 |
|---|---|---|---|---|---|---|---|---|---|
| Missiles, Munitions & Missile Defense | – | 1 | 1 | 1 | 1 | – | 4 | ≥$4.23B | 2 vs 2 |
| Autonomous Systems & Robotics | 5 | 1 | 3 | – | 2 | 1 | 12 | ≥$1.99B | 3 vs 9 |
| Space & Launch | 1 | 1 | 2 | – | 2 | 3 | 9 | ≥$1.08B | 5 vs 4 |
| C4ISR, EW & Sensing | 3 | 1 | 2 | – | 1 | 2 | 9 | ≥$2.21B | 3 vs 6 |
| Cyber & Intelligence | 1 | 1 | – | 2 | – | 2 | 6 | ≥$978M | 4 vs 2 |
| AI, Compute & Defense Software | 2 | – | – | 2 | 1 | – | 5 | ≥$171.2M | 3 vs 2 |
| Platforms: Air, Land & Maritime | – | – | – | 1 | – | – | 1 | ≥$430M | 1 vs 0 |
| Defense Manufacturing & Industrial Base | – | 1 | – | 1 | 1 | 2 | 5 | ≥$6.62B | 4 vs 1 |
| Logistics, Sustainment & Training | – | 1 | – | – | – | 1 | 2 | ≥$36.2M | 1 vs 1 |
| Acquisition, Budget & National Security Policy | – | – | – | – | – | – | 0 | — | 0 vs 0 |
| Other / critical technologies | – | 1 | – | – | – | – | 1 | ≥$59M | 0 vs 1 |
The archive begins in Sep 2024, so this issue shows 6 of the usual 12 baseline months; averages use the months shown.
Top deals.
| Date | Company | Event | Amount | Investors / Acquirer | Domain | |
|---|---|---|---|---|---|---|
| 2025-02-03 | Triumph Group | M-TAKEPRIVATE | $3B | Warburg Pincus and Berkshire Partners | Defense Manufacturing & Industrial Base | Source |
| 2025-02-18 | Saronic Technologies | F-C | $600M | Elad Gil | Autonomous Systems & Robotics | Source |
| 2025-02-13 | K2 Space | F-B | $110M | Lightspeed Venture Partners; Altimeter Capital | Space & Launch | Source |
| 2025-02-17 | Dream (Dream Security / Dream Group) | F-B | $100M | Bain Capital Ventures | Cyber & Intelligence | Source |
| 2025-02-03 | Hidden Level | F-C | $65M | DFJ Growth | C4ISR, EW & Sensing | Source |
| 2025-02-06 | Urban Sky | F-B | $30M | Altos Ventures | Space & Launch | Source |
| 2025-02-11 | Andesite AI | F-SEED | $23M | General Catalyst; Red Cell Partners | Cyber & Intelligence | Source |
| 2025-02-19 | Agile Space Industries | F-A | $17M | Caruso Ventures; Howdy Partners | Space & Launch | Source |
| 2025-02-26 | Rune Technologies | F-SEED | $6.2M | Andreessen Horowitz | Logistics, Sustainment & Training | Source |
| 2025-02-27 | Deepnight | F-SEED | $5.5M | Initialized Capital | C4ISR, EW & Sensing | Source |
Notable undisclosed
- Héroux-Devtek · M-TAKEPRIVATE · 2025-02-11 · Platinum Equity · SourceWorld's #3 landing gear manufacturer (Longueuil, QC); defense and commercial aerospace; ~94% sales outside Canada.
No domain moved outside its normal range.
No domain yet has enough history for a percentage callout. We flag a domain only when its last three months differ from the prior three by 30% or more and it has at least 36 events in the trailing 12 months. Smaller samples stay as raw counts on the heat map; we never quote month-over-month percentages.
Fund closes, programs and other items.
Fund closes, government capital programs and other supply-side items sit here, outside the deal statistics.
Capital supply & policy
- 2025-02-06 Beaten Zone Venture Partners Fund I C-FUNDCLOSE
More than A$10M of commitments at first close, targeting a $60M final close within 18 months. Focus: sovereign Australian defense technology selling into US and allied markets. · Source
Reported, not confirmed
None this issue. Items appear here only when a credible report has not yet been confirmed by a primary source; they never enter the statistics.
Feb activity by domain.
A full section (narrative and table) for any domain with five or more events this month; a compact list otherwise. Each event has one primary domain: the market the money is buying.
Missiles, Munitions & Missile Defense
No events in the issue month.
Autonomous Systems & Robotics
1 event · disclosed floor ≥$600M (1 disclosed of 1)
- 2025-02-18 Saronic Technologies · F-C · $600M · Elad Gil · Source
Space & Launch
3 events · disclosed floor ≥$157M (3 disclosed of 3)
C4ISR, EW & Sensing
2 events · disclosed floor ≥$70.5M (2 disclosed of 2)
Cyber & Intelligence
2 events · disclosed floor ≥$123M (2 disclosed of 2)
AI, Compute & Defense Software
No events in the issue month.
Platforms: Air, Land & Maritime
No events in the issue month.
Defense Manufacturing & Industrial Base
2 events · disclosed floor ≥$3B (1 disclosed of 2)
Logistics, Sustainment & Training
1 event · disclosed floor ≥$6.2M (1 disclosed of 1)
- 2025-02-26 Rune Technologies · F-SEED · $6.2M · Andreessen Horowitz · Source
Acquisition, Budget & National Security Policy
No events in the issue month.
Deal table, method and definitions.
Issue deal table
| ID | Date | Status | Company | Type | Amount | Domain | |
|---|---|---|---|---|---|---|---|
| PULSE-202502-0042 | 2025-02-27 | closed | Deepnight | F-SEED | $5.5M | C4ISR, EW & Sensing | Source |
| PULSE-202502-0041 | 2025-02-26 | closed | Rune Technologies | F-SEED | $6.2M | Logistics, Sustainment & Training | Source |
| PULSE-202502-0043 | 2025-02-19 | closed | Agile Space Industries | F-A | $17M | Space & Launch | Source |
| PULSE-202502-0040 | 2025-02-18 | closed | Saronic Technologies | F-C | $600M | Autonomous Systems & Robotics | Source |
| PULSE-202502-0039 | 2025-02-17 | closed | Dream (Dream Security / Dream Group) | F-B | $100M | Cyber & Intelligence | Source |
| PULSE-202502-0038 | 2025-02-13 | closed | K2 Space | F-B | $110M | Space & Launch | Source |
| PULSE-202502-0044 | 2025-02-11 | closed | Héroux-Devtek | M-TAKEPRIVATE | Undisclosed | Defense Manufacturing & Industrial Base | Source |
| PULSE-202502-0037 | 2025-02-11 | closed | Andesite AI | F-SEED | $23M | Cyber & Intelligence | Source |
| PULSE-202502-0036 | 2025-02-06 | closed | Urban Sky | F-B | $30M | Space & Launch | Source |
| PULSE-202502-0035 | 2025-02-03 | announced | Triumph Group | M-TAKEPRIVATE | $3B | Defense Manufacturing & Industrial Base | Source |
| PULSE-202502-0034 | 2025-02-03 | closed | Hidden Level | F-C | $65M | C4ISR, EW & Sensing | Source |
Method & coverage
Public sources only · Issue window = first public announcement in Feb 2025 · 11 announced or closed events (F 9 · M 2 · P 0) · Disclosed floor ≥$3.96B across 10 of 11 (9% undisclosed) · Closings of deals first announced in an earlier month are not counted again here · Capital-supply items are sidebar-only and excluded from domain statistics · Heat-map colors use each domain’s own trailing-12-month baseline.
Event codes & terms
Disclosed floor — the sum of publicly disclosed amounts only. Undisclosed deals add zero, so read every total as “at least”.
Announcement month — events are dated to their first public announcement. A close in a later month does not move the event.
Mission domain — the market the capital is buying: the investor’s thesis first, the product second. One primary domain per event.
Heat-map baseline — color compares a month’s count with the same domain’s average over the trailing 12 months shown. Grey means fewer than 12 events in the window, too few to color.
About ASC
Abelian Security Council (ASC) gives clients in defense, national security and critical technologies direct, compliant access to the people who researched, designed, built, evaluated, bought, deployed and competed with the systems they are underwriting. Pulse is the public layer of that work: a curated tape of announced financings, acquisitions and listings, compiled from public sources and published monthly. Clients can schedule a call with Owen Davies, ASC’s Chief Executive. Members can apply to join.