Nov 2025 in brief.
Fourteen events, ≥$5.77B across twelve disclosed. Private equity set the tone: Arcline Investment Management agreed to buy Novaria Group (engineered A&D components) from KKR for $2.2B, and Tinicum and PennAero, with Blackstone as a minority partner, took TriMas Aerospace (mission-critical fasteners) for $1.45B. Intuitive Machines agreed to pay $800M for Lanteris Space Systems, the former Maxar Space Systems. In venture, CHAOS Industries closed a $510M Series D (Valor Equity) twelve months after its Series B — three rounds and ≥$930M raised on the tape — and Forterra’s $238M Series C, Quantum Systems’ $210M Series C extension (Balderton) and Neros’ $75M Series B (Sequoia) made Autonomous Systems the busiest domain with five events. Ursa Major raised $100M of equity for hypersonic and solid-rocket propulsion; Valar Atomics’ $130M Series A introduced advanced nuclear to the tape. Two undisclosed sponsor investments — Viking Global in Machine Sciences (precision components) and Razor’s Edge in Integer Technologies — and Bone AI’s $12M seed (Seoul and Palo Alto) completed the month.
November is where mid-market private equity arrives in force: $3.65B of the month’s floor is sponsors buying machined and engineered content with defense exposure, and both Novaria and TriMas are platforms built to add on (Novaria’s Avantus purchase lands in July 2026). For growth investors, CHAOS is the archive’s fastest-compounding sensing story and the comparable for any distributed-radar or counter-UAS raise. The five-event autonomy cluster — two of them repeat raisers — is a reminder that the drone category was already crowded before the 2026 mega-rounds.
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 | Dec 24 | Jan 25 | Feb 25 | Mar 25 | Apr 25 | May 25 | Jun 25 | Jul 25 | Aug 25 | Sep 25 | Oct 25 | Nov 25 | 12-mo deals | 12-mo disclosed $ | Last 3 mo vs prior 3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Missiles, Munitions & Missile Defense | 1 | 1 | – | 2 | 2 | 2 | 1 | – | – | 1 | 1 | 1 | 12 | ≥$956M | 3 vs 1 |
| Autonomous Systems & Robotics | – | 2 | 1 | 1 | 3 | 5 | 2 | 5 | 3 | 2 | 4 | 5 | 33 | ≥$5.97B | 11 vs 10 |
| Space & Launch | – | 2 | 3 | 2 | 4 | 4 | 4 | 1 | 3 | 2 | 2 | 2 | 29 | ≥$5.91B | 6 vs 8 |
| C4ISR, EW & Sensing | – | 1 | 2 | 1 | – | 4 | 2 | 3 | – | 1 | 1 | 1 | 16 | ≥$6.52B | 3 vs 5 |
| Cyber & Intelligence | 2 | – | 2 | 2 | 1 | 2 | 1 | – | – | 1 | – | 1 | 12 | ≥$1.47B | 2 vs 1 |
| AI, Compute & Defense Software | 2 | 1 | – | 1 | – | 5 | 5 | 2 | 1 | 1 | – | – | 18 | ≥$2.02B | 1 vs 8 |
| Platforms: Air, Land & Maritime | 1 | – | – | – | 1 | – | – | 3 | – | – | – | – | 5 | ≥$4.2B | 0 vs 3 |
| Defense Manufacturing & Industrial Base | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 3 | 3 | – | – | 3 | 17 | ≥$10.67B | 3 vs 7 |
| Logistics, Sustainment & Training | – | – | 1 | – | 1 | 5 | 1 | 4 | 1 | – | – | – | 13 | ≥$307.9M | 0 vs 6 |
| Acquisition, Budget & National Security Policy | – | – | – | – | – | 1 | 1 | – | – | – | 1 | – | 3 | ≥$160.4M | 1 vs 1 |
| Other / critical technologies | – | – | – | – | 2 | – | 1 | 1 | – | – | – | 1 | 5 | ≥$724.5M | 1 vs 2 |
Top deals.
| Date | Company | Event | Amount | Investors / Acquirer | Domain | |
|---|---|---|---|---|---|---|
| 2025-11-10 | Novaria Group | M-PE-PLATFORM | $2.2B | Arcline Investment Management | Defense Manufacturing & Industrial Base | Source |
| 2025-11-04 | TriMas Aerospace | M-PE-PLATFORM | $1.45B | Tinicum / PennAero (Blackstone minority) | Defense Manufacturing & Industrial Base | Source |
| 2025-11-04 | Lanteris Space Systems | M-STRATEGIC | $800M | Intuitive Machines | Space & Launch | Source |
| 2025-11-13 | CHAOS Industries | F-D+ | $510M | Valor Equity Partners | C4ISR, EW & Sensing | Source |
| 2025-11-12 | Forterra | F-C | $238M | Moore Strategic Ventures | Autonomous Systems & Robotics | Source |
| 2025-11-27 | Quantum Systems | F-EXT | $210M | Balderton Capital | Autonomous Systems & Robotics | Source |
| 2025-11-10 | Valar Atomics | F-A | $130M | Snowpoint Ventures; Day One Ventures; Dream Ventures | Other / critical technologies | Source |
| 2025-11-18 | Ursa Major | F-D+ | $100M | Eclipse | Missiles, Munitions & Missile Defense | Source |
| 2025-11-10 | Neros | F-B | $75M | Sequoia Capital | Autonomous Systems & Robotics | Source |
| 2025-11-19 | Method Security | F-A | $26M | Andreessen Horowitz; General Catalyst | Cyber & Intelligence | Source |
Notable undisclosed
- Machine Sciences · M-PE-PLATFORM · 2025-11-18 · Viking Global Investors · SourceTualatin, OR precision manufacturer of metallic components for next-gen space, satellite, UAV, and counter-UAS platforms.
- Integer Technologies · F-STRATEGIC · 2025-11-06 · Razor's Edge Ventures · SourceColumbia, SC defense tech company delivering AI-driven cyber, sensing/perception, and autonomy software for national security maritime programs.
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
- 2025-11-18 Keen Venture Partners — European Defence and Security Technology Fund C-FUNDCLOSE
First close above €150M (roughly $173M); EIF and PME committed €40M each, the first European VC under the EIF Defence Investment Programme. Focus: cyber, autonomy, deterrence and space. · 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.
Nov 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
1 event · disclosed floor ≥$100M (1 disclosed of 1)
- 2025-11-18 Ursa Major · F-D+ · $100M · Eclipse · Source
Autonomous Systems & Robotics
Pulse. Ground, air and sea in one month: Forterra’s $238M Series C (Moore Strategic Ventures, equity plus debt) for autonomous ground vehicles in battlefield logistics, Quantum Systems’ $210M Series C extension for VTOL ISR drones, and Neros’ $75M Series B for FPV strike drones and ground control. Bone AI’s $12M seed (Third Prime) is the first Korean entry on the tape; Razor’s Edge’s undisclosed investment in Integer Technologies backs maritime autonomy software out of South Carolina.
Count 5 · disclosed floor ≥$535M (4 disclosed of 5) · median $142.5M
| Date | Company | Event | Amount | Investors / Acquirer | Sub-market(s) | |
|---|---|---|---|---|---|---|
| 2025-11-27 | Quantum Systems | F-EXT | $210M | Balderton Capital | VTOL ISR UAS; Multi-domain unmanned systems; Dual-use drones | Source |
| 2025-11-17 | Bone AI | F-SEED | $12M | Third Prime | Aerial autonomy (UAS, CCA, loitering munitions); Autonomy software, C2 & teaming | Source |
| 2025-11-12 | Forterra | F-C | $238M | Moore Strategic Ventures | Ground robotics; Autonomy software, C2 & teaming; Contested logistics & distribution | Source |
| 2025-11-10 | Neros | F-B | $75M | Sequoia Capital | Aerial autonomy (UAS, CCA, loitering munitions) | Source |
| 2025-11-06 | Integer Technologies | F-STRATEGIC | Undisclosed | Razor's Edge Ventures | maritime autonomy; AI cyber; sensing and perception; naval ISR | Source |
Space & Launch
2 events · disclosed floor ≥$818M (2 disclosed of 2)
C4ISR, EW & Sensing
1 event · disclosed floor ≥$510M (1 disclosed of 1)
- 2025-11-13 CHAOS Industries · F-D+ · $510M · Valor Equity Partners · Source
Cyber & Intelligence
1 event · disclosed floor ≥$26M (1 disclosed of 1)
- 2025-11-19 Method Security · F-A · $26M · Andreessen Horowitz; General Catalyst · Source
AI, Compute & Defense Software
No events in the issue month.
Platforms: Air, Land & Maritime
No events in the issue month.
Defense Manufacturing & Industrial Base
3 events · disclosed floor ≥$3.65B (2 disclosed of 3)
Logistics, Sustainment & Training
No events in the issue month.
Acquisition, Budget & National Security Policy
No events in the issue month.
Other / critical technologies
1 event · disclosed floor ≥$130M (1 disclosed of 1)
- 2025-11-10 Valar Atomics · F-A · $130M · Snowpoint Ventures; Day One Ventures; Dream Ventures · Source
Deal table, method and definitions.
Issue deal table
| ID | Date | Status | Company | Type | Amount | Domain | |
|---|---|---|---|---|---|---|---|
| PULSE-202511-0157 | 2025-11-27 | closed | Quantum Systems | F-EXT | $210M | Autonomous Systems & Robotics | Source |
| PULSE-202511-0161 | 2025-11-19 | closed | Quindar | F-A | $18M | Space & Launch | Source |
| PULSE-202511-0156 | 2025-11-19 | announced | Method Security | F-A | $26M | Cyber & Intelligence | Source |
| PULSE-202511-0159 | 2025-11-18 | closed | Machine Sciences | M-PE-PLATFORM | Undisclosed | Defense Manufacturing & Industrial Base | Source |
| PULSE-202511-0155 | 2025-11-18 | closed | Ursa Major | F-D+ | $100M | Missiles, Munitions & Missile Defense | Source |
| PULSE-202511-0154 | 2025-11-17 | closed | Bone AI | F-SEED | $12M | Autonomous Systems & Robotics | Source |
| PULSE-202511-0153 | 2025-11-13 | closed | CHAOS Industries | F-D+ | $510M | C4ISR, EW & Sensing | Source |
| PULSE-202511-0152 | 2025-11-12 | closed | Forterra | F-C | $238M | Autonomous Systems & Robotics | Source |
| PULSE-202511-0158 | 2025-11-10 | closed | Valar Atomics | F-A | $130M | Other / critical technologies | Source |
| PULSE-202511-0151 | 2025-11-10 | announced | Novaria Group | M-PE-PLATFORM | $2.2B | Defense Manufacturing & Industrial Base | Source |
| PULSE-202511-0150 | 2025-11-10 | closed | Neros | F-B | $75M | Autonomous Systems & Robotics | Source |
| PULSE-202511-0160 | 2025-11-06 | closed | Integer Technologies | F-STRATEGIC | Undisclosed | Autonomous Systems & Robotics | Source |
| PULSE-202511-0149 | 2025-11-04 | announced | TriMas Aerospace | M-PE-PLATFORM | $1.45B | Defense Manufacturing & Industrial Base | Source |
| PULSE-202511-0148 | 2025-11-04 | announced | Lanteris Space Systems | M-STRATEGIC | $800M | Space & Launch | Source |
Method & coverage
Public sources only · Issue window = first public announcement in Nov 2025 · 14 announced or closed events (F 10 · M 4 · P 0) · Disclosed floor ≥$5.77B across 12 of 14 (14% 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.