Aerospace and Defense Digest #92

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Aerospace and Defense Digest #92

June 7, 2026 Aerospace and Defense Digest #92

Private capital raises, SpaceX Starfall, SecDOT in BETA VTOL, BWXT/

Antares TRISO, BA 737 MAX production Andre Madrid

(332) 400-5033 amadrid@btig.comAEROSPACE WHAT YOU SHOULD KNOW: Welcome to the Aerospace & Defense Digest, where Ned Morgan

we highlight a few key stories and themes from the prior week and break down (212) 882-2357 nmorgan@btig.com

their implications for our coverage and the broader industry. In this edition:AND private A&D capital raises, SpaceX (Private) receiving FAA approval for Starfall,

Transportation Secretary Sean Duffy flying in BETA's (Buy, $33 PT) ALIA VTOL, BWX

Technologies' (BWXT, Buy, $235 PT) TRISO (TRi-structural ISOtropic) fuel powering

Antares Nuclear's (Private) microreactor through the first successful criticality

milestone under Trump's nuclear executive order, and Boeing's (BA, Not Rated) long-DEFENSE term 737 MAX production target.

■ Private defense tech and space companies raise capital. Mach Industries raised

a $300mn Series C at a $1.8bn valuation, Impulse Space raised a $500mn Series

D at a $4.3bn valuation, Apex Space raised over $200mn at a $2.3bn valuation,

Volund Manufacturing raised a $12mn seed round, and Westmag raised an $11mnINDUSTRY seed round. OUR TAKE: Investor sentiment around A&D tech remains robust,

as evidenced by recent larger, later-stage funding rounds. PitchBook data shows

defense tech VC reached $49.1bn in 2025 (+81% Y/Y). The pace of recent large

funding rounds suggests 2026 is tracking toward another record year.

■ SpaceX receives FAA approval for two Starfall reentry tests. The vehicles couldREPORT

launch aboard a Falcon 9 or Starship rocket before splashing down into the Pacific

Ocean upon reentry.