The raise: Cambridge Aerospace raised $300m led by DFJ Growth, valuing the missile interceptor start-up at $3.4bn and taking total funding since its 2024 founding past $630m. Backers include Spark Capital, Lux, Accel, and Elad Gil, making it one of only a handful of UK defence tech companies valued above $1bn.
The products: Skyhammer, a low-cost anti-drone and cruise missile interceptor, is already in production and targeting 2,500 units monthly by March; Starhammer, a rocket-powered interceptor for ballistic missiles, launches next year. Cambridge already holds MoD contracts and is talking to the US government, having tested Skyhammer with the US Army.
The edge: CEO Steven Barrett credits 3D printing, AI, and in-house solid rocket motor production (Nightstar) for lower-cost, higher-volume manufacturing — addressing the cost asymmetry of using expensive interceptors against cheap drones like Shaheds. Cambridge is building Europe's largest rocket motor factory in Norfolk.
