Everything on M&A Landscape

Venture-backed defense companies are currently unaffordable for traditional primes due to high valuation multiples, creating a barrier to consolidation.

Impact: This forces startups to seek public listings or remain independent, altering the traditional exit strategy for defense tech investors.

— from Anduril's $20B Strategy and Defense Tech M&A · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Mar 23, 2026