Shield AI raises $2B Series G

The company said it is raising $1.5 billion in Series G equity at a $12.7 billion post-money valuation, plus $500 million in fixed-return preferred equity. Advent International led the equity round, with the Strategic Investment Group of JPMorganChase's Security and Resiliency Initiative co-leading. Existing investors Snowpoint Ventures, Riot Ventures, Disruptive and Apandion also took part. Blackstone supplied the preferred tranche. The $2B figure therefore combines two instruments, and only the equity part sets the price. The announcement was paired with a deal to buy Aechelon, a simulation software company. Proceeds are meant to fund that acquisition and speed up work on the Hivemind autonomous piloting platform. The valuation was $5.3B in March 2025. TechCrunch linked the raise to Hivemind's selection for the Air Force's Collaborative Combat Aircraft prototype program. For founders, the investor mix is the notable part. Advent's role marks a shift from a venture-dominated cap table to large private equity involvement. Defense AI companies with program wins can now draw buyout-scale and bank capital, including non-dilutive preferred structures. Builders in this sector should expect later rounds to look more like structured finance, and should weigh acquisitions as a use of proceeds.