Defense startup Hadrian closes $260 million funding round led by Peter Thiel's Founders Fund

Hadrian, a defense manufacturing startup, announced the successful completion of a $260 million Series C funding round on Thursday. This financial boost was spearheaded by Peter Thiel's Founders Fund and Lux Capital. The company plans to utilize these funds to construct a new 270,000 square foot manufacturing facility in Mesa, Arizona, while also expanding its existing operations in Torrance, California. The goal is to enhance their shipbuilding and naval defense capabilities significantly. CEO Chris Power shared insights during an interview with CNBC's Morgan Brennan, stating, "What we really need in this country is this quantum leap above China's manufacturing model. It's about supercharging the worker versus replacing them." Hadrian is part of a new wave of defense tech startups challenging established giants like Northrop Grumman and Lockheed Martin, striving to increase U.S. defense production and secure contracts from the Department of Defense. The new facility in Arizona is set to be four times larger than Hadrian’s California site and is expected to commence operations by Christmas, creating 350 local jobs in the process. The company is also planning to develop four to five additional production sites within the next year to meet the rising demands of the Department of Defense. Hadrian employs robotics and artificial intelligence to automate its factories, aiming to "supercharge American workers." Power emphasized that while demand is surging, the shortage of U.S.-based talent poses a significant challenge in establishing American leadership in shipbuilding and submarines. The company claims it can train employees in just 30 days, enhancing their productivity tenfold, and its workforce includes former Marines and nurses with no prior factory experience. Power concluded by stressing the urgency of the situation, stating, "As a country, we have to treat this like a national security crisis, not just the economics of manufacturing." The recent funding round also saw contributions from notable investors such as Andreessen Horowitz and new participants like Brad Gerstner's Altimeter Capital. Earlier this year, Hadrian secured an additional $92 million in funding.