The Dallas startup says its manufacturing process can produce rocket propellant in hours rather than weeks. Now it needs to prove the technology works at industrial scale.
Firehawk Defense has raised more than $150 million in Series D funding at a valuation exceeding $1.4 billion, as investors pour money into companies addressing one of the US military's most pressing problems: producing enough ammunition.
The round was co-led by Advent International and Rochefort Asset Management, the investment firm co-founded by hedge fund manager Kyle Bass. It follows a $60 million Series C completed in September 2025, when Firehawk was valued at approximately $290 million.
That puts its valuation at nearly five times the previous level in just over a year.
Founded by Will Edwards, Steve Edwards and Ronald Jones, the Dallas-based company manufactures rocket propellant, solid rocket motors and propulsion systems used in artillery and missiles.
Its pitch is not simply to build a better rocket. Firehawk wants to change how the propellant powering those weapons is manufactured.
Traditional solid rocket propellant production involves mixing chemical ingredients, casting them into molds and allowing the material to cure. Depending on the process, that can take weeks and requires specialized manufacturing facilities.
Firehawk has developed a thermoplastic manufacturing process that can produce energetic feedstock in hours. The material can then be formed into different shapes using compression molding, extrusion or 3D printing.
That flexibility could make it easier to manufacture different motor designs without relying on lengthy production cycles.
The company is now investing heavily in manufacturing capacity.
Firehawk plans to expand its Great Plains Arsenal in Lawton, Oklahoma, and its missile integration facility in Crawford, Mississippi. The Oklahoma operation will focus on propellant and motor production, while the Mississippi site supports the assembly of complete rocket systems.
The startup already has a relationship with General Dynamics Ordnance and Tactical Systems. In May, the two companies signed an agreement to develop and produce motors for 155mm artillery projectiles, which use additional propulsion to extend their range.
Firehawk is also working on Hydra-70 rockets, a widely used weapon system that can be equipped with guidance kits for precision targeting.
In August, the company completed a live-fire test of Hydra-70 rockets assembled at its Mississippi facility. Firehawk reported that all rockets in the test performed successfully.
The next milestone is considerably larger than a successful demonstration.
According to Reuters, Firehawk aims to produce more than 100,000 artillery motors in 2027 under its arrangement with General Dynamics. The company expects to begin lower-volume production in Oklahoma by the middle of the year before increasing output.
It is also pursuing the qualification process needed to supply the US Army, which could take another 12 to 18 months.
Firehawk's opportunity comes from a broader shift in defense spending. Recent conflicts have exposed how difficult it can be for Western manufacturers to replenish missiles and artillery ammunition at the rate they are consumed.
The US solid rocket motor industry has historically been dominated by a small group of established suppliers, including Northrop Grumman and Aerojet Rocketdyne, now owned by L3Harris.
Firehawk wants to compete by focusing on smaller motors manufactured in high volumes.
Its backers include 1789 Capital, the investment firm associated with Donald Trump Jr., which led the company's earlier Series C. The latest round was led by Advent and Rochefort.
Firehawk has not disclosed detailed revenue or margins alongside the funding announcement. Its manufacturing forecasts also remain targets, not proven production rates.
That distinction matters. Producing propellant more quickly is a technical achievement, but becoming a major defense supplier requires consistent quality, certification, reliable deliveries and factories capable of operating at scale.
Edwards has set an ambitious goal: making Firehawk the largest US producer of artillery motors by the end of 2027.
The new funding gives the company substantially more capital to pursue that target. Its next test will take place on factory floors, not in fundraising meetings.
Sources: Firehawk announcement · Reuters · Dallas Innovates