# Covenant

> Defense startup that unveiled Anthem, a heavy-payload cruise missile, with $250M lifetime capital disclosed — not a dated September round; no valuation.

## Why it is interesting

September 9, 2026 stealth exit: founder Michael Kaufman (a16z.news) said Covenant has raised $250 million since 2024. Reuters said just over $250 million from a16z, Founders Fund, Lux, 8VC, Aleph, and Lightspeed. CNBC added Altimeter and said the $250 million came over three rounds. Neither primary described a September 9 close, lead, or valuation. About $150 million of orders is Reuters, not the founder essay.

## Profile

- **Latest funding:** Lifetime capital disclosed at stealth exit — $250M lifetime (not a dated close) (September 2026)
- **Latest known valuation:** Not publicly disclosed
- **Total disclosed equity funding:** $250M
- **Stage:** growth
- **Status:** private
- **Industries:** defense-tech, ai-ml
- **Coverage:** full
- **Last updated:** 2026-09-10
- **Latest funding investors:** Andreessen Horowitz, Founders Fund, Lux Capital, 8VC

## Key facts

- Sep 9, 2026: Anthem stealth unveil; $250M lifetime capital (founder) / just over $250M (Reuters) — not a dated round
- Investors (Reuters): a16z, Founders Fund, Lux, 8VC, Aleph, Lightspeed; CNBC adds Altimeter; no valuation
- Founder: Dallas 105k sq ft plant; 200+ tests; maiden flight Aug 2025; thousands/year from 2027
- CNBC: Dallas 1,000 first year, serial Q1 2027, scale 5,000/year; Army + Navy deals
- Reuters: ~$150M orders, mid-six-figure full-rate unit target; dek “cash this year” vs body revenue 2027

## Funding history

- Lifetime capital disclosed at stealth exit · $250M lifetime (not a dated close) · September 2026
  Source: https://www.a16z.news/p/introducing-covenant

## Investors in our directory

- https://venturecapitaltracker.com/fund/andreessen-horowitz
- https://venturecapitaltracker.com/fund/founders-fund
- https://venturecapitaltracker.com/fund/lux-capital
- https://venturecapitaltracker.com/fund/8vc

## Related articles

- https://venturecapitaltracker.com/2026-covenant-250m-stealth-anthem-a16z
- https://venturecapitaltracker.com/2026-september-9-10-investment-news-harvey-clay-covenant
- https://venturecapitaltracker.com/2026-september-vc-news

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 10, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.

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Source: https://venturecapitaltracker.com/startup/covenant