PitchBook：2025年垂直快照：防御技术报告（英文版）

Venture capital is flowing into defense tech at record-breaking levels. In Q2 2025 alone, investors deployed $19.1 billion across 165 deals—more than double the $9.3 billion raised in Q1 and up over 200% from Q2 2024. YTD, defense tech startups have raised $28.4 billion across 361 deals, putting the sector on pace to surpass 2024’s $37.9 billion total. This growth comes even as broader VC markets remain soft, indicating that defense tech has become a priority for both institutional and strate