PiggyGPT

Private companiesCovered

HavocAI

Rumford, RI · Founded 2024

HavocAI (trading as Havoc) builds autonomous surface vessels and the collaborative autonomy software that lets one operator supervise fleets of them, and since March 2026 drones and ground machinery too. It has delivered more than 30 vessels to the U.S. Department of Defense.

Profile

What it builds and who buys it

  • ·Havoc says it has built and deployed more than 100 autonomous surface vessels across the U.S., Europe and the Indo-Pacific, with more than 40 mission-ready.Havoc (company release), May 13, 2026
  • ·More than 30 of its vessels have been delivered to the U.S. Department of Defense.Havoc (company release), May 13, 2026
  • ·After the Navy’s Silent Swarm experimentation event, the Navy bought a dozen 14-foot Rampage vessels at $100,000 each, by the chief executive’s account.Fortune, Oct 9, 2025
  • ·The company’s model is software installed on boats built by existing manufacturers; it names PacMar and Senesco among its shipbuilding partners.Havoc (company release), May 13, 2026
  • ·By October 2025 it operated 20 more boats as a contractor for the Army, Navy and Defense Innovation Unit, was fitting its software to a 38-foot Seahound and a 42-foot Kaikoa, and was testing a 100-foot Atlas in Rhode Island.Fortune, Oct 9, 2025
  • ·Lockheed Martin Ventures and HavocAI agreed in July 2025 to develop and scale medium unmanned surface vehicles, with Lockheed Martin integrating weapons.Breaking Defense, Jul 8, 2025
  • ·Hanwha Defense USA and Hanwha Systems are working with HavocAI on a 200-foot autonomous surface vessel proposal, with Hanwha Philly Shipyard under consideration for production.The Maritime Executive, Jan 8, 2026
  • ·The March 2026 acquisitions of Mavrik, which builds Group 1 and Group 3 drones, and Teleo, which supervises heavy machinery, extended the software to air and land.Ocean News & Technology, Mar 13, 2026
  • ·Leidos is integrating Havoc’s autonomy software with its own vessel architecture, starting with the Sea Archer, and the two plan an operational validation of surface and aerial vehicles under one autonomy system in the fourth quarter of 2026.ASDNews, Apr 20, 2026
  • ·Under a September 2026 partnership, Taiwan’s CSBC would build autonomous surface vessels in Taiwan running Havoc’s software, under Section 1266 of the fiscal 2026 National Defense Authorization Act.Havoc (company release), Sep 10, 2026
  • ·The company reports more than 200 employees, new offices in Austin and San Diego, and $6 million in Army SBIR awards from three xTech wins.Havoc (company release), May 13, 2026
  • ·China sanctioned HavocAI at the end of 2024, by Fortune’s account, among U.S. defense companies it named for selling arms to Taiwan.Fortune, Oct 9, 2025

Founders and leadership

  • Paul LwinCo-founder and chief executive

    A U.S. Naval Academy graduate and Naval Flight Officer who flew combat missions in Iraq and Afghanistan as an EA-6B Prowler weapons systems officer; holds aerospace engineering and computer science degrees and a Yale MBA. Arrived in the U.S. as a refugee at 10.Havoc (company page)

  • Joe TurnerCo-founder and chief operating officer

    A former Navy nuclear propulsion officer who has founded four technology and manufacturing companies, including the autonomous underwater vehicle maker Exocetus Autonomous Systems.Havoc (company page)

Prospects, after the Series A and the CSBC partnership

Prepared by PiggyGPT, as of Oct 11, 2026

  • ·Deliveries are on the record in vessel counts rather than dollars: more than 30 vessels to the Department of Defense and a Navy purchase of a dozen Rampage boats at $100,000 each. No program of record or contract value is on file, and no revenue figure is citable.
  • ·Fortune tied the October 2025 round to the more than $3.3 billion the 2025 reconciliation law set aside for medium and small unmanned surface vessels. That is a pool open to several competitors, not an award.Fortune, Oct 9, 2025
  • ·Large hulls run through partners: Lockheed Martin on medium vessels, Hanwha on a 200-foot proposal, Leidos on Sea Archer and CSBC for Taiwan. The Hanwha and CSBC agreements are stated as work toward production, not orders.
  • ·The March 2026 acquisitions moved the company from boats into air and land. The Leidos validation planned for the fourth quarter of 2026 is the first dated test of surface and aerial vehicles under one autonomy system on file.ASDNews, Apr 20, 2026
  • ·Three rounds in under two years, the last two at $85 million and $100 million, carry no stated valuation. Clarity’s indicative price is the only public per-share figure on file.
  • ·For the acquisition read, Lockheed Martin, Hanwha and SAIC each hold a stake, and Lockheed Martin and Hanwha are also development partners. Nothing has been reported about talks. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

No citable valuation

Last round or tender

$100Mraised

Series A, May 12, 2026Havoc (company release), May 13, 2026

Announced on May 12, 2026, bringing total capital raised to about $200 million since 2024. New investors included CCM Capital Markets, Clear Street, Cobalt Capital, Boardman Bay Capital Management and SAIC; existing investors included B Capital, Lockheed Martin, Taiwania Capital, Scout VC and Outlander VC. A Form D filed the same day records $187,485,471 of equity and options, warrants or other rights sold to 42 investors from March 3, 2026; the release does not say how the filing relates to the round.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
May 12, 2026Series AAnnounced on May 12, 2026, bringing total capital raised to about $200 million since 2024. New investors included CCM Capital Markets, Clear Street, Cobalt Capital, Boardman Bay Capital Management and SAIC; existing investors included B Capital, Lockheed Martin, Taiwania Capital, Scout VC and Outlander VC. A Form D filed the same day records $187,485,471 of equity and options, warrants or other rights sold to 42 investors from March 3, 2026; the release does not say how the filing relates to the round.$100M—
Oct 9, 2025Funding roundUnnamed by the company, which calls its May 2026 round its Series A. Closed at the end of September 2025 by Fortune’s account. New investors were B Capital, In-Q-Tel, Lockheed Martin, Hanwha, Taiwania, Vanderbilt University, Up Partners, Island Green Capital and Zero Infinity Partners, with Scout Ventures and Outlander Ventures returning. EDGAR lists no Form D for it.$85M—
Sep 16, 2024SeedAnnounced on September 20, 2024 as an $11 million seed led by Scout Ventures and co-led by Trousdale Ventures, with Outlander VC, The Veteran Fund, BV.VC, Decisive Point, Alumni Ventures and New North Ventures. The Form D records $12,233,286 of equity sold to 12 investors of a $12,255,000 offering from September 16, 2024, the amount recorded here.$12M—

Primary capital across the rounds on file: $197M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 11, 2026

    Clarity Price $20.56, as of Oct 11, 2026

    Clarity calls the figure a model-derived indicative price estimate calculated daily; the page dates it no further than a "last updated" line reading August 28, 2026.

  • Nasdaq Private Marketpublic page seen Oct 11, 2026

    No price on the public page.

    The page shows no figure in its text or its title; its funding table is behind a sign-up.

  • Caplightpublic page seen Oct 11, 2026

    No price on the public page.

    Listed as Havoc. No public MarketPrice; the page says its estimates are for Caplight users.

  • Augmentpublic page seen Oct 11, 2026

    No price on the public page.

    The company page shows no price, and HavocAI is not on the Power 20 page.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 11, 2026

Signals

  • Jul 8, 2025HavocAI and Lockheed Martin Ventures announced a collaboration to develop and scale medium unmanned surface vehicles, pairing HavocAI’s autonomy with Lockheed Martin’s weapons integration.Breaking Defense, Jul 8, 2025
  • Oct 9, 2025HavocAI raised $85 million with Lockheed Martin, Hanwha, In-Q-Tel and Taiwania among the new investors; the chief executive declined to give a valuation.Fortune, Oct 9, 2025
  • Jan 8, 2026Hanwha Defense USA and Hanwha Systems agreed with HavocAI to jointly develop a 200-foot autonomous surface vessel proposal, with Hanwha Philly Shipyard under consideration for production.The Maritime Executive, Jan 8, 2026
  • Mar 13, 2026Havoc closed its acquisitions of the drone maker Mavrik and the heavy-machinery autonomy company Teleo, with Clear Street advising on the transactions.Ocean News & Technology, Mar 13, 2026
  • Apr 20, 2026Leidos and Havoc signed an agreement to integrate Havoc’s autonomy software with Leidos’ Autonomous Vessel Architecture, beginning with the Sea Archer small unmanned surface vessel.ASDNews, Apr 20, 2026
  • May 12, 2026Havoc raised a $100 million Series A with SAIC as a new investor and Lockheed Martin returning.Havoc (company release), May 13, 2026
  • Sep 10, 2026Havoc and CSBC Corporation, Taiwan’s largest shipbuilder, announced a partnership to pursue licensed co-production of autonomous surface vessels in Taiwan.Havoc (company release), Sep 10, 2026

Named counterparties

  • Lockheed MartinAn investor in the October 2025 round and the Series A, and a partner on medium unmanned surface vehicles since July 2025.Breaking Defense, Jul 8, 2025
  • HanwhaAn investor in the October 2025 round; Hanwha Defense USA and Hanwha Systems are teamed with HavocAI on a 200-foot autonomous vessel.The Maritime Executive, Jan 8, 2026
  • SAICA new investor in the May 2026 Series A.Havoc (company release), May 13, 2026

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 11, 2026