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Private companiesTracked

X-Bow Systems

Albuquerque, New Mexico · Founded 2016

X-Bow Systems, incorporated as X-Bow Launch Systems Inc., builds solid rocket motors for missiles, interceptors and launch vehicles, printing propellant with its own patented additive process. It runs a rocket-motor campus in Luling, Texas, and holds propulsion programs with the Navy, the Army and the Missile Defense Agency.

Profile

What it builds and who buys it

  • ·Its patented Advanced Manufacturing of Solid Propellant process prints energetic grains for tactical and strategic size motors. It also builds Rocket Factory in a Box, a deployable energetics production system.X-Bow Systems (company release), May 12, 2025
  • ·In November 2025 it installed its additive production system at its Luling, Texas campus, built with about $40 million of its own capital and co-investment from the U.S. Air Force and DARPA. The company said the site would start at 1 million pounds of energetics a year, with plans for 3 million within 12 to 24 months.X-Bow Systems (company release), Nov 19, 2025
  • ·Lockheed Martin, an early backer, signed a strategic agreement with the Series B to bring X-Bow on as a new independent supplier of solid rocket motors for its programs.Washington Technology, May 12, 2025
  • ·In October 2026 it won a prototype agreement with a total potential value of $69.7 million to develop and qualify a booster for a Navy weapon, with $50 million obligated at award. It funds tooling for up to 500 motors a year at Luling.X-Bow Systems (company release), Oct 7, 2026
  • ·The company said it recently completed its first major production contract, delivering more than 2,100 rocket motors.X-Bow Systems (company release), Oct 7, 2026
  • ·In August 2026 the Missile Defense Agency awarded it a $10,981,581 contract to develop and flight-test a low-cost interceptor.X-Bow Systems (company release), Aug 18, 2026
  • ·It launched Buckler in July 2026, a flight-tested interceptor against Group 3 drones priced under $100,000, with an airframe and motor built in-house.X-Bow Systems (company release), Jul 20, 2026
  • ·In March 2026 it agreed to acquire Evolution Space, adding a solid rocket motor plant at Stennis Space Center in Mississippi.X-Bow Systems (company release), Mar 10, 2026

Founders and leadership

  • Jason HundleyFounder and chief executive

    Founded the company in 2016 and led it as chief executive when it came out of stealth in 2022.3D Printing Industry, Mar 23, 2022

  • Maureen GannonCo-founder

    Led the team that raised the company’s Series A in 2022 as chief revenue officer, the title its 2022 and 2023 releases give her.X-Bow Systems (release via SpaceNews), Apr 26, 2022

Funding

Last valuation

No citable valuation

Last round or tender

$105Mraised

Series BX-Bow Systems (company release), May 12, 2025

Announced as over $105 million at the final close, the floor recorded here. Lockheed Martin led the strategic portion, with Razor’s Edge Ventures, Crosslink Capital, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory Ventures, Arkenstone Capital and Event Horizon Capital. The company had announced an initial close of more than $70 million on July 10, 2024, led by Razor’s Edge. The Form D for an equity offering begun May 9, 2024 records $46,480,239 sold to 16 investors of $89,207,743 offered, and the Form D for an offering begun December 20, 2024 records $25 million sold to one investor of $50 million offered; neither names the round. No valuation was stated.

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, 2025Series BAnnounced as over $105 million at the final close, the floor recorded here. Lockheed Martin led the strategic portion, with Razor’s Edge Ventures, Crosslink Capital, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory Ventures, Arkenstone Capital and Event Horizon Capital. The company had announced an initial close of more than $70 million on July 10, 2024, led by Razor’s Edge. The Form D for an equity offering begun May 9, 2024 records $46,480,239 sold to 16 investors of $89,207,743 offered, and the Form D for an offering begun December 20, 2024 records $25 million sold to one investor of $50 million offered; neither names the round. No valuation was stated.$105M—
Nov 16, 2023Interim roundLed by Lockheed Martin Ventures, with Crosslink Capital, Razor’s Edge Ventures, Balerion Space Ventures, Bravo Victor Venture Capital and Capital Factory. The company stated no amount. It said the round helped meet its matching requirement for a $60 million AFWERX STRATFI award.——
Apr 26, 2022Series ACo-led by Crosslink Capital and Razor’s Edge Ventures, with Lockheed Martin Ventures and Broom Ventures. The Form D for an equity offering begun April 22, 2022 records $14,999,998 sold to 3 investors, the whole offering; the release does not say how the filing relates to the round. No valuation was stated.$27M—

Primary capital across the rounds on file: $132M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 15, 2026

    Clarity Price $4.00, as of Oct 15, 2026

    Listed as X-Bow under the slug x-bow. Clarity calls the figure an estimated price per share. The page’s description gives it as of October 14, 2026, while its "last updated" line reads August 28, 2026, so the day recorded is the day seen. The page shows +433.33% all time. Last match, bids and asks are behind sign-up.

  • Caplightpublic page seen Oct 15, 2026

    No price on the public page.

    Listed as X-Bow Systems under the slug x-bow. No public MarketPrice: historical pricing is behind a login. The page shows a last round labelled “VC Round” dated December 8, 2025 and total funding of $262 million, Caplight’s own figures with no company or press confirmation on file.

  • Nasdaq Private Marketpublic page seen Oct 15, 2026

    No price on the public page.

    The page shows no figure in its text or its title. Its financing table lists a round labelled Series D, dated December 20, 2024, for $25 million, with price and valuation behind sign-up; the company has announced no Series D.

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

Tracked only. No read has been prepared for this company; the figures above are the record.

Sources

Researched Oct 15, 2026