SVDG &
@JPMorgan’s 2026 NatSec100 report is now live! A thread (1/13)
This year’s report reflects a defense ecosystem that’s matured from early experimentation to real-world adoption.
SVDG believes that too much of the signal still comes from proxies like fundraising, valuation, branding, media attention, etc. While those indicators, in many ways, have helped catalyze the ecosystem, they’re incomplete in a market where adoption can now be observed with greater fidelity.
Defense is uniquely difficult to evaluate – sales cycles are long and uneven & there’s no clean equivalent of ARR like most venture categories. There is no silver bullet for evaluating the operational impact of national security companies, and we do not pretend this report solves that challenge. But when outcomes in this sector shape national security, human life, and the preservation of democratic values, improving the signal set is extremely important.
For the first time (in partnership with
@Pryzm_Dynamics), this year’s NatSec100 incorporates gov contracting data alongside traditional indicators. We also raised the bar for inclusion: eligible companies must have secured at least one US government contract as of December 31, 2025.
The goal is not to discount capital or narrative, but to move toward a more rigorous understanding of which companies are actually on a viable path to deployment.
Full 2026 NatSec100 report here:
natsec100.org
Some key findings below: