Key takeaways
- Top pick: Anduril Industries, best for: Defense ministries buying autonomous systems at scale.
- Also near the top: Commonwealth Fusion Systems, best for: Utilities and data centre operators planning firm clean power; and Helsing, best for: European defence ministries and armed forces.
- How it was ranked: 10 startups compared. Each verdict is below.
Best Deep Tech Startups to Watch: Top 10 Ranked. Anduril Industries ranks first, with a Lister Score of 96.8.
Anduril and
Commonwealth Fusion Systems are the deep tech startups to watch globally: Anduril for autonomous defense hardware already in production, CFS for compact fusion power.
Helsing is the most valuable startup in mainland Europe,
PsiQuantum is building utility-scale photonic quantum computers, and
Stoke Space is closing in on a fully reusable rocket.
Best Deep Tech Startups to Watch in 2026, compared| RANK | ENTRY | BEST FOR | SCORE | FROM |
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| 1 |  Anduril IndustriesReports on the May 2026 round put Anduril's revenue for the previous year at $2.25 billion, double the year before. | Defense ministries buying autonomous systems at scale | 96.8 | Custom |
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| 2 |  Commonwealth Fusion SystemsGoogle and Eni were the only investors named in the July 2026 round, and CFS says it expects SPARC to show net energy gain in 2027. | Utilities and data centre operators planning firm clean power | 95.6 | Custom |
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| 3 |  HelsingThe July 2026 round made Helsing the most valuable startup in mainland Europe, and the company announced plans for US manufacturing at the same time. | European defence ministries and armed forces | 94.5 | Custom |
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| 4 |  PsiQuantumPsiQuantum is building quantum compute centres in Chicago and in Brisbane, where the Australian and Queensland governments committed A$940 million. | Governments and enterprises planning large-scale quantum computing | 93.3 | Custom |
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| 5 |  Shield AIThe March 2026 valuation followed Shield AI's selection as the software provider for Anduril's Fury aircraft for the US Air Force. | Militaries adding autonomy to aircraft and drones | 92.0 | Custom |
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| 6 |  Figure AIFigure launched Figure 03 in October 2025 and builds it at its own BotQ factory. | Manufacturers piloting general-purpose humanoids | 90.8 | Not public |
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| 7 |  Saronic TechnologiesCrunchbase described the March 2026 Series D as the largest robotics financing of the year at the time. | Navies adding uncrewed vessels to their fleets | 89.5 | Custom |
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| 8 |  HadrianHadrian says the August 2026 Series D will fund new factories, research and added production capacity. | Defence and space companies outsourcing precision parts | 88.2 | Custom |
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| 9 |  Stoke SpaceStoke is targeting early 2027 for the first orbital launch of Nova. | Satellite operators that need frequent launches | 86.9 | Custom |
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| 10 |  Varda Space IndustriesThe September 2026 Series D took Varda's total funding to $598 million. | Pharma companies testing drug formulations in microgravity | 85.6 | Custom |
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How to choose
Start from what you need it for. Where each entry fits best:
- Anduril Industries (#1): Defense ministries buying autonomous systems at scale
- Commonwealth Fusion Systems (#2): Utilities and data centre operators planning firm clean power
- Helsing (#3): European defence ministries and armed forces
- PsiQuantum (#4): Governments and enterprises planning large-scale quantum computing
- Shield AI (#5): Militaries adding autonomy to aircraft and drones
- Figure AI (#6): Manufacturers piloting general-purpose humanoids
- Saronic Technologies (#7): Navies adding uncrewed vessels to their fleets
- Hadrian (#8): Defence and space companies outsourcing precision parts
- Stoke Space (#9): Satellite operators that need frequent launches
- Varda Space Industries (#10): Pharma companies testing drug formulations in microgravity
Each entry's full verdict is below.
The ranking, in detail
01
Autonomous defense systems and weapons
Anduril Industries, founded in 2017 and based in Costa Mesa, California, builds autonomous drones, undersea vehicles, counter-drone systems and the Lattice software that links them. In May 2026 it raised $5 billion in a Series H at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz.
PROS- Revenue and production already at scale
- Products across air, land and sea
CONS- Sells only to governments and allies
- Private company with limited disclosure
- Best for
- Defense ministries buying autonomous systems at scale
- Where it falls short
- It does not sell to private entities, limiting options for commercial buyers.
- Pick something else if
- you are a private company seeking vendor solutions.
96.8
02
Compact tokamak fusion power
Commonwealth Fusion Systems, spun out of MIT in 2018 and based in Devens, Massachusetts, is building SPARC, a compact tokamak that uses high-temperature superconducting magnets, and plans its first ARC power plant in Virginia. In July 2026 it raised $1 billion, taking its total funding to about $4 billion.
PROS- Large funding base for a fusion company
- Backed by Google and Eni
CONS- No net energy result yet
- Commercial power still years away
- Best for
- Utilities and data centre operators planning firm clean power
- Where it falls short
- It has not yet produced net energy and commercial power is still years away.
- Pick something else if
- you need immediate clean power generation.
95.6
03
AI software and systems for defence
Helsing, founded in 2021 in Munich, builds AI software for defense, strike drones and autonomous platforms for European and allied governments. In July 2026 it raised a $1.8 billion Series E at an $18 billion valuation, co-led by Dragoneer Investment Group and Lightspeed Venture Partners.
PROS- Builds both software and hardware
- Very large funding base
CONS- Defence customers only
- Military AI draws ethical scrutiny
- Best for
- European defence ministries and armed forces
- Where it falls short
- It serves only defense customers, excluding commercial or civilian buyers.
- Pick something else if
- you need solutions for non-military sectors.
94.5
04
Photonic fault-tolerant quantum computers
PsiQuantum, founded in 2015 in Palo Alto, California, is building utility-scale quantum computers from silicon photonic chips made in commercial semiconductor fabs. In September 2025 it raised a $1 billion Series E at a $7 billion valuation, led by BlackRock affiliates, Temasek and Baillie Gifford.
PROS- Chips made in commercial fabs
- Major government backing in Australia and the US
CONS- No commercial machine yet
- Depends on an unproven scale-up
- Best for
- Governments and enterprises planning large-scale quantum computing
- Where it falls short
- No commercial machine yet.
- Pick something else if
- you need a working quantum computer today.
93.3
05
AI pilots for drones and aircraft
Shield AI, founded in 2015 in San Diego, makes Hivemind, an AI pilot for autonomous aircraft, and the V-BAT vertical takeoff drone. In March 2026 it raised a $1.5 billion Series G at a $12.7 billion valuation, led by Advent International.
PROS- Products already flying with militaries
- Autonomy software works across aircraft types
CONS- Defense customers only
- Competes with large defense primes
- Best for
- Militaries adding autonomy to aircraft and drones
- Where it falls short
- It serves defense customers only, excluding commercial buyers.
- Pick something else if
- you need commercial solutions.
92.0
06
General-purpose humanoid robots
Figure AI, founded in 2022 and based in San Jose, California, builds the Figure 03 humanoid robot and develops its Helix AI models in-house. Its Series C, closed in September 2025, took committed capital past $1 billion at a $39 billion valuation.
PROS- Heavy investment in robot AI
- Fast pace of new hardware generations
CONS- Not on open sale
- Early commercial stage
- Best for
- Manufacturers piloting general-purpose humanoids
- Where it falls short
- It is not available for open purchase yet.
- Pick something else if
- you need a robot you can buy today.
90.8
07
Autonomous surface vessels
Saronic Technologies, founded in 2022 in Austin, Texas, builds autonomous surface vessels and maritime command software for navies. In March 2026 it closed a $1.75 billion Series D at a $9.25 billion valuation, led by Kleiner Perkins.
PROS- Vessels in several sizes
- Funded to scale production
CONS- Defense customers only
- Young company
- Best for
- Navies adding uncrewed vessels to their fleets
- Where it falls short
- It serves defense customers only.
- Pick something else if
- you are not a defense customer.
89.5
08
Automated precision factories for defence and aerospace
Hadrian, founded in 2020 in Torrance, California, runs automated factories that machine precision parts for aerospace and defense programs, using its own software and robotics. In August 2026 it raised a $1.37 billion Series D at a $7.87 billion valuation.
PROS- Very large recent funding round
- Owns and runs its own factories
CONS- Focused on defence and aerospace work
- Capacity tied to new factory build-outs
- Best for
- Defence and space companies outsourcing precision parts
- Where it falls short
- Capacity is tied to new factory build-outs.
- Pick something else if
- you need immediate scalable capacity without waiting for construction.
88.2
09
Fully reusable Nova rocket
Stoke Space, founded in 2019 in Kent, Washington, is building Nova, a rocket designed to be fully reusable, including its upper stage. In September 2026 it raised a $1 billion Series E, co-led by Point72 Ventures and Spark Capital, taking total funding to $2.3 billion.
PROS- Reusable upper stage design
- Well funded ahead of first launch
CONS- Has not reached orbit yet
- Crowded launch market
- Best for
- Satellite operators that need frequent launches
- Where it falls short
- It has not reached orbit yet, so it cannot deliver launches now.
- Pick something else if
- you need immediate launch capability.
86.9
10
Drug processing in orbit
Varda Space Industries, founded in 2021 in El Segundo, California, flies capsules that process pharmaceuticals in microgravity and return them to Earth. In September 2026 it raised a $251 million Series D at a $1.6 billion valuation, led by Lux Capital and Natural Capital.
PROS- Has flown and recovered capsules
- Clear pharmaceutical use case
CONS- Early commercial stage
- Depends on launch cadence
- Best for
- Pharma companies testing drug formulations in microgravity
- Where it falls short
- Operations depend on launch cadence.
- Pick something else if
- you need guaranteed immediate availability.
85.6
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Frequently asked questions
What are the best Deep Tech Startups to Watch?
Anduril Industries ranks first on Lister. Anduril Industries, founded in 2017 and based in Costa Mesa, California, builds autonomous drones, undersea vehicles, counter-drone systems and the Lattice software that links them. In May 2026 it raised $5 billion in a Series H at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz.
What are the top 10 Deep Tech Startups to Watch?
1. Anduril Industries; 2. Commonwealth Fusion Systems; 3. Helsing; 4. PsiQuantum; 5. Shield AI; 6. Figure AI; 7. Saronic Technologies; 8. Hadrian; 9. Stoke Space; 10. Varda Space Industries.
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