PitchBook：2026年第一季度国防科技风险投资趋势报告（英文版）

Defense tech VC has graduated from an industrialization thesis to an industrialization fact. Q1 2026 closed at $19.8 billion across 262 deals. This was the largest single quarter the dataset has ever recorded. The quarter arrived in the middle of an active combat campaign whose tactical lessons validated the precise-mass doctrine that has guided venture deployment since mid-2024. Operation Epic Fury demonstrated an 80:1 cost asymmetry between US Patriot interceptors and Iranian-built Shahed d