How to invest in Saronic stock pre-IPO

The defense tech industry is rapidly changing. Venture-backed startups are disrupting the old model of building to spec, and AI is enabling more automated defense hardware and software. While companies like Anduril have made a big impact building autonomous aircraft, submarines, and other equipment, Saronic is another startup that's quickly making waves with its autonomous surface vessels (ASVs), i.e., robotic boats.

The company is only a few years old but has been rapidly scaling from both a production and financial standpoint. In 2025, the U.S. Navy awarded $392 million to Saronic as an other transaction agreement (OTA) to build batches of autonomous maritime drones by mid-2031, with nearly $200 million given upfront, according to DefenseScoop.¹ OTAs are a fast-tracked version of federal contracts. Already, Saronic's ASVs have been put to use during the 2026 Iran war.⁴

The company has also been scaling its production capabilities. In 2025, Saronic acquired Gulf Craft shipyard in Louisiana and later invested $300 million to expand the facility, where it can produce medium and large ASVs.⁵,⁶ And in July 2026, Austin-based Saronic announced it chose Brownsville, Texas, as the site of a $3.2 billion shipyard project, Port Alpha, where construction is expected to start this year, with operations underway by 2028.⁷

Meanwhile, the company has been quickly raising money and seen its valuation soar. From an initial valuation of around $87 million with its 2022 seed round, Saronic most recently raised $1.75 billion at a $9.25 billion valuation for its Series D in March 2026.³

While the company hasn't taken clear steps toward an IPO at this stage, interested accredited investors may be able to invest in Saronic stock pre-IPO through a private marketplace such as Forge, subject to share availability. Retail investors may also be able to gain indirect exposure through other assets, as this guide examines.

Saronic: Company background

Saronic (officially Saronic Technologies) was founded in Austin in 2022 by Dino Mavrookas, Rob Lehman, Vibhav Altekar and Doug Lambert.⁸

Mavrookas, the Chief Executive Officer, has a background that includes 11 years as a Navy SEAL and then working in private equity at Vista Equity Partners. Co-founder Lehman, the Chief Commercial Officer, is also a veteran, serving 21 years across active duty and reserve as a Lieutenant Colonel in the Marines. Altekar, the Chief Technology Officer, was one of the first engineers at Anduril. And Lambert, Chief Operating Officer, was formerly the head of engineering at Liquid Robotics, a marine robotics company.⁹

The company started with developing two small ASVs — Spyglass (6 feet) and Cutlass (14 feet) — which it demonstrated in Naval exercises in 2024. ¹⁰ Later that year it announced it was developing a third vehicle, a 24-foot boat called Corsair.¹¹ The company completed a week-long test of Corsair at sea as part of its internal R&D in early 2026.¹² And Saronic's crafts have started being deployed in war zones, such as with a Corsair drone boat used to rescue two U.S. pilots in the Strait of Hormuz.¹³

Currently, Saronic is focusing on Corsair, along with two other types of ASVs — Marauder (180 feet) and Mirage (52 feet).⁹ The company has also developed Echelon, its command-and-control software for ASVs.⁹

Saronic has also been building out its vertically integrated manufacturing capabilities. In addition to acquiring the Louisiana shipyard, it produces small ASVs at a facility in Austin,¹⁴ and it is building out a massive $3.2 billion facility in Brownsville, Texas, for its Port Alpha project, which could support building ships up to 850 feet or even above 1,200 feet if the site were expanded in the future.¹⁵ Ultimately, the company's mission is to support the U.S. and its allies in building maritime superiority as warfare changes.¹⁶

Saronic stock history and funding history

Saronic has raised approximately $2.6 billion across its primary funding rounds since starting in 2022. From an initial valuation of around $87 million with its 2022 seed round, the company reached a $9.25 billion valuation with its Series D in March 2026.

Forge Data as of 11/08/2026

In 2022, Saronic raised $17.50 million in seed funding at an $87.05 million valuation and a stock price starting at $0.04 for the initial tranche, with investors including Andreessen Horowitz, 8VC, Caffeinated Capital, Ensemble VC and Lightspeed Venture Partners.³

The following year, in 2023, the Saronic Series A raised $55.61 million at a $1.75 stock price and a $298.08 million valuation.³ This round was led by Caffeinated Capital, with several other participating investors such as Andreessen Horowitz, Point72 Ventures, Silent Ventures and Cubit Capital.¹⁷

In 2024, Saronic raised another $175.50 million for its Series B, bringing its stock price to $5.10 and taking it into unicorn status with a $1 billion valuation.³ This round was led by Andreessen Horowitz, with other investors such as 8VC, Caffeinated Capital, Elad Gil and NightDragon participating.¹⁸

In February 2025, Saronic's Series C raised $600 million, bringing its stock price to $15.49 and quadrupling its valuation to $4 billion.³ This round was led by Elad Gil and included General Catalyst as a new investor, alongside existing ones including Andreessen Horowitz, Caffeinated Capital and 8VC.¹⁹

In March 2026, Saronic closed a $1.75 billion Series D led by Kleiner Perkins at a $9.25 billion post-money valuation. New investors included Advent International, Bessemer Venture Partners, DFJ Growth and BAM Elevate, with continued participation from 8VC, Caffeinated Capital, Andreessen Horowitz, Elad Gil and Franklin Templeton.

Saronic's Forge Price is $36.88 at a $12.43 billion valuation, as of November 10, 2026, up about 2% since the March 2026 Series D.³

Forge Data as of 11/08/2026

Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Saronic IPO outlook

Saronic has not filed an S-1 or announced an IPO date. The company remains privately held with no confirmed timeline for going public.

With $2.6 billion in capital raised, a $392 million Navy OTA contract, and $3.2 billion Port Alpha project getting underway, Saronic has demonstrated real financial impact, although the company still remains in its relative infancy.

That said, this does not mean the company will go public anytime soon, if at all. IPO timing for any private company is uncertain and depends on factors such as market conditions, company performance and strategic priorities. Investors interested in Saronic should consider monitoring official company announcements, and you can review the Saronic IPO page on Forge for updates.

How to invest in Saronic stock

Saronic has not gone public, and as such, its shares are not available to trade via traditional brokerages.

Instead, accredited investors may be able to access shares of some pre-IPO companies like Saronic through secondary market transactions on private marketplaces like Forge, through which existing shareholders such as employees or early investors may sell their holdings. An accredited investor is a person or entity that meets income or net-worth thresholds, or professional criteria, as set by the SEC.²⁰

However, private market access can come with constraints. Share availability is not guaranteed, and companies often impose transfer restrictions, including a Right of First Refusal (ROFR) that lets the company or existing investors buy shares before an outside buyer can when an existing shareholder tries to sell. Private company shares are also typically illiquid, especially compared to public market securities, and valuations can be uncertain.

To learn more about pre-IPO opportunities, explore our buyer's guide to investing in private market shares or our comprehensive pre-IPO investing guide. Eligible investors can also create a free account on Forge to explore available private market investment opportunities.

Potential indirect exposure to Saronic for non-accredited investors

While retail investors may be able to invest in Saronic if it eventually goes public, for now, direct pre-IPO investment in Saronic is generally limited to accredited investors. However, there are publicly available investment options that may provide indirect or thematic exposure to broader trends around defense, AI and other areas of tech.

Some examples include publicly traded defense companies, some of which may be creating autonomous equipment or more traditional military vehicles, so the level of similarities with Saronic may vary significantly. Also, some defense manufacturers also build non-military vehicles and systems, so retail investors should consider how much thematic exposure they're looking for in relation to Saronic vs. more diversified defense industry exposure.

Another category retail investors might consider is publicly traded AI and robotics companies. Here too, the level of overlap with Saronic can vary widely. Some of these tech companies might sell autonomous equipment and software that resembles what Saronic produces, but perhaps for different industries. Or, they might create very different types of products and services but still provide correlated exposure to the potential growth of AI and robotics overall, across sectors.

Lastly, retail investors might consider allocating to ETFs or mutual funds, which might have a thematic focus (e.g., defense tech or AI), or some funds might provide greater diversification to multiple areas of tech, outside of Saronic's main focus. As such, the correlation between Saronic's stock and these funds' performance might vary significantly, but choosing certain funds might align with certain investors goals more than investing in individual companies.

How to analyze Saronic stock

Private companies generally do not face the same disclosure requirements as public companies, which can make analyzing Saronic stock challenging. Saronic is still in the early stages of development, so it remains to be seen what its full customer base might look like.

However, you can look at the financial data that has been publicly reported. For example, the Naval OTA reportedly earned Saronic nearly $200 million in 2025, with the full award totaling $392 million for delivery by mid-2031.²¹ This appears to have accounted for most of Saronic's revenue in 2025, based on similar data reported by The Information.²²

Investors might then compare what has been reported about Saronic vs. similar disclosed data from other private market tech companies. That, combined with reviewing Saronic's valuation data across its funding rounds and its current Forge Price, could help investors determine how Saronic compares to similar private companies.

Seeing how other defense or broader tech companies are trading on Forge could help you determine what might be a fair valuation for Saronic. There also might be some parallels to draw with public market defense and tech companies.

Still, even when looking at what Saronic has disclosed and the pricing data available on Forge, private market stocks are generally more opaque than public market ones. There can be more subjectivity involved in analyzing Saronic stock, along with the valuations of other private market companies.

Potential risks of investing in pre-IPO Saronic stock

Investing in private companies like Saronic carries risks that differ from public market investing. Prospective investors should consider both company-specific factors and general private market dynamics. Some potential risks include:

• Revenue concentration: Saronic currently relies heavily on U.S. government and Navy demand. Changes in defense budgets, procurement priorities or contract awards could materially affect the company's revenue and growth trajectory.
• Competitive pressure: While Saronic is focused on modern technologies, the company still faces competitive pressure from both legacy defense contractors developing their own autonomous vessels and other defense-tech startups.
• Company-specific and execution risk: Saronic is a young company that is just getting started with major projects like Port Alpha. It remains to be seen how the company will execute on some of its plans, as well as how the company manages operational areas ranging from talent management to financial controls.
• Valuation considerations: Private-round valuations are negotiated with limited disclosure and may not reflect a value achievable in a future financing or public listing.
• Private market investing risks: Private market shares are often illiquid, information is limited compared with public companies and transfer restrictions can constrain when and whether an investor can sell.
• Potential loss of capital: As with any investment, and especially with speculative pre-IPO holdings, investors could lose some or all of their capital.

Get started investing in Saronic on Forge

If you are interested in investing in Saronic before a potential IPO if/when shares become available, eligible investors can open a free Forge account. Once your account is active and your accreditation is verified, you may gain access to real-time private market data, context-rich insights and a marketplace built for self-directed investors.

Not sure where to begin? You can read our buyer's guide to investing in private market shares. And if questions come up along the way, Forge's experienced specialists are available to support you.