You have probably seen one by now. Maybe it was a little drone buzzing over a wedding, or a police drone hovering over a car crash on the evening news, or a Walmart order dropped in someone’s backyard in Dallas. Five years ago most of the drones Americans flew were made in China by DJI. That has changed fast.
The Pentagon now wants to buy drones by the hundreds of thousands. Washington has been pushing Chinese drones out of the US, and the money has followed. Anduril raised $5 billion in May. Zipline raised $1.5 billion this month. A company called Neros, which builds a $2,000 attack drone, roughly tripled its valuation in nine months, to $2.5 billion.
The stock side is a different story. AeroVironment, the best-known drone stock, was trading 72% below its 52-week high on November 6. Red Cat, Ondas and AIRO were all down 55% or more from their highs in late October. So there is a lot of money going into drones, and also a lot of people losing money on drone stocks.
Below are the top 15 drone companies in the USA. Six are public and you can buy their stock today. The rest are private, or tucked inside a much bigger company. For each one you get what it builds, the latest numbers we could find, and what could go wrong.
Not financial advice. This article is for general information only. It isn’t a recommendation to buy or sell any stock. Small drone stocks can move 10% in a day and several on this list have lost more than half their value this year. You can’t buy shares in the private companies unless you are an accredited investor. Do your own research and, if you can, talk to a licensed financial advisor before you invest.
Top 15 US Drone Companies at a Glance
Market cap is from StockAnalysis (SA) on the date shown. Private valuations are from the company’s latest funding round, with the date of that round.
| # | Company (ticker) | What it builds | Public or private | Latest value (source, date) | Latest number |
|---|---|---|---|---|---|
| 1 | Anduril | Attack drones, combat jet drones, counter-drone systems | Private | $61B (Series H, May 2026) | 2025 revenue about $2.25B* |
| 2 | General Atomics Aeronautical | MQ-9 Reaper, FQ-42A combat drone | Private (part of General Atomics) | Not public | FQ-42A production contract, Jun 2026 |
| 3 | Shield AI | V-BAT drone, Hivemind AI pilot | Private | $12.7B (Series G, Mar 2026) | 2026 revenue projected at $540M+* |
| 4 | Kratos (KTOS) | Valkyrie jet drones, target drones | Public, Nasdaq | $7.54B (SA, Oct 27)* | Q3 revenue $471.8M (+35.7%) |
| 5 | AeroVironment (AVAV) | Switchblade, Puma, Raven | Public, Nasdaq | $5.71B (SA, Nov 6) | Q1 FY27 revenue $480.5M (+6%) |
| 6 | Ondas (ONDS) | Drone-in-a-box, counter-drone, attack drones | Public, Nasdaq | $3.62B (SA, Oct 27)* | Q3 guidance $140M to $155M* |
| 7 | Neros | Archer FPV attack drone | Private | $2.5B (Series C, Aug 2026) | About 1,200 drones a week |
| 8 | Red Cat (RCAT) | Black Widow Army drone | Public, Nasdaq | $672M (SA, Oct 26)* | Q2 revenue $20.2M (+527%)* |
| 9 | Performance Drone Works | Military drones and drone parts | Private | Not disclosed | Up to $820M Pentagon loan (conditional) |
| 10 | Zipline | Delivery drones | Private | $21.5B (Nov 2026)* | 2M+ deliveries by January |
| 11 | Wing (part of Alphabet, GOOGL) | Delivery drones | Inside a public company | Not broken out | 150 new Walmart stores planned in 2026 |
| 12 | Skydio | X10 drones and docks for police, military and industry | Private | $5.2B pre-money (Axon deal, Nov 2026) | 60,000+ drones shipped |
| 13 | BRINC | 911 response drones for police and fire | Private | Not disclosed* | 900+ public safety agencies |
| 14 | Unusual Machines (UMAC) | Motors, cameras, batteries, FPV parts | Public, NYSE American | $618M (SA, Nov 6) | Q3 revenue $13.9M (+551%) |
| 15 | AIRO Group (AIRO) | RQ-35 and RQ-70 military drones, plus avionics and training | Public, Nasdaq | $155M (SA, Oct 26)* | Q2 revenue $43.2M (+76%) |
* Single source, an old price, or a projection rather than a reported result. See the notes under each company.
Two words come up a lot below. “FPV” means first-person view: a small, cheap drone the pilot flies through a camera feed, often carrying a warhead. “Blue UAS” is the Pentagon’s list of drones that are cleared for the military to buy. Getting on that list matters a lot for sales, because the military won’t buy drones with Chinese parts.
Military and Defense Drone Companies
1. Anduril
Anduril was started in 2017 by Palmer Luckey, the guy who founded Oculus VR, and it’s now the most valuable private defense company in the country. It builds the Fury combat jet drone (the Air Force calls it the YFQ-44A), the Ghost and Altius drones, and counter-drone systems that shoot down other drones. All of it runs on its own Lattice software, which lets one operator control a lot of machines at once.
In May 2026 Anduril raised $5 billion at a $61 billion valuation, according to SiliconANGLE. Thrive Capital and Andreessen Horowitz led the round. SiliconANGLE also reported, from a January investor memo, that revenue doubled to $2.25 billion in 2025. In March, Anduril opened Arsenal-1 in Ohio, a factory of more than 5 million square feet that cost about $900 million.
Good for: Seeing where the Pentagon’s new money is going. Anduril is the company others in this list get compared to. The catch: You can’t buy it. Anduril is private, and the revenue figure comes from a memo, not audited results.
2. General Atomics Aeronautical Systems (GA-ASI)
If you picture a military drone, you’re probably picturing a General Atomics drone. It builds the Predator and the MQ-9 Reaper, the long-winged drones the US has flown over Iraq, Afghanistan and the Middle East for more than 20 years. The company says the Predator line has flown more than 9 million hours.
Its newest aircraft is the FQ-42A, a jet-powered drone built to fly next to fighter jets. The Air Force gave GA-ASI a production contract for it in June 2026. The aircraft went “from contract award to first flight in just 15 months,” the company said, with first flight in August 2025. About 70% of its main parts are shared with GA-ASI’s other Gambit drones, so the company can build several versions on one line.
Good for: Understanding the large-drone market. GA-ASI is the incumbent the startups are trying to beat. The catch: It’s privately owned by General Atomics, a San Diego company, so there’s no stock and no public revenue figure. The Air Force has not said how many FQ-42As it ordered or what they cost.
3. Shield AI
Shield AI is a San Diego company founded in 2015 by a former Navy SEAL, Brandon Tseng, and his brother Ryan. It builds the V-BAT, a drone that takes off straight up like a helicopter and then flies like a plane, so you don’t need a runway. Its bigger bet is Hivemind, software that flies an aircraft by itself. The Air Force picked Shield AI as one of the AI pilot providers for its combat drone program. It’s also building the X-BAT, a jet that takes off vertically, with first flight expected by the end of 2026.
In March, Shield AI raised $1.5 billion at a $12.7 billion valuation, more than double its old $5.6 billion mark, Fortune reported. Blackstone added $500 million of preferred equity. Fortune said the company projects revenue growth of more than 80% this year, which means at least $540 million. “We don’t expect growth to slow down,” Tseng told Fortune.
Good for: Following the software that flies drones by itself, where Shield AI has the head start. The catch: Private, and the revenue figure is a projection from one source. X-BAT has not flown yet.
4. Kratos Defense (KTOS)
Kratos is a San Diego defense contractor best known for the XQ-58 Valkyrie, a cheap jet drone that can fly alongside fighter jets. It also makes target drones the military shoots at in training, and jet engines for drones and missiles. It plans to build up to 3,000 small turbojet engines in 2027.
Third-quarter revenue rose 35.7% to $471.8 million, up from $347.6 million. Bookings were $1.04 billion and backlog hit a record $2.65 billion. Kratos raised its full-year adjusted EBITDA forecast and expects 2027 revenue of $2.1 billion to $2.2 billion. CEO Eric DeMarco pointed to “a record backlog of $2.6 billion and an increased opportunity pipeline of $15.5 billion.”
Good for: Investors who want a drone stock that already has real revenue and a big order book. The catch: The drone unit itself shrank. Unmanned systems revenue fell to $74.6 million from $87.2 million, because last year had a $16.1 million Valkyrie sale to an international buyer. Kratos posted a $0.2 million net loss. The stock was $40.15 on October 27 on StockAnalysis, far below its 52-week high of $134.
5. AeroVironment (AVAV)
AeroVironment, based in Arlington, Virginia, has been making small military drones for decades. Soldiers throw its Raven and Puma drones by hand. Its Switchblade is a loitering munition, a drone that flies around until it finds a target and then dives into it. Ukraine has used Switchblades since 2022. In 2025 AV bought BlueHalo, which added space systems and the LOCUST laser that shoots down drones.
For the quarter ended August 1, 2026, revenue was a record $480.5 million, up 6%. The net loss narrowed to $5.1 million from $67.4 million. Funded backlog was a record $1.5 billion, up 37%. AV still expects $2.125 billion to $2.225 billion of revenue for the year ending April 2027. CEO Wahid Nawabi said “AV’s fiscal year 2027 is off to a strong start, with record first-quarter revenue and funded backlog.”
Good for: Investors who want the most established drone pure-play on the stock market. The catch: The stock has been crushed. It closed at $112.76 on November 6, against a 52-week high of $408.25. Growth of 6% is slow next to the startups, and AV still loses money on a GAAP basis because of BlueHalo amortization.
6. Ondas Holdings (ONDS)
Ondas owns several drone businesses, including American Robotics and Airobotics. Its Optimus system is a “drone in a box”: a drone that lives in a weatherproof dock, launches by itself, and recharges when it comes back. It also sells the Iron Drone Raider, which catches enemy drones in a net. More recently it has moved into attack drones for the US Army.
Ondas reported record revenue of $83.8 million for the second quarter. For the third quarter, management guided to $140 million to $155 million, against $10.1 million a year earlier, according to an Earnings Whispers preview. Backlog was $757 million. The company is still aiming for $525 million to $550 million of revenue this year. Ondas reports third-quarter results on November 12, so check the new numbers.
Good for: Investors who want a fast-growing drone stock with counter-drone and military exposure. The catch: It’s losing a lot of money. Last quarter’s adjusted EBITDA loss was about $51 million. Gross margin slipped to 50.4%. The stock was $5.79 on November 4, about 35% lower than after its last report.
7. Neros
Neros is a Los Angeles-area startup that builds the Archer, a small FPV attack drone. The Archer costs about $2,000 as an airframe, or about $5,000 with the warhead and gear, DroneXL reported. That price is the point. Ukraine’s war showed that cheap drones in huge numbers can do things expensive missiles can’t, and the Pentagon wants its own supply.
On June 30, 2026, the Army gave Neros a contract with a ceiling of $500 million for Archers through 2031. In August it raised $250 million at a $2.5 billion valuation, led by Sequoia Capital. It was building about 1,200 drones a week at the time. On November 2, the Pentagon’s Office of Strategic Capital offered a conditional loan of up to $450 million so Neros can make its own motors, radios and batteries in Torrance, California. “Our mission to produce one million drones per year hasn’t changed,” CEO Soren Monroe-Anderson said.
Good for: Seeing how fast cheap attack drones are scaling in the US. The catch: The $500 million is a ceiling, not money already spent, and the loan is not final. Neros is private.
8. Red Cat Holdings (RCAT)
Red Cat makes the Black Widow, a small quadcopter the US Army picked for its Short Range Reconnaissance program. It came from Red Cat’s purchase of Teal Drones in Utah. Red Cat also builds Blue Ops uncrewed boats in Georgia.
Second-quarter revenue was $20.2 million, up 527%, according to one Panabee report. The operating loss grew to $38.6 million. Red Cat had $325.6 million of cash and stuck with its 2026 revenue target of $150 million to $180 million. To hit that, it needs big orders in the second half. Red Cat reports third-quarter results on November 16.
Good for: Investors who want a small, Army-backed drone stock with a lot of upside if production orders come. The catch: The stock closed at $4.40 on October 26, against a 52-week high of $18.78. Losses are growing faster than revenue right now, and that full-year target looks hard after $20.2 million in Q2.
9. Performance Drone Works (PDW)
PDW is a Huntsville, Alabama company that makes military drones, including its C100 quadcopter, and the parts that go in them. It builds them at Drone Factory 01, a 90,000-square-foot plant in Huntsville.
In August the Office of Strategic Capital offered PDW a conditional loan of up to $820 million, the biggest drone loan of its kind so far. PDW will use it to make motors, power systems and cameras in the US, and sell them to other American drone makers too. CEO James Slider said “America’s ability to respond tomorrow depends on the industrial capacity we build today.”
Good for: Following the push to make drone parts in America instead of China. The catch: The loan is conditional and still has to pass due diligence. PDW is private and does not disclose revenue.
Drone Delivery Companies
10. Zipline
Zipline started in 2016 flying blood to hospitals in Rwanda. It’s based in South San Francisco and now drops packages for Walmart and others in the US. Its newer Platform 2 drone hovers above your yard and lowers the package on a line, so it lands softly. The median flight takes 3 minutes.
By January 2026, Zipline had made more than 2 million deliveries and flown more than 125 million miles. It raised more than $600 million at a $7.6 billion valuation that month. Then on November 5, DroneXL reported a $1.5 billion round at a $21.5 billion valuation and a deal with Walmart for 300 more sites. Uber also wants to use Zipline for Uber Eats.
Good for: Seeing which delivery company is pulling ahead. The catch: The $21.5 billion number comes from one report. Zipline has never published revenue, and the FAA’s new rules for flying beyond the pilot’s line of sight (Part 108) were still waiting on White House review on November 5.
11. Wing (Alphabet)
Wing is the drone delivery company owned by Alphabet, Google’s parent. It has worked with Walmart since 2023. In January 2026, Wing and Walmart said they would add 150 more stores this year, starting with Los Angeles, St. Louis, Cincinnati and Miami. Five stores in the Houston area went live on January 15. The two companies want more than 270 drone delivery locations by 2027 and say about 40 million Americans could have access by the end of 2026.
Good for: People who want to try drone delivery. If you live near a Walmart in Dallas, Houston, Atlanta or Charlotte, there’s a fair chance Wing already flies there. The catch: You can’t invest in Wing alone. Buying Alphabet (GOOGL) gets you Google Search, YouTube and Waymo, and Wing is a tiny part of it.
Police, Commercial and Industrial Drones
12. Skydio
Skydio is the biggest US maker of small drones and the main answer to DJI. Based in San Mateo, California, it builds the X10 and X10D drones and the Skydio Dock in its Hayward factory. Its drones avoid obstacles on their own, so they’re easy to fly. Skydio has shipped more than 60,000 drones to more than 3,800 customers, including over 1,200 police and fire agencies and every branch of the US military. In March the Army ordered $52 million of X10Ds.
In April Skydio raised $110 million at a $4.4 billion valuation. CEO Adam Bry posted that “The most significant fact in our Series F is how little we are raising.” Then on November 5, Axon, the company behind the Taser and police body cameras, said it would put about $1.2 billion into Skydio at a $5.2 billion pre-money valuation. Axon becomes Skydio’s only seller to police and fire in the US and Canada. Axon says Skydio has about $1 billion of bookings in its current fiscal year.
Good for: Anyone who wants the best-known American-made drone for police, military or industrial work. The catch: Private. Police departments now have to buy Skydio drones through Axon, and Axon’s stock fell 18% the day after the deal.
13. BRINC
BRINC was started in 2019 by Blake Resnick and is now based in Seattle. It makes drones built for 911 calls. The Responder drone sits on a station roof and gets to the scene before the officers do. Guardian, unveiled in March 2026, uses Starlink and is built to do some of the work of police helicopters. The Lemur 2 flies inside buildings for SWAT teams.
In July BRINC raised $125 million, led by Motorola Solutions, which runs a lot of America’s 911 dispatch systems. BRINC says more than 900 public safety agencies use its drones, including the Los Angeles Fire Department. “Every second matters in an emergency,” Resnick said.
Good for: Following the drone-as-first-responder trend, where a drone shows up at a 911 call in about a minute. The catch: Private, and it did not disclose its valuation. GeekWire said it nearly doubled from $480 million a year earlier. Skydio and Axon are now a much bigger rival.
Drone Parts and Smaller Players
14. Unusual Machines (UMAC)
Unusual Machines, from Orlando, Florida, makes the parts inside drones: motors, flight controllers, cameras and batteries. It also owns the Fat Shark goggle brand and the Rotor Riot store that sells to hobby FPV pilots. As the military buys more FPV drones that can’t use Chinese parts, Unusual Machines wants to be the American supplier.
Third-quarter revenue jumped 551% to $13.9 million, though it was down 17% from the second quarter. The net loss was $25 million, mostly from an $18.4 million markdown on investments it holds. Cash was $162 million. The company kept its fourth-quarter revenue target of $25 million. CEO Allan Evans wrote “It is easy to overlook the positives when the quarter’s net loss was $25 million.”
Good for: Investors who think the parts makers will win no matter whose drone the Pentagon picks. The catch: Revenue dropped from Q2, gross margin slipped to 35.4% and the stock closed at $11.90 on November 6, about a third of its 52-week high of $34.93.
15. AIRO Group (AIRO)
AIRO is a smaller US-listed company with four businesses: drones, avionics, pilot training and electric air mobility. The drone side builds the RQ-35, which is on the Pentagon’s Blue UAS list, and the longer-range RQ-70. In early November it made its first sale of both to the US government.
Second-quarter revenue grew 76% to $43.2 million. The net loss was $2.0 million. Drone backlog was about $163 million at the end of June, and that excludes US orders. CEO Joe Burns said the company is “reiterating our full-year 2026 revenue growth guidance of 15% to 25% year-over-year.” AIRO reports third-quarter results on November 12.
Good for: Investors who want a very small drone stock with real sales in Europe. The catch: Most of its drone sales so far are outside the US. Market cap was about $155 million on October 26 and the stock was $4.90, against a 52-week high of $17.83.
How to Pick a Drone Company That Fits You
You don’t need all 15. Here is a simple way to think about it:
- Decide which type of drone you believe in. Military: Anduril, General Atomics, Shield AI, Kratos, AeroVironment, Neros, Red Cat, PDW. Delivery: Zipline and Wing. Police and industry: Skydio and BRINC. Parts: Unusual Machines.
- Accept that the best names are private. Anduril, Shield AI, Zipline, Skydio and Neros are where the big funding rounds went. You can only buy the six public ones (plus Alphabet for Wing).
- Look at revenue before the story. Kratos and AeroVironment each bring in close to half a billion dollars a quarter. Red Cat and Unusual Machines bring in $14 million to $20 million.
- Check the cash burn. Ondas lost about $51 million on adjusted EBITDA last quarter. Red Cat’s operating loss was $38.6 million. Look at how much cash is left and if the company keeps selling new shares.
- Keep each stock small. Every public drone stock here was 58% to 77% below its 52-week high in late October or early November. A common rule is to keep any single stock under 5% of your portfolio.
If you would rather not pick single stocks, our top 10 mutual funds comparison lists low-cost funds. For other defense and factory names, see our top 15 industrial stocks in the USA. And if the AI rally makes you nervous, read our piece on defensive stocks during the AI bull market.
Frequently Asked Questions
What is the biggest drone company in the USA?
By valuation, Anduril, at $61 billion after its May 2026 round. Zipline is next at a reported $21.5 billion. Among public pure-play drone stocks, Kratos had the biggest market cap at about $7.5 billion on October 27, per StockAnalysis, then AeroVironment at about $5.7 billion on November 6.
Which US company makes the most drones?
Skydio has shipped more than 60,000 drones in total. Neros was building about 1,200 Archer drones a week in August and wants to hit 10,000 a month by the end of 2026. For deliveries, Zipline had made more than 2 million by January.
Can I buy Skydio, Anduril or Zipline stock?
Not on the stock market. All three are private. Accredited investors can sometimes buy shares through pre-IPO platforms, but prices there are often high and hard to sell. Axon (AXON) is buying a large stake in Skydio, so Axon stock gives you a small piece of it.
What are the best drone stocks to buy right now?
No one can tell you that. The six public drone stocks here are AeroVironment (AVAV), Kratos (KTOS), Ondas (ONDS), Red Cat (RCAT), Unusual Machines (UMAC) and AIRO (AIRO). Kratos and AeroVironment have the most revenue. Ondas, Red Cat and AIRO are growing faster but losing money, and all three report new results between November 12 and 16.
Is DJI banned in the USA?
DJI drones you already own still fly. New DJI models have been effectively kept out by US rules on foreign drone equipment, and the military can’t buy them. That is a big reason US drone makers are getting so much money and so many orders.
Which company does Walmart use for drone delivery?
Walmart uses both Wing and Zipline. Wing is adding 150 Walmart stores in 2026 and aims for more than 270 sites by 2027. Zipline signed a deal for 300 more Walmart sites in November, according to DroneXL.
Watch the Sky Near You
The easiest way to get a feel for these companies is to look up. If you live in Dallas, Houston or Atlanta, a Wing or Zipline drone may already deliver to your street. If your local police department has a drone program, there’s a good chance it flies a Skydio or a BRINC. Check which one, and then read that company’s latest news before you go anywhere near the stock.
