Liquidity Events in Dual‑Use: Who Will Buy Defense Startups When IPOs Are Off the Table?
18 pages · PDF · 27 November 2025 · Licensed single-user copy, watermarked to the buyer
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About this report
Venture capital in the defense and dual-use technology sector is rising rapidly, but one fundamental question still defines investment behavior: who will ultimately acquire these startups?
Dual-use ventures operate at the intersection of civilian and military needs—developing technologies such as autonomous systems, cybersecurity platforms, advanced sensors and AI-based decision tools—yet the traditional path to liquidity through an Initial Public Offering (IPO) remains limited. Public markets remain volatile, ESG filters discourage exposure to defense, and government procurement cycles complicate revenue visibility.
Key questions this report answers
- Why does the traditional IPO path to liquidity remain limited for defence and dual-use startups amid volatile markets and ESG filters?
- What role do industrial acquirers (prime contractors) versus financial buyers (private equity, family offices, SPACs) play as exit routes?
- How is the future exit landscape for 2025-2030 mapped, and which actors and constraints shape it?
- What conclusions and recommendations follow for liquidity in the dual-use sector?
Inside this report
- The IPO Dilemma for Defense Startups
- Industrial Acquirers: Prime Contractors and Industry Buyers
- Financial Buyers: Private Equity, Family Offices, and SPACs
- Mapping the Future Exit Landscape (2025–2030)
- Conclusion and Recommendations
Who it's for
Strategy, corporate-development and investment teams that need an ecosystem-level view — budgets, industrial capacity and technology landscapes — before committing capital or capacity.
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Methodology, format & delivery
DFM reports are built from primary and official sources — TED procurement notices, CORDIS and the EU Funding & Tenders Portal, EIB operations, the NATO Innovation Fund portfolio, SIPRI data, official budget documents and company disclosures — read together with the underlying legal texts. Sources are cited in the document; it reflects them as of its publication date (27 November 2025). You receive a 18-page PDF, watermarked to you on every page, delivered on the confirmation page and by e-mail immediately after checkout (personal link valid 72 hours, up to 5 downloads). Guest checkout, single-user licence — Terms of Sale.
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