Lockheed Martin Ventures backs Elroy Air as PIPE grows to $175M

Elroy Air expanded its PIPE commitments to $175 million, with existing investors Lockheed Martin Ventures and Inflection Point participating, ahead of its planned merger with Inflection Point Acquisition Corp. VII (Nasdaq: IPXG). $75 million is already funded. What's happening - The remaining commitments are expected at closing, which the companies target for late 2026. - The June agreement values Elroy Air at $800 million pre-money, with an expected enterprise value of about $1.0 billion after closing. Why it matters - Lockheed Martin Ventures was an early strategic investor, and the two companies plan joint work on autonomous systems and business development. - Elroy holds a multi-year U.S. Army contract worth up to $46 million for cargo resupply in contested, austere environments. Going deeper - Chaparral is a hybrid-electric autonomous VTOL designed to carry 500+ pounds up to 450 miles without a runway. - Kratos is the exclusive U.S. manufacturer, with the first production aircraft planned for late 2026 in Sacramento. The fine print - Bristow's 15 early delivery reservations and other demand figures are non-binding, according to the release's risk factors. Source: elroyair.com (Business Wire) · Sep 24, 2026 https://elroyair.com/company/news/press-releases/PIPE-upsizing-to-175-million-with-lockheed-martin-ventures