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Capital · Defense Production Act

Energy Department commits up to $42 million in DPA funds to Constitution Pipeline

Defense Production Act funding would support permitting and pre-construction work on the proposed Pennsylvania-to-New York natural gas pipeline.

The Department of Energy announced Oct. 19 that it will use up to $42 million in Defense Production Act (DPA) Title III funding to advance Constitution Pipeline.1–2 Constitution Pipeline Company, LLC's proposed natural gas line would run 125 miles from Pennsylvania to New York.1

DOE announced it will use up to $42 million

To advance the Constitution Pipeline, a proposed 125-mile natural gas pipeline from Pennsylvania to New York.

Pre-construction and permitting activitiesSecuring required regulatory approvalsplanned

The DPA funding will support eligible pre-construction and permitting activities necessary to advance the project

Complementary natural gas infrastructureAfter permits are obtainedcontingent

Remaining funds will support the deployment of complementary natural gas infrastructure.

Defense Production Act (DPA) Title III funding

Department of Energy release and fact sheet, October 19 and 21, 2026

Sources
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The funding would support eligible pre-construction and permitting activities, which may include environmental reviews, engineering, site preparation and the costs of securing regulatory approvals.1 DOE says New York regulators denied the project a water quality certification in 2016, preventing it from moving forward.2

The proposed 30-inch pipeline would run from Susquehanna County, Pennsylvania, to Schoharie County, New York.3

DOE cites Presidential Determination No. 2026-12, issued in April 2026, which identifies natural gas pipelines, processing and storage infrastructure as essential to national defense. The department also cites a $1 billion appropriation for energy-related projects deemed critical to national security.2

DOE says remaining funds would support deployment of complementary natural gas infrastructure after permits are obtained.2

Sources (3)
  1. DOE release, Oct. 19, 2026 www.energy.gov
  2. DOE fact sheet, Oct. 21, 2026 www.energy.gov
  3. DOE Hydrocarbons and Geothermal Energy Office project page www.energy.gov
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Capital

CesiumAstro closes $730 million round to support its own planned satellite constellation

The space communications supplier plans a 737-satellite constellation that would take it into operating its own infrastructure. Janus Henderson led the equity round.

CesiumAstro announced Nov. 5 that it closed $730 million in Series D financing. The round valued the company at more than $4.5 billion.1

CesiumAstro raises capital to support its planned satellite constellation

Series D financing and Synchronicity plans, announced Nov. 5, 2026

$730MClosed Series D financing
737 satellitesPlanned Synchronicity constellation

CesiumAstro says the capital will support Synchronicity deployment alongside technologies, manufacturing expansion, spacecraft development and international growth.

Source: CesiumAstro, Nov. 5, 2026. As of Nov. 6, 2026.

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Synchronicity would extend CesiumAstro's business from supplying space technologies and complete spacecraft to developing and operating its own space infrastructure. The planned 737-satellite constellation is intended for commercial, sovereign and defense missions.1

Janus Henderson led the equity round, with participants including Insight Partners, Sands Capital and Magnetar. The announcement also lists $100 million in debt financing through the Export-Import Bank of the United States and JPMorgan, without specifying whether that amount is included in the $730 million.1

CesiumAstro acquired Jariet Technologies, 1Aardvark and Vidrovr in the past 12 months, bringing together semiconductor, mission software and artificial intelligence capabilities.1

The company says the capital will support Synchronicity deployment alongside advanced technologies, U.S. manufacturing expansion, spacecraft development and international growth. It also announced a $500 million investment over five years to expand its Austin headquarters, including advanced manufacturing space.1

Sources (1)
  1. CesiumAstro, "CesiumAstro Secures $730 Million in Janus Henderson-Led Series D at a Valuation Above $4.5 Billion; Unveils Synchronicity Satellite Constellation Following Fully Successful Element-1 Mission," Nov. 5, 2026 cesiumastro.com
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Capital · Drones

Axon targets larger Skydio stake with $1.2 billion investment

Axon will also become the drone maker’s exclusive public safety distributor in the U.S. and Canada.

Axon announced a roughly $1.2 billion minority investment in Skydio on Nov. 5, 2026. It expects its ownership to reach about 37% on a fully diluted basis.1

Axon announced an incremental minority investment of about $1.2 billion in Skydio

Nov. 5, 2026

minority investmentabout $1.2 billionplanned

expected to raise its fully diluted ownership from about 15% (as of Sept. 30, 2026) to about 37%

public safetyU.S. and Canadaplanned

Axon will also become Skydio's exclusive distributor for public safety in the U.S. and Canada.

Axon expects the remaining transactions to close in Q4 2026 and Q1 2027, subject to customary closing conditions

Source: Axon Form 8-K and Exhibit 99.1, Nov. 5, 2026. Data as of Nov. 6, 2026.

Sources
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The investment would pair a larger minority stake with an exclusive public safety sales channel in the U.S. and Canada.1–2 The deal builds on a partnership already bringing Skydio drones to public safety agencies across the U.S. Axon describes it as an expansion of its Drone as First Responder program.2

The initial purchase closed on Nov. 5. Axon expects the remaining transactions to close during the fourth quarter of 2026 and first quarter of 2027, subject to customary closing conditions.1

The investment combines capital for Skydio with purchases from existing shareholders.2 The initial purchase of about $254.9 million in non-voting Series G preferred shares was made directly with Skydio.1 Part of the cash consideration is intended to fund innovation and product expansion at Skydio, Axon says.2

Sources (2)
  1. Axon Form 8-K, Nov. 5, 2026 www.sec.gov
  2. Exhibit 99.1, Axon press release, Nov. 5, 2026 www.sec.gov
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