Buying Shield AI shares: IPO, valuation and how investors can invest beforehand

Shield AI builds software that lets drones and aircraft fly without a pilot and without a GPS signal, and in March 2026 this brought the company to a valuation of 12.7 billion US dollars. Even so, you will not find Shield AI stock in any securities account. As of 3 November 2026, the San Diego company is private and has not filed an IPO prospectus with the US Securities and Exchange Commission (SEC). Before an IPO, you can only hold a stake indirectly, through a fund that already owns shares in the company.

Shield AI at a glance

• Shield AI develops the autonomy software Hivemind, the V-BAT drone and the X-BAT unmanned fighter jet.
• There is no freely tradable stock and no official share price.
• Most recent completed valuation: 12.7 billion US dollars from the funding round in March 2026.
• IPO: no date, no public prospectus.
• You can invest indirectly through the ARK Private Innovation ELTIF.
• Risks: high valuation, dependence on defence budgets, capital tied up for years, losses up to and including total loss.

Can you buy Shield AI stock?

Not directly. Shield AI is not listed on a stock exchange, so there is no Shield AI stock with a WKN, ISIN or share price. Figures that appear online as a price or share price are usually valuations from funding rounds or prices from trading venues for private shares. These venues, and the special purpose vehicles in which shares are pooled there, are generally only open to large investors or to investors accredited in the US.

For private investors in Germany, the route to Shield AI before an IPO runs through a fund. How this works is explained further below. An overview of other large companies that are still private is given in our article on pre-IPO investing.

What does Shield AI do?

Shield AI was founded in San Diego in 2015 by the brothers Brandon and Ryan Tseng and by Andrew Reiter. Brandon Tseng previously served as an officer in the Navy SEALs, and the idea came from his deployments: soldiers should be able to explore buildings before entering them. Since March 2025, Gary Steele has led the company as CEO. He joined from the networking group Cisco.

At its core is Hivemind, software that flies aircraft autonomously, even when GPS and radio links are disrupted. Shield AI uses it to build its own aircraft and sells the software to other manufacturers:

• V-BAT: a drone that takes off and lands vertically and therefore needs no runway, for example on ships. In October 2026, Shield AI delivered the first V-BAT drones to Taiwan's coast guard.
• X-BAT: an unmanned fighter jet that is also designed to take off vertically and is flown by Hivemind. Shield AI and the US Navy are putting a combined 400 million US dollars into its development, and the first flight tests are planned for the end of 2026.
• Hivemind for third parties: The US Air Force selected the software in February 2026 as a supplier for its Collaborative Combat Aircraft drone programme. In October 2026, the Italian aerospace and defence group Leonardo selected Hivemind for the development of autonomous helicopters.

Most customers are armed forces and government agencies, above all the US military. Shield AI does not publish audited revenue figures, and information on its business comes from the company itself or from media reports.

Shield AI valuation and funding rounds

Within just over two years, Shield AI's valuation has increased almost fivefold:

• October 2023: 2.7 billion US dollars in a round of 200 million US dollars
• March 2025: 5.3 billion US dollars in a round of 240 million US dollars
• March 2026: 12.7 billion US dollars in a round of 1.5 billion US dollars, led by Advent and an investment group from JPMorganChase, plus 500 million US dollars in preferred equity from Blackstone

With part of the money from March, Shield AI is acquiring Aechelon Technology, a maker of flight simulations. According to media reports from September 2026, the company is already negotiating a further round at a valuation of at least 20 billion US dollars. As of 3 November 2026, that round has not closed.

A valuation from a funding round is the price that a small number of large investors pay for newly issued shares. It assumes that Shield AI will keep growing strongly for many years and win large contracts. Up to an IPO, the value can change significantly, upwards or downwards.

Shield AI IPO: When will it happen?

There is no date. Shield AI has neither announced nor ruled out an IPO so far. As of 3 November 2026, the SEC database contains only filings on private funding rounds for Shield AI Inc., most recently from May 2026, and no IPO prospectus. Some websites claim otherwise, yet these claims cannot be verified.

The fact that the company is negotiating a new private round suggests that it wants to keep financing its growth without the stock market for now. Robin and Hendrik discuss what happens between the first talks with banks and the first trading day, from the confidential prospectus to the lock-up period for early investors, in episode #65 of our podcast Diversify (in German). For a look at other big names, read our articles on SpaceX stock, OpenAI stock and Databricks shares.

Shield AI in the defence technology market

Shield AI belongs to a generation of companies using software and autonomous systems to push into a market long shaped by large defence groups. Well-known names include Anduril from the US and Helsing from Munich. Venture capital investors are putting more money into this sector than ever before: European defence tech start-ups raised 7.4 billion US dollars in 2026 up to early October, almost three times as much as in the whole of 2025.

For investors, defence technology is a sector with its own questions. Demand depends on government budgets, and export rules determine whom a company may supply. Then there is the question of your own values. Some investors and funds exclude defence for sustainability reasons, while others have regarded defence as part of Europe's security since Russia's attack on Ukraine in February 2022. Which view applies to you is your decision. Before you invest, you can check the fund documents to see whether and how a fund takes defence into account.

Investing before the IPO: through the ARK Private Innovation ELTIF

Through NAO, you can invest in the ARK Private Innovation ELTIF, hand-picked by our investment team like every fund in the NAO app. ARK Invest launched the fund in January 2026. It invests in private technology companies in late growth stages, including Shield AI, OpenAI, SpaceX, Databricks and Kalshi.

With a fund unit, you hold a stake in a portfolio of private technology companies whose composition can change at any time. This does not give you Shield AI stock, and the fund is not a single bet on defence technology either. You can invest with a one-off investment or a savings plan. A lock-up period applies until 26 February 2027, during which you cannot redeem your units. The fund is listed on our private equity page, and our overview of the ELTIF explains how an ELTIF is structured and when redemptions are possible.

Risks of investing before the IPO

If you hold a stake in Shield AI through a fund, you mainly carry these risks:

• Valuation: The valuation has more than doubled within a year. If the business grows more slowly than expected, the value can fall sharply. Private companies have no share price, and the fund values its holdings based on funding rounds and models.
• Government customers: A large part of the business depends on military budgets and tenders. If governments change their priorities or programmes are delayed, Shield AI feels the impact directly.
• Technology and timeline: The X-BAT has not flown yet. Delays or problems during testing cost money and trust.
• Politics and exports: Export licences and political tensions determine in which countries Shield AI may sell.
• Transparency: Revenue and growth figures are not publicly audited. Reliable figures will only be available with an IPO prospectus.
• Capital commitment: The ARK Private Innovation ELTIF has a lock-up period until 26 February 2027. After that, redemptions are only possible on certain dates and may be limited.
• Loss: Losses up to and including total loss of the capital invested are possible.

What does this mean for you?

Shield AI is growing with the demand for autonomous systems and has so far financed itself privately, with no IPO in sight. If you want to get in before that, the only route to the company is through a fund, which gives you an entire portfolio of private technology companies. Before you invest, you can clarify for yourself:

• How much money can you invest for several years without needing it?
• Does a company from defence technology fit your own investment principles?
• What does the fund cost, and when can you access your money again? The answers are in the key information document.

Do you have questions about the ARK Private Innovation ELTIF? Our customer service team is available for you personally on working days. Feel free to write to us.

FAQ

Can I buy Shield AI stock?

No, as of November 2026 Shield AI is not listed on a stock exchange. There is no freely tradable stock with a WKN or share price.

When will Shield AI go public?

No date has been set. Shield AI has not announced an IPO, and there is no IPO prospectus on file with the SEC.

How much is Shield AI worth?

In March 2026, Shield AI was valued at 12.7 billion US dollars in a funding round of 1.5 billion US dollars. According to media reports, the company is negotiating a new round at a valuation of at least 20 billion US dollars.

What does Shield AI make?

Shield AI develops the autonomy software Hivemind, which flies drones and aircraft without a pilot. The company also builds its own aircraft, such as the V-BAT drone and the X-BAT unmanned fighter jet.

How can I invest in Shield AI before the IPO?

Indirectly, through the ARK Private Innovation ELTIF, which holds Shield AI alongside other private technology companies such as OpenAI and SpaceX. In the NAO app, you can invest with a one-off investment or a savings plan.‍

This article is for information purposes only and does not constitute investment advice. Investments in private markets are long-term, your capital is tied up for the term, and losses up to and including total loss are possible. You can find the fund documents and the key information document in the NAO app.

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