Uback segment Industrial, deeptech & space › Defense › Drones

US group whose Danish arm Sky-Watch makes the RQ-35 Heidrun reconnaissance drone.

AIRO Group and its private challengers · Drones

Non-listed drones companies ranked by Uback, with AIRO Group and the other listed pure players shown in grey at their market value on the ranking date (7 Oct 2026). Listed companies are never ranked.

#	Company	Valuation
1	Shield AIUnited States	≈ USD 16bnDecacorn · AI estimate	Back
2	ZiplineUnited States	≈ USD 12bnDecacorn · AI estimate	Back
3	Quantum SystemsGermany	≈ USD 8bnUnicorn · AI estimate	Back
—	AeroVironmentUnited States · Listed · Nasdaq · AVAV	USD 6.9bnMarket cap · Oct 2026
4	TekeverPortugal	≈ USD 6.4bnUnicorn · AI estimate	Back
5	SkydioUnited States	≈ USD 4.4bnUnicorn · AI estimate	Back
6	Cambridge AerospaceUnited Kingdom	≈ USD 3.4bnUnicorn · AI estimate	Back
7	STARKGermany	≈ USD 3.3bnUnicorn · AI estimate	Back
8	NerosUnited States	≈ USD 2.5bnUnicorn · AI estimate	Back
—	AEVEXUnited States · Listed · NYSE · AVEX	USD 1.7bnMarket cap · Oct 2026
9	Harmattan AIFrance	≈ USD 1.4bnUnicorn · AI estimate	Back
10	Heven AeroTechUnited States	≈ USD 1bnUnicorn · AI estimate	Back
—	Red Cat HoldingsUnited States · Listed · Nasdaq · RCAT	USD 970MMarket cap · Oct 2026
11	BRINCUnited States	≈ USD 650MHundreds of M$ · AI estimate	Back
12	AuterionUnited States	≈ USD 600MHundreds of M$ · AI estimate	Back
13	Performance Drone WorksUnited States	≈ USD 570MHundreds of M$ · AI estimate	Back
14	Raphe mPhibrIndia	≈ USD 520MHundreds of M$ · AI estimate	Back
15	Aerodyne GroupMalaysia	≈ USD 460MHundreds of M$ · AI estimate	Back
16	Firestorm LabsUnited States	≈ USD 420MHundreds of M$ · AI estimate	Back
—	ideaForgeIndia · Listed · NSE · IDEAFORGE	INR 39.2bn (about USD 405M)Market cap · Oct 2026
—	ParrotFrance · Listed · Euronext Paris · PARRO	EUR 290M (about USD 324M)Market cap · Oct 2026
17	Alta AresFrance	≈ USD 300MHundreds of M$ · AI estimate	Back
—	Volatus AerospaceCanada · Listed · TSX · FLT	CAD 405M (about USD 284M)Market cap · Oct 2026
18	Terra IndustriesNigeria	≈ USD 270MHundreds of M$ · AI estimate	Back
19	MannaIreland	≈ USD 260MHundreds of M$ · AI estimate	Back
20	Garuda AerospaceIndia	≈ USD 250MHundreds of M$ · AI estimate	Back
21	PykaUnited States	≈ USD 210MHundreds of M$ · AI estimate	Back
—	AIRO GroupUnited States · Listed · Nasdaq · AIRO	USD 210MMarket cap · Oct 2026
—	ACSLJapan · Listed · Tokyo · 6232	JPY 31.5bn (about USD 199M)Market cap · Sep 2026
22	AirboundIndia	≈ USD 190MHundreds of M$ · AI estimate	Back
—	DraganflyCanada · Listed · Nasdaq · DPRO	USD 180MMarket cap · Oct 2026
23	TYTAN TechnologiesGermany	≈ USD 180MHundreds of M$ · AI estimate	Back
24	Swarm AeroUnited States	≈ USD 180MHundreds of M$ · AI estimate	Back
25	WingtraSwitzerland	≈ USD 110MHundreds of M$ · AI estimate	Back
26	Easy AerialUnited States	≈ USD 100MHundreds of M$ · AI estimate	Back
27	Grid AeroUnited States	≈ USD 100MHundreds of M$ · AI estimate	Back
28	FlyabilitySwitzerland	≈ USD 81MTens of M$ · AI estimate	Back
—	AgEagle (EagleNXT)United States · Listed · NYSE American · UAVS	USD 57MMarket cap · Oct 2026
29	Skye Air MobilityIndia	≈ USD 46MTens of M$ · AI estimate	Back

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Figures as published by the company and market data, at the date shown.

Uback is a content publisher. It ranks non-listed companies only and gives no opinion on listed companies: the figures above are facts as published, at the date shown, never a recommendation. No intention can be declared on a listed company. Method