Peter Thiel-backed firm to make low-cost missiles amid U.S. shortage

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Defense start-up Covenant said it has inked about $150 million in orders to start being delivered in 2027.

September 9, 2026 at 5:25 p.m. EDT1 minute ago

Covenant's long-range, heavy-payload cruise missile makes a test flight in June. The defense start-up says they can be produced quickly and at a low cost. (Covenant/Reuters)

A defense technology start-up backed by Silicon Valley billionaire Peter Thiel announced Wednesday that it is making long-range cruise missiles that can be produced at a low cost, amid a U.S. weapons stockpile shortage that has been caused by the U.S. conflict in Iran.

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