Castelion raises more than $1B: equity now comes bundled with a credit line

Per the weekly Crunchbase News roundup, the biggest US financing of the past week went to Castelion, a defense-tech company building a hypersonic missile. The structure matters more than the size: total financing above $1B, of which roughly $800M is equity and $250M a revolving credit facility, co-led by Carlyle Group, JPMorgan Chase and Andreessen Horowitz.

Before this package, Castelion had reportedly raised about $464M through its Series B. In the same week, pure equity rounds stayed large: Higgsfield raised a $400M Series B at a $5.4B valuation led by DST Global, only months after being valued at $1.3B at its Series A and extension. Capital is not scarce at the top — what is changing is how capex-heavy companies pair equity with debt instruments to limit dilution.