AI drone startup XTEND to enter Nasdaq at $1.5 billion valuation in merger backed by Eric Trump
The Israeli drone operating system company secures $152 million in investment.
Israeli drone operating system company XTEND is set to enter Nasdaq at a valuation of $1.5 billion through a merger with New York-listed JFB. Rather than conducting a traditional IPO, XTEND will combine with JFB in an all-stock transaction.
The merger includes a $152 million strategic investment from investors including Eric Trump, son of U.S. President Donald Trump, Protego Ventures, which led XTEND’s previous funding round, Unusual Machines, American Ventures LLC and Aliya Capital.
Under the terms of the agreement, XTEND shareholders will own approximately 70% of the merged company on a fully diluted basis, with JFB shareholders holding roughly 30%. The deal has been unanimously approved by both boards and by JFB shareholders holding a majority of its outstanding common stock. The companies expect to close the transaction in mid-2026. Upon completion of the transaction, the combined company is expected to be renamed XTEND AI Robotics and trade on Nasdaq under the ticker symbol XTND.
XTEND develops next-generation autonomous systems for defense, public safety and private security applications, built on its field-proven XOS operating system. Its products leverage remote-operation capabilities, enabling multiple aerial, ground and maritime drones to execute complex and dynamic missions with immediate operational readiness.
The transaction is expected to support the expansion of NDAA-compliant domestic manufacturing at XTEND’s production facility in Tampa, Florida, and to accelerate the delivery of its systems to customers in the United States, NATO member states and Asia.
Founded in 2018 by Aviv Shapira (CEO), Matteo Shapira (CXO), Rubi Liani (CTO) and Adir Tubi (CQO), XTEND operates in Israel, the United States and Singapore.
Approximately six months ago, the company completed a $70 million funding round jointly led by Protego Ventures and Aliya Capital, with participation from Len Blavatnik’s Claltech, Union-Tech Ventures and Chartered Group. Additional investors include TAU Ventures.
Aviv Shapira said: “The demand for systems that keep operators out of harm’s way is surging as the global security environment grows more volatile, and this represents one of the largest market opportunities in defense technology today. By combining our platform with JFB, we are acquiring the resources we need to scale our manufacturing capabilities in the US and gaining access to the US public markets.”
