Justin Fanelli, the US Department of the Navy’s chief technology officer, is publishing an updated list of technologies the Navy expects to buy over the coming years. The aim is to give start-ups and venture investors a clearer signal about future demand, while making procurement easier for commercial companies and encouraging more private-sector involvement in defence technology.

The Navy spends roughly $150 billion annually, although most of this goes through traditional procurement channels rather than direct investment. Fanelli said the Navy increasingly buys from more mature companies, typically around Series D to F funding stages, and is trying to leave earlier development to commercial investors; direct equity stakes remain uncommon. The Navy is also exploring co-investment and recently awarded a $562 million contract for the autonomous MQ-25 Stingray refuelling aircraft.