ASI raises $325M Series C at a $3B valuation, led by Spark Capital

TLDR

• ASI raised a $325M Series C at a $3B valuation, led by Spark Capital.¹²
• Citadel Securities affiliates, Meritech, Craft, Energy Impact Partners and a16z participated; the release does not say which are new.¹
• ASI says it holds a $99M Army contract and an $875M FAA program of record.¹

ASI, the Boston company previously known as Air Space Intelligence, announced on 20 October 2026 a $325 million Series C that values it at $3 billion.¹² Spark Capital led. The release names "major participation" from affiliates of Citadel Securities, Meritech Capital, Craft Ventures, Energy Impact Partners and Andreessen Horowitz (a16z), and does not say which of them are new or existing investors.¹ Bloomberg's report, which cites the company, lists Craft, a16z and Citadel Securities affiliates among the participants and describes ASI as an AI system that helps the military, airlines and air-traffic controllers manage assets.² Boston Business Journal reports that the round puts ASI ahead of Liquid AI as the Boston area's most valuable AI startup.³

ASI describes itself as a frontier AI company orchestrating critical infrastructure and national security. It says its systems run continuous forward simulations, monitoring and optimisation so operators can see what happens hours to weeks ahead.¹ On the government side, it says the US Department of Transportation and Federal Aviation Administration awarded it an $875 million program of record to modernise the National Airspace System, and that it is deployed with the US Army, US Air Force and US Pacific Command.¹ It says the Army recently awarded it a $99 million contract to scale its technology across the Army's command and control efforts, including the Next Generation Command and Control (NGC2) program, and that it supported over 4,000 Air Force operators during Operation Epic Fury.¹ Commercially, it names Delta Air Lines, Alaska Airlines and United Airlines as customers and says National Grid has partnered with it on electric grid planning and operations.¹ These contract and deployment figures are the company's own. The sources reviewed do not independently confirm them. The Series C money will go towards energy, logistics and tactical-edge deployments and towards research and engineering staff in Boston.¹

On the lead: Spark Capital's Clay Fisher, quoted in the release, called ASI "one of just four neoprimes that have signed production contracts of this size with the U.S. government".¹ Spark has backed other defence and space companies recently. It co-led, with Point72 Ventures, the $1 billion Series E of Stoke Space in September 2026; Stoke is building fully reusable launch vehicles.⁴ It also took part in the $250 million Series C of Neros Technologies in August 2026, co-led by Sequoia Capital and American Strategic Technology Fund; Neros is a Torrance defence manufacturer whose products include an interceptor drone for countering Class 2 and 3 drone threats.⁵

Why it matters: a $3 billion valuation for a company selling decision software to air traffic, airlines and the military at once shows investors paying for dual-use infrastructure AI, though the government contract values behind the price are the company's own claims.