Covenant Raises $250 Million to Scale Long-Range Missile Production
Covenant is emerging from stealth with $250 million in funding and a claim that the US and its allies need long-range, heavy-payload cruise missiles that can be bought and produced in far greater numbers. President and Chief Growth Officer Abby Denburg argues that existing “exquisite capabilities” are too costly and scarce to close what she calls the deep precision strike gap. The company’s test is whether it can turn its Anthem prototype into serial production, beginning with planned deliveries from Dallas and a parallel facility in Germany.
Covenant’s wager is that strategic range must be manufactured in volume
Abigail Denburg describes Covenant’s Anthem as a low-cost, long-range cruise missile intended to address what she calls the “deep precision strike gap”: the ability to reach distant targets with heavy payloads. Speaking from Covenant’s 28,000-square-foot production facility in Dallas, she said little existing capability combines those attributes—and that none does so at Covenant’s intended price and scale.
A Covenant-supplied image showed the silver missile mounted on a yellow wheeled cart against a black background. The physical product is central to the company’s pitch, but Denburg placed the emphasis on the industrial terms under which strategic-range weapons can be bought, replenished, and fielded.
When Ed Ludlow asked whether Anthem was akin to a Tomahawk missile, Denburg did not endorse the comparison. She instead contrasted Covenant’s approach with the country’s reliance on “exquisite capabilities” that, she argued, are neither affordable nor produced at scale. Her argument is that technical capability and quantity cannot be separated: a strategically useful weapon must be available in sufficient numbers, not merely perform at a high level.
We, as a nation, have relied heavily on exquisite capabilities that at the moment are not at an affordable price point and not being produced at scale.
“Affordable mass to strategic range” is Covenant’s formulation of that goal. Anthem is being positioned not simply as another cruise missile, but as an answer to the gap between possessing high-end capability and being able to put it in the field in meaningful quantities.
The capital is intended to build production capacity
Covenant says it has raised $250 million across three funding rounds. A company graphic identifies the company as founded in 2024, headquartered in Washington, DC, and employing more than 200 people globally; it lists Andreessen Horowitz, Founders Fund, Lux, 8VC, Lightspeed, and Aleph among its investors.
Abigail Denburg said Covenant went to market for its seed round two years ago, before deep precision strike was discussed as widely as it is now. She characterized the investor group as one that understood the need for affordable munitions, and said the funding had enabled the company to build and develop the capability represented by Anthem.
The intended use of that capital is primarily industrial. Denburg said it supports a resilient, redundant supply chain and multiple production facilities, with capability fielded as early as 2027. Ludlow said Covenant had already signed military contracts in the United States and Europe. For Denburg, contracts and a demonstrated design are insufficient unless the company can fulfill them at scale.
| Measure | Covenant’s stated status or plan |
|---|---|
| Dallas production facility | 28,000 square feet |
| Dallas deliveries next year | 1,000 missiles |
| Annual Dallas design capacity | 5,000 missiles |
| Fielding objective | As early as 2027 |
| Additional production facility | Germany |
Denburg said the Dallas plant will deliver 1,000 missiles next year and was designed for annual output of 5,000. She said the same is true of a production facility in Germany. Redundancy is part of the company’s plan to sustain output rather than depend on a single plant or supply chain.
The next test is serial delivery
Abigail Denburg presented Covenant’s development pace as evidence of the team it has assembled: the company went from ideation to what she called a full-scale operational prototype in 11 months and one day. She attributed that pace to a deliberately selected workforce of reservists, veterans, missile engineers with more than 20 years of experience, and engineers from around the world. Covenant’s chief technology officer, she added, had been the chief system engineer of Iron Dome.
Covenant says its next challenge is translating prototype development into serial production. Denburg drew a clear distinction between startups that can deliver an interesting prototype and those that can manufacture weapons at scale.
The question is not can new companies bring forward interesting technology. The question is can they produce at scale.
That means turning the Dallas facility’s planned 1,000 deliveries next year into a repeatable production rhythm, building toward its designed capacity of 5,000 missiles a year, and establishing the facilities and supply chain needed to support fielding by 2027. Denburg said the German site is intended to carry the same production capability, extending output beyond Dallas.
Denburg linked that manufacturing task directly to deterrence. A weapon design and a prototype do not create the strategic effect she describes; deterrence depends on munitions reaching the people who would use them.
Ultimately this is a deterrent capability. And the way that deterrence actually is effective is having munitions in the hands of our end users.