The Missile Tested in Morocco Emerges from Secrecy: Its Company Is Already Worth More Than One Billion Dollars
One month after testing its Anthem missile in Morocco, Covenant is emerging from two years of near-secrecy. The American start-up has raised more than 250 million dollars and is now reportedly valued at more than one billion.
Founded in 2024 by Israeli-American entrepreneur Michael Kaufman and Ofir Dayan, Covenant had until now been developing its long-range cruise missile in great secrecy. The group has just revealed the identity of its investors and its industrial ambitions.
More than 250 million dollars was raised through three funding rounds involving, among others, Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, Lightspeed and the Israeli fund Aleph. The latest operation reportedly valued Covenant at more than one billion dollars, reports CTech.
The company says it has already secured approximately 150 million dollars in orders covering research and qualification work, as well as several production contracts. Other contracts are expected before the end of the year.
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In August, the Anthem conducted its first publicly disclosed test firing in Morocco. American and Moroccan military personnel took part in the demonstration alongside Covenant engineers, notably to test communications, the missile’s maneuverability and its launch system.
This test did not constitute an operational deployment. It was intended to collect data and evaluate the system under real-world conditions, CTech reported at the time.
From the Moroccan test to 5,000 missiles a year
Since the Anthem’s first flight in August 2025, Covenant says it has conducted more than 200 flights, notably with the U.S. military in the United States and abroad.
Serial production is scheduled to begin in the first quarter of 2027 at a new factory located in Dallas. The goal is to gradually reach a capacity of 5,000 missiles per year.
Covenant presents the Anthem as a long-range weapon capable of carrying a heavy payload, but much less expensive to produce than traditional cruise missiles. The system includes storage, transport, launch, reloading, as well as software for planning and coordinating salvos.
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The start-up is also working with the US Navy on a naval version of the Anthem. This program, valued at approximately 70 million dollars with financial participation from the company, is ultimately intended to facilitate the export of the missile to the allies and partners of the United States.