Elroy Air Expands PIPE Round to $175 Million as Chaparral Cargo Aircraft Moves Toward Production

Elroy Air has grown its previously disclosed private investment in public equity commitments to $175 million, drawing continued backing from Lockheed Martin Ventures and Inflection Point, both of which participated in the round. About$75 million of the enlarged total has already landed in company coffers, arriving before Elroy Air is expected to complete its business combination with Inflection Point Acquisition Corp. VII.

The fresh capital is earmarked for ramping up output of the Chaparral, Elroy Air’s autonomous heavy-cargo aircraft, which is aimed at commercial operators as well as defence customers. The design targets logistics missions in places where ground routes or fixed infrastructure are missing or simply too hard to reach.

The larger investment also tightens Elroy Air’s ties with Lockheed Martin. The pair plan to work together on advanced autonomous systems and pursue joint business development opportunities spanning both commercial and defence markets.

Momentum around the Chaparral programme has been building. Elroy Air recently landed a multi-year US Army contract valued at up to $46 million, centred on expanding the aircraft’s modular, multi-mission payload options and delivery systems for contested and austere environments. The company has also flown autonomous, uncrewed Chaparral sorties under the FAA and Department of Transportation’s eVTOL Integration Pilot Program, conducted in Louisiana alongside LIFTOFF Louisiana and Bristow Group to showcase autonomous cargo operations along the Gulf Coast. Bristow has since lifted its early delivery reservations from five to 15 aircraft, on top of an earlier agreement covering pre-orders for up to 100 Chaparrals. Kratos Defense & Security Solutions, the aircraft’s exclusive US manufacturer, is enlarging its Sacramento, California site, with the first production Chaparral slated for late 2026.