BOSTON, Oct. 20, 2026 | ASI, a Boston-based AI company that builds software to orchestrate critical infrastructure and national security operations, announced Oct. 20 that it raised $325 million in a Series C round at a $3 billion valuation, according to the company’s announcement. Spark Capital led the round. The company was formerly known as Air Space Intelligence, Investing.com reported.
Participants include affiliates of Citadel Securities, Meritech Capital, Craft Ventures, Energy Impact Partners and Andreessen Horowitz. ASI named Andreessen Horowitz and Spark Capital as existing backers. ASI did not disclose its revenue or its previous valuation.
What ASI Builds and Who Uses It
ASI says its software builds AI world models and reasoning systems that simulate physical operations hours, days and weeks ahead, with uses in air traffic control, power grids and military operations. CEO Phillip Buckendorf said the company is focused on AI systems that can manage and control physical assets. Clay Fisher, a general partner at Spark Capital, said ASI “represents a generational category creator.”
The company lists several government customers. It says it holds an $875 million U.S. Department of Transportation and FAA program of record to modernize the National Airspace System, and a $99 million U.S. Army contract that covers the Next Generation Command and Control program. It also names the U.S. Air Force and U.S. Pacific Command as deployments, and says its software supported more than 4,000 operators during Operation Epic Fury.
On the commercial side, ASI names Delta Air Lines, United Airlines and Alaska Airlines as airline customers, and National Grid, which serves more than 20 million people in the northeastern U.S., as a utility customer using ASI for electric grid planning and operations. The company says it will use the new money to speed up deployment in energy, logistics and tactical edge environments, and to grow its research and engineering teams. For background on how AI is changing energy systems, see our AI energy statistics page.
What the Round Means for AI Investors and Buyers
The contract figures in the announcement are easy to misread. The $875 million and $99 million are described as the size of the FAA program and the Army contract. The announcement does not say how much of either ASI has received, and ASI does not disclose revenue, so the $3 billion valuation cannot be measured against sales. The company’s other claims, including that it is the fastest-growing software platform across the U.S. Air Force, come from the announcement and were not independently verified.
The round itself is easier to size. If the $3 billion figure includes the new money, $325 million would be about 10.8% of the company, by our arithmetic. The announcement does not say whether the valuation is before or after the round. For comparison, Otter.ai raised $320 million the same day, though in non-dilutive capital with no valuation given, and Tenstorrent raised $1.5 billion at a $6.2 billion valuation a day earlier. Reuters described ASI’s round as coming amid growing investor appetite for AI software used in real-world applications. For more rounds like this, see our list of top AI startups in 2026.
For airlines, utilities and agencies weighing similar tools, the announcement gives no detail on how ASI’s systems are tested or validated in safety-critical settings, and that is the information a buyer would want before relying on them to control physical assets. The customers listed come from ASI’s own announcement, and none of them were quoted in the coverage reviewed.
Frequently Asked Questions
How much did ASI raise?
ASI raised $325 million in a Series C round at a $3 billion valuation, announced Oct. 20 and led by Spark Capital. Participants include affiliates of Citadel Securities, Meritech Capital, Craft Ventures, Energy Impact Partners and Andreessen Horowitz.
What does ASI do?
ASI, formerly Air Space Intelligence, builds AI systems that simulate physical operations hours to weeks ahead. Its stated uses include air traffic control, power grids and military operations, and it says customers include Delta, United, Alaska Airlines and National Grid.