XTEND Reality Expansion begins trading on NYSE after $1.5B merger with JFB Construction Holdings
The Israeli defense robotics company bypassed a traditional IPO, opting instead for an all-stock merger to access US public markets and scale its drone operations
XTEND Reality Expansion Ltd., an Israeli company building AI-powered defense drones and autonomous robotic systems, started trading on the New York Stock Exchange on September 4 under the ticker XTND. The listing follows a completed merger with Nasdaq-listed JFB Construction Holdings, valuing the combined entity at $1.5 billion.
The transaction, structured as an all-stock deal, was designed to give XTEND a faster path to public markets than a traditional IPO would allow, using roughly $100 to $110 million in existing private investments to get the job done.
How the deal came together
The merger closed on September 3, 2026, with $60 million in cash deployed to fulfill closing requirements. XTEND is now incorporated in Delaware, a standard move for companies seeking US institutional investor access and a familiar legal framework.
CEO Aviv Shapira described the merger as a turning point for the company’s ambitions in defense, law enforcement, and security.
Revenue growing fast, losses growing too
XTEND’s financial trajectory tells a familiar growth-stage story. Q1 2026 revenue came in at $5.8 million, representing a 234% increase compared to the same period a year earlier. Total revenue for 2025 was estimated at around $20 million.
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The less cheerful number: a net loss of $11.5 million in Q1 2026. The company has deployed more than 12,500 systems across over 30 countries and five active combat zones.
XTEND’s XOS platform, which powers its autonomous robotic systems, has been tested under conditions that most competitors can only simulate.
US footprint expanding from Tampa
XTEND opened a US headquarters and manufacturing facility in Tampa, Florida, in July 2025.
The company was founded in 2018 by Aviv Shapira, Matteo Shapira, Rubi Liani, and Adir Tubi. It currently employs between 267 and 300 people, with approximately 60% of the workforce still based in Israel.
What this means for the defense tech landscape
The $1.5 billion valuation is ambitious for a company generating roughly $20 million in annual revenue, implying the market is pricing in substantial growth.