A Russian Air Force MiG-31K jet carries the hypersonic missile Kh-47M2 Kinzhal during a military parade. (Pavel Golovkin/AP)

 A Russian Air Force MiG-31K jet carries the hypersonic missile Kh-47M2 Kinzhal during a military parade. (Pavel Golovkin/AP)

Others are stepping into new territory, developing hypersonic aircraft that could one day pave the way for high-speed military and commercial transport.

As the Pentagon looks to begin fielding hypersonic weapons in the next few years and eyes a future that could include aircraft traveling and maneuvering at Mach 5 or higher speeds, investing in these companies could help ensure the department has a strong, diverse industrial base on which it can rely.

“Our voice in the DoD lately has been: How do you use what we have built — if not the end product, all of the underlying technology and capability set — for adjacent markets?” Laurienti said. “I think the DoD [is] going a layer deeper on the capabilities of these companies, and where they can pull those threads will be really important over the next few years.”

Attracting private investment

Venture capitalists invested at least $356 million last year in U.S.-based startups developing hypersonic systems and technology, according to analytics firm PitchBook. However, that figure — up from $78 million in 2020 and $111 million in 2021 — is likely even higher due to unannounced funding.