On November 3, Gary Steele, CEO of U.S. defense technology startup Shield AI, announced that the company plans to raise more than $1 billion to support production of its newest autonomous combat aircraft. Steele showcased the X-BAT aircraft model on site; the aircraft is capable of vertical takeoff and landing without requiring a runway. He said the financing round could launch early next year. Following its acquisition of tactical simulation software developer Aechelon Technology, Shield AI will continue to pursue further mergers and acquisitions. The company's software can be used for military pilot training and for testing advanced aircraft and autonomous systems. Steele said Shield AI provides services to the U.S. military and its allies, has been operating in Ukraine for the past two and a half years, and currently has about 30 employees there.