WSW, NY, March 12th, 2026, FinanceWire
On February 17, 2026, an Israeli drone software company called XTEND announced it would list on Nasdaq at a $1.5 billion valuation through a SPAC merger with JFB Construction Holdings (NASDAQ: JFB). Its customers include the U.S. Department of Defense, the Israeli Defense Forces, and defense agencies across Europe and Singapore. The announcement came one day after U.S. Senator Lindsey Graham stood in Tel Aviv and said: “Israel is advancing down the road of new weaponry far beyond us,” adding that “wars of the future are being planned here in Israel.”
Graham was not speaking abstractly. Twelve days later, the United States and Israel launched joint strikes on Iran. What Graham described is now showing up in government export statistics, defense ministry filings, and stock exchange disclosures around the world. And a small company called Duke Robotics (OTCQB: DUKRD) seems to sit exactly in this
The Record That Started It All
The story starts with a number: $14.8 billion. That is how much Israel exported in defense products in 2024, a fourth consecutive record, up 13% from the year before, and roughly double what it was five years ago. The Israeli Ministry of Defense attributes the growth directly to what it calls “operational achievements,” a measured way of saying Israeli military technology was tested across multiple simultaneous fronts, and it worked.
The world noticed. Europe went from receiving 29% of Israeli defense exports in 2022 to 54% in 2024. Germany alone has committed over $6.5 billion to the Arrow 3 missile defense system. The second tranche, worth $3.1 billion, was signed in January 2026, as Arrow 3 continues to prove itself against Iranian ballistic missiles in live engagements. Countries are not ordering on faith. They are ordering systems whose performance they observed.
The Drone Layer
The category that matters most for Duke Robotics is drones. Ukraine established that small, autonomous aerial systems can change the outcome of battles. Gaza, Lebanon, Yemen, and now the direct war with Iran seem to have reinforced it. The Pentagon responded with an executive order on drone advancement, a U.S. Marine Corps procurement of 10,000 drones, and a goal of fielding hundreds of thousands of autonomous systems. Israel’s defense startup ecosystem, more than 130 companies in active military operations, has become the world’s most scrutinized testing ground for this technology.
Into that ecosystem seems to fit Duke Robotics’ Bird of Prey, developed in collaboration with leading Israeli Defense Contractor, Elbit, a fully stabilized remote weapon system designed for non-line-of-sight and stand-off engagements. The system solves a problem that has limited weapons-carrying drones in practice: how to fire accurately from a moving platform. Duke Robotics’ stabilization technology cancels the recoil and vibration that would otherwise make precision engagement impossible.
The Hidden Hand
Duke Robotics develops advanced stabilization and drone systems for defense and civilian markets. The Bird of Prey is marketed by Elbit Land Systems (NASDAQ: ESLT) , one of Israel’s largest defense companies, under a collaboration agreement. Elbit operates across more than 70 countries and carries an order backlog of $25.2 billion as of its most recent quarterly report. Duke holds the intellectual property and receives royalties on every sale. In August 2025, Israeli national television channel Channel 14 broadcast a dedicated segment featuring the Bird of Prey noting it was used in combat by the IDF. Duke also received expanded marketing authorization from Elbit in April 2025, meaning it can now market Bird of Prey in coordination with Elbit and potentially expand what it earns from sales.
But Duke is not a pure defense. Its IC Drone provides an innovative maintenance cleaning solution for high-voltage electrical insulators, a job that traditionally requires workers to climb dangerous structures or shut down power lines. Duke has an active contract with Israel Electric Corporation, recently received regulatory approval to operate in Greece through its new subsidiary Duke Robotics Hellas, and in February 2026 launched AEROTRACE, an AI-powered aerial monitoring and intelligence solution for infrastructure operators. These civilian lines provide revenue independent of defense contracts or geopolitical conditions.
A Valuation Worth Examining
Duke Robotics currently trades at a market capitalization of around $18 million, following a 25-for-1 reverse stock split in early March 2026 intended to support a potential exchange uplisting. XTEND is entering Nasdaq at $1.5 billion. A drone technology company called ParaZero saw its stock jump nearly 45% in January 2026 on a single purchase order from an Israeli defense entity. A startup called Kela Technologies, founded in July 2024, raised approximately $100 million in its first year, at a stage when it had only begun deploying systems.
Duke has a collaboration agreement with a contractor that has a track record of selling all over the globe, confirmed royalties from a system featured on national television, an emerging European subsidiary, and a new AI product launched in February 2026. It is a small, early-stage company with real capital needs and limited liquidity, but it appears positioned in a procurement cycle that the data suggests is already in motion. As demand rises for Israeli drone-tech, especially following recent geopolitical developments, Duke could be positioned for a significant inflection point.
Recent News Highlights from Duke Robotics
Duke Robotics Announces 25-for-1 Reverse Stock Split
Duke Robotics Secures Regulatory Approval for IC Drone Operations in Greece
Duke Robotics Announces $750,000 Private Placement at a Premium to Market
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