---
title: "雷神供雷达、卡塔尔谈合作：Shield AI未首飞的X-BAT顶着127亿美元估值"
description: "雷神将为Shield AI的X-BAT研制雷达和电子战系统，莱茵金属的一家合资企业则将把Hivemind自主软件用于卡塔尔的海军无人艇。两笔合作在48小时内接连落地，而127亿美元的估值，仍在等待这型战机的首飞。"
publisher: "The Inference"
section: "Robotics & Defense"
published: 2026-10-28T19:08:15.717Z
modified: 2026-10-28T19:08:15.717Z
canonical: https://theinference.org/article/raytheon-radar-and-a-qatar-deal-land-on-shield-ai-s-unflown-12-7-billion-x-bat/zh-CN
language: zh-CN
keywords: "Defense Tech, Drones, Autonomy, Venture Capital, Shield AI"
---

# 雷神供雷达、卡塔尔谈合作：Shield AI未首飞的X-BAT顶着127亿美元估值

> 雷神将为Shield AI的X-BAT研制雷达和电子战系统，莱茵金属的一家合资企业则将把Hivemind自主软件用于卡塔尔的海军无人艇。两笔合作在48小时内接连落地，而127亿美元的估值，仍在等待这型战机的首飞。

## 48小时内连签两单

这一周，[Shield AI](https://theinference.org/markets/companies/shield-ai)忙着收集别家的logo。10月27日，纽交所上市公司RTX旗下雷神公司的先进技术部门[同意为X-BAT供应雷达和电子战系统](https://aviationweek.com/defense/aircraft-propulsion/shield-ai-taps-rtx-x-bat-radar-electronic-warfare-systems)[1]。X-BAT是Shield AI研制的自主垂直起降战机。

一天后，在卡塔尔Milipol安防展上，Shield AI与RBAT[签署合作备忘录](https://www.prnewswire.co.uk/news-releases/barzan-holdings-joint-venture-with-rheinmetall-ag-rheinmetal-barzan-advanced-technologies-rbat-and-shield-ai-to-advance-autonomy-on-qatari-unmanned-surface-vessels-usv-302920788.html)，探讨让Hivemind自主软件在卡塔尔的无人水面艇上运行[2]。RBAT是德国莱茵金属与卡塔尔巴尔赞控股（Barzan Holdings）的合资企业。两笔合作都指向Hivemind：这款软件已为40多个平台担任“飞行员”，从F-16战斗机到近地轨道上的一颗卫星[2]。

## 背书靠什么支撑

两笔背书落在127亿美元的估值上——这一估值来自3月完成的20亿美元融资[3]。这轮融资是创投热潮的一部分，同一波浪潮还[将Mach Industries的估值翻倍至37亿美元](https://theinference.org/article/mach-industries-unveils-pike-its-1-000-mile-missile-as-the-army-pays-lockheed-1-2-billion)。联合创始人兼总裁瑞安·曾预计，全任务配置的X-BAT单价约3000万美元，约为F-35战斗机全寿命周期成本的十分之一，年产量为150架；这些是公司的目标，并非订单[4]。

美国海军围绕这型战机的承诺投入总计4亿美元，其中计入[一笔1.5亿美元的合同](https://www.geekwire.com/2026/shield-ai-lands-150m-navy-contract-to-advance-ai-piloted-fighter-jet-that-will-be-built-south-of-seattle/)，Shield AI按一比一配套投入了相同金额[5]。眼下真正带来收入的，是更小、也经过实战检验的V-BAT：仅台湾地区到2029年就将接收280架，其中150架将在2027年底前服役[6]。

## 光有背书，不见进账

两笔新交易都没有金额。与雷神公司协议的条款未予披露[1]，与卡塔尔的合作备忘录也没有写明价值[2]。两大名字落地的这一周，X-BAT仍未能完成它的标志性动作——垂直起飞：[首架全尺寸原型机原定于10月底前后亮相](https://www.msn.com/en-us/technology/aviation/us-navy-could-see-first-vtol-x-bat-uav-by-end-of-this-month/ar-AA2elgrT)，试飞定于2026年底在堪萨斯州展开[7][5]。信奉者把主承包商的入局视作有人替自己做完了尽职调查；怀疑者数出的，则是两笔没有标价的协议和一架尚未升空的战机。

*Chart: **Shield AI以127亿美元估值屈居第二，与Anduril的610亿美元相去甚远** 2026年国防科技创投估值柱状图：Anduril 610亿美元、Shield AI 127亿美元、Saronic 92.5亿美元、Mach Industries 37亿美元*

*数据为2026年已披露各轮融资的投后估值，单位为十亿美元：Shield AI与Saronic的融资在3月，Anduril在5月，Mach Industries在9月。 [3]*

## 真正的关口在堪萨斯州

透露底牌的信号已经排上日程，而非口头承诺。[新西兰的极地巡逻招标](https://www.janes.com/defence-intelligence-insights/defence-news/air/shield-ai-and-insitu-pacific-weigh-new-zealand-polar-patrol-uav-bids)将于11月8日截止，1月下旬确定优先中标方，2027年5月初签订合同；Shield AI正在考虑以V-BAT投标[8]。自2025年底选定通用电气F110发动机起，X-BAT便定下了首飞目标[9]。首飞是一道关口，将为此前积累的一切重新定价；在关口开启之前，唯一还在变动的估值，都停留在一级市场。

## Takeaway

Shield AI在48小时内接连拿下雷神雷达合作和卡塔尔的自主软件合作备忘录，但两笔合作均未附带金额；127亿美元的估值，仍在等待X-BAT的第一次垂直起飞。

## Sources

1. [Aviation Week Network, "Shield AI Taps RTX For X-Bat Radar, Electronic Warfare Systems", 27 October 2026](https://aviationweek.com/defense/aircraft-propulsion/shield-ai-taps-rtx-x-bat-radar-electronic-warfare-systems)
2. [PRNewswire, "Barzan Holdings Joint Venture with Rheinmetall AG, RBAT, and Shield AI to advance autonomy on Qatari Unmanned Surface Vessels", 28 October 2026](https://www.prnewswire.co.uk/news-releases/barzan-holdings-joint-venture-with-rheinmetall-ag-rheinmetal-barzan-advanced-technologies-rbat-and-shield-ai-to-advance-autonomy-on-qatari-unmanned-surface-vessels-usv-302920788.html)
3. [Tech CEO Daily, "Defense tech funding: Mach Industries doubles to $3.7B", 9 October 2026](https://www.techceodaily.com/startups/defense-tech-funding-mach-industries-valuation)
4. [InsideAIPolicy, "Shield AI's X-BAT could cost around $30 million", 16 October 2026](https://insideaipolicy.com/ai-wire/shield-ais-x-bat-could-cost-around-30-million)
5. [GeekWire, "Shield AI lands $150M Navy contract to advance AI-piloted fighter jet that will be built south of Seattle", 8 October 2026](https://www.geekwire.com/2026/shield-ai-lands-150m-navy-contract-to-advance-ai-piloted-fighter-jet-that-will-be-built-south-of-seattle/)
6. [RBC-Ukraine via MSN, "Taiwan orders huge batch of V-BAT drones proven in Ukraine to counter China", 2 September 2026](https://www.msn.com/en-us/news/other/taiwan-orders-huge-batch-of-v-bat-drones-proven-in-ukraine-to-counter-china/ar-AA2bqo6Q)
7. [TechRadar via MSN, "US Navy could see first VTOL X-BAT UAV by end of this month", 15 October 2026](https://www.msn.com/en-us/technology/aviation/us-navy-could-see-first-vtol-x-bat-uav-by-end-of-this-month/ar-AA2elgrT)
8. [Janes, "Shield AI and Insitu Pacific weigh New Zealand polar patrol UAV bids", 28 October 2026](https://www.janes.com/defence-intelligence-insights/defence-news/air/shield-ai-and-insitu-pacific-weigh-new-zealand-polar-patrol-uav-bids)
9. [The Aviationist, "F-16's AVEN Thrust Vectoring Nozzle Integrated with X-BAT's F110-GE-129 Engine", 21 July 2026](https://theaviationist.com/2026/07/21/aven-integrated-with-x-bats-f110-ge-129/)


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雷神供雷达、卡塔尔谈合作：Shield AI未首飞的X-BAT顶着127亿美元估值 — The Inference. Canonical: https://theinference.org/article/raytheon-radar-and-a-qatar-deal-land-on-shield-ai-s-unflown-12-7-billion-x-bat/zh-CN