In its third year, the 2025 NatSec100, produced by Silicon Valley Defense Group in partnership with J.P. Morgan, identifies the top 100 venture-backed, dual-use and defense technology companies driving forward U.S. national security. These companies are not only advancing critical technologies, but also shaping the future contours of the U.S. defense innovation ecosystem. The report yields key insights and recommendations for overcoming systemic barriers to innovation at scale.