Israeli drone company Xtend has announced a share merger with JFB Construction Holdings (Nasdaq: JFB), which will see the company traded on Wall Street at a company valuation of $1.5 billion. Xtend was selected as one of "Globes" most promising startups in 2024.
The merger is being supported by a pre-IPO investment in Xtend of $152 million by investors including Eric Trump, the son of US President Trump. The Israeli defense-tech fund Protego Ventures, which led Xtend’s previous financing round, has participated in the latest round alongside US investors. The company will trade on Nasdaq under the XTND ticker.
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JFB is a stock market shell, which held its IPO in March 2025, raising $5.16 million at a company valuation of $38.1 million. According to PitchBook, JFB was founded in Florida as a real estate development company by Joseph Basile III and in October 2025 raised a further $44 million in a private placement. Since its IPO last year the company’s share price has risen 700%, giving it a current market cap of just $184 million.
The company said, "With headquarters and a production facility in Tampa, Florida, the combined company expects to be well positioned to become a leading US provider of AI-driven autonomous defense and security solutions. XTEND delivers next-generation autonomous systems for defense, public safety, and private security applications built on its battle proven XOS operating system. XTEND’s products utilize remote operational capabilities, enabling multiple air, ground, and maritime drones to execute complex, dynamic missions with immediate operational readiness.
The transaction is also expected to support the expansion and increased "NDAA-compliant, USmade domestic production capacity at XTEND’s Tampa, Florida production facility and ultimately accelerate the delivery of XTEND products to customers in the US, NATO allies, and Asia."
Published by Globes, Israel business news - en.globes.co.il - on February 17, 2026.
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