Texas-Based ICON Secures $200M in Series D Funding

ICON, an Austin, TX-based provider of robotic construction systems, has secured $200 million in a Series D funding round co-led by Baillie Gifford and funds managed by BlackRock.

The round also saw participation from Capital Factory, CAZ Investments, Moderne Ventures, Moonshots Capital, Norwest, Overmatch, The Syndicate, and Tiger Global, among others.

The company will use the funding to expand production and deployment of its robotic construction systems, open a research and development facility in Austin, advance new technologies, including Titan and Olympus, and enter additional US markets.

What is ICON?

ICON develops robotic construction systems, intelligent software and advanced building materials. Its technology helps build homes and other structures using automated construction methods.

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The company operates three main business units: Build, Tech, and Prime. Build focuses on residential, commercial and hospitality construction. Tech develops the software and systems that support its construction platform.

ICON aims to help address construction challenges by making building processes faster, reducing costs, and improving building performance.

How Much Funding Has ICON Raised?

ICON has raised $200 million in its latest Series D funding round.

The source does not provide details of previous funding rounds or the company's total funding raised to date.

Who Invested in ICON’s Series D Round?

The $200 million Series D round was co-led by Baillie Gifford and funds managed by BlackRock.

Other participating investors include:

• Capital Factory
• CAZ Investments
• Moderne Ventures
• Moonshots Capital
• Norwest
• Overmatch
• The Syndicate
• Tiger Global

Why the Funding Matters

ICON plans to use the funds to strengthen the manufacturing and deployment of its robotic construction systems. It will also establish an R&D facility in Austin to advance its construction technologies.

The company intends to develop technologies such as Titan and Olympus and expand its operations across Texas, Florida, Washington, D.C., and other US markets.

Who founded ICON?

ICON was founded in 2017 by Jason Ballard and is headquartered in Austin, Texas.

The company develops construction technology for residential and commercial buildings, defense infrastructure, and space-related applications.

"When we started ICON, we believed intelligent machines could fundamentally change the way the world builds. What the last decade taught us is that belief only matters if you can back it with real structures, real deployments, and real demand. We have all three," said Jason Ballard, co-founder and CEO of ICON.

“The industries hardest to change often have the most to gain, and the companies that transform them tend to become some of the most important of their generation,” said Luke Ward, Private Companies Investment Manager at Baillie Gifford. “

Market and Business Growth

ICON says it is on track to grow its revenue fourfold in 2026. It has built more than 270 homes and structures across five US states and two countries.

In January 2026, ICON began construction on 10 barracks at Fort Bliss. The company described this as the largest deployment of robotic construction technology in Department of War history and the first additively manufactured structures to meet the Pentagon's Unified Facilities Criteria.

ICON Prime has received more than $370 million in government contracts. The company is also working with NASA on Project Olympus, which focuses on construction systems for the Moon.

What Happens Next?

ICON plans to expand its manufacturing and deployment capabilities, open an R&D facility in Austin, and develop new construction technologies.

The company also aims to grow across Texas, Florida, Washington, D.C., and other US markets while continuing its work in defense and space construction.

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