Backed by Trump’s son, Israeli-founded AI drone startup plans to go public on Nasdaq

XTEND, an Israeli developer of a human-guided AI drone operating system, announced plans Tuesday to merge with US firm JFB Construction Holdings, as part of a deal to go public on the Nasdaq, at a company valuation of $1.5 billion.

The merger deal is backed by $152 million in funds raised from strategic investors, including Eric Trump, the son of US President Donald Trump; Israel’s Protego Ventures; Florida-based dronemaker Unusual Machines; Texas-based real estate development firm American Ventures, LLC; and Miami-based Aliya Capital.

Upon completion of the all-stock merger transaction with Florida-based real estate development and construction company JFB, expected in mid-2026, the joint company will be renamed XTEND AI Robotics and be listed on the Nasdaq exchange under the ticker “XTND.”

XTEND was founded in 2018 by brothers Aviv and Matteo Shapira, who previously co-founded Replay Technologies, which was acquired by Intel in 2016 for $175 million; Rubi Liani, founder of the Israeli Drone Racing League; and defense and UAV expert Adir Tubi. The technology behind the startup’s human-guided drone operating system was initially developed to help the Israeli army shoot down incendiary balloons on the border with Gaza.

XTEND has built a human-guided autonomous operating system utilizing AI that it says enables users, even without any experience, to fly a drone or navigate robots to perform accurate maneuvers in any scenario, indoors and outdoors, without relying on GPS, and with minimal training.

The startup’s technology is geared to help soldiers perform complex and dangerous combat missions such as scanning tunnels and remote buildings for terrorists and explosives, or launching grenades, without having to risk their lives.

During the war with the Hamas terror group in Gaza, hundreds of XTEND’s systems, including small drones with a portable virtual reality headset and a gesture-based handheld controller, have been used by the Israel Defense Forces. Before the outbreak of the Hamas war, XTEND’s biggest client was the US Department of Defense.

“The demand for systems that keep operators out of harm’s way is surging as the global security environment grows more volatile, and this represents one of the largest market opportunities in defense technology today,” said Shapira. “By combining our platform with JFB, we are acquiring the resources we need to scale our manufacturing capabilities in the US and gaining access to the US public markets.”

Headquartered in Tampa, Florida, the merged XTEND company will establish a production facility to provide AI-driven autonomous defense and security solutions to the US market. The manufacturing facility will support the expansion of sales and delivery of XTEND products to customers in the US, NATO allies, and Asia, as more countries seek defense solutions.