Eric Trump, the second son of the U.S. President, is investing in the drone manufacturer Xtend as part of a $1.5 billion deal that will transition the company into a public entity. This announcement was reported by Bloomberg.
The investment involves a merger between Xtend and JFB Construction Holdings based in Florida. Notably, Unusual Machines, another drone manufacturer with ties to Eric Trump’s brother, Donald Trump Jr., is also among the investors. The deal is being facilitated by Dominari Holdings, an investment bank that has previously collaborated with Trump family ventures, headquartered in Trump Tower.
“I am incredibly proud to invest in companies I believe in. Drones are the wave of the future. Xtend has incredible potential,” stated Eric Trump, 42.
On November 11, coinciding with Veterans Day in the U.S., Xtend announced it had secured a multi-million dollar contract from the U.S. Department of Defense to develop artificial intelligence-powered drones. The company is one of 25 participants in the initial phase of the Pentagon’s $1.1 billion ‘Drone Dominance’ program. Participants are scheduled to showcase prototypes at Fort Benning in Georgia on February 18.
The results of these tests will determine which of the companies will be selected for mass production of drones. Bloomberg notes that this deal brings the Trump family closer to defense manufacturing, a key focus of the current presidential administration. It also provides the family with a financial stake in a company that stands to benefit from the Pentagon’s plans to expedite military drone acquisitions, a process previously hindered by bureaucratic delays. Last year, the President signed an executive order aimed at accelerating testing and increasing domestic drone production.
Donald Trump Jr. already has financial interests in the defense sector. In 2024, he reported ownership of shares in Unusual Machines, valued at approximately $4 million at current prices. Additionally, 1789 Capital, a venture fund where he is a partner, has invested in several defense companies, including Anduril Industries, Vulcan Elements, and Hadrian.
Eric Trump is set to invest in drone manufacturer Xtend, which is merging with JFB Construction Holdings in a significant deal. This move aligns the Trump family with the defense sector, particularly as Xtend participates in a major Pentagon program.