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6.02.26
The Entrepreneurs Report – Q1 2026
Wilson Sonsini is pleased to present the Q1 2026 edition of The Entrepreneurs Report. We’ve compiled a range of data on venture, convertible note, and SAFE financing transactions in which the firm was involved during the first quarter, with the objective of identifying relevant trends in activity and valuation levels for the U.S. venture capital industry in general.
Client Highlights
6.02.26
Wilson Sonsini Advises Centerview as Financial Advisor to Motorola Solutions in D-Fend Solutions Acquisition
On June 1, 2026, Motorola Solutions announced that it has entered into a definitive agreement to acquire D-Fend Solutions (D-Fend), an industry leader in counter-drone technology, for a purchase price of $1.5 billion. Wilson Sonsini Goodrich & Rosati advised Centerview Partners LLC, the financial advisor to Motorola Solutions, on the transaction.
D-Fend’s field proven technology is trusted by government, public safety, and enterprise organizations, with thousands of deployments across more than 30 countries, with annual revenue growth of over 50 percent over the last three years and expected full year 2026 revenues of $185 million. The acquisition is expected to close in the fourth quarter of 2026, subject to required regulatory approvals and satisfaction of other customary closing conditions.
The Wilson Sonsini team that advised Centerview Partners on the transaction includes Doug Schnell, Rich Mullen, Nikkisha Smith Howard, and Hayden Smith.
For more information, please see Motorola Solutions’ news release.
D-Fend’s field proven technology is trusted by government, public safety, and enterprise organizations, with thousands of deployments across more than 30 countries, with annual revenue growth of over 50 percent over the last three years and expected full year 2026 revenues of $185 million. The acquisition is expected to close in the fourth quarter of 2026, subject to required regulatory approvals and satisfaction of other customary closing conditions.
The Wilson Sonsini team that advised Centerview Partners on the transaction includes Doug Schnell, Rich Mullen, Nikkisha Smith Howard, and Hayden Smith.
For more information, please see Motorola Solutions’ news release.
Alerts
5.15.26
Fixing the Federal Acquisition System: Firm-Fixed-Price Contracting the New Norm
On April 30, 2026, President Trump issued an executive order (EO), Promoting Efficiency, Accountability, and Performance in Federal Contracting, that makes firm-fixed-price contracts the default federal government agencies must use when buying products and services from private sector companies. The EO represents the latest effort by the Trump administration to reform federal acquisitions and reduce costs to taxpayers. This alert discusses impacts companies may experience when doing or seeking to do business with the federal government.
Alerts
4.17.26
SBIR/STTR Program Restarted with New Features
On April 13, 2026, the Small Business Innovation and Economic Security Act (the Act) was signed into law, reauthorizing the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs through September 30, 2031. First and foremost, this ends the six-month program pause in new awards. But it also introduces several important changes aimed at improving the effectiveness of the SBIR program and at strengthening national security. Some of the key provisions are detailed here.
Bylined Articles
2.06.26
The Blake Brief: AI and Earth Observation: A New Lens on Our Planet
SatMagazine’s latest Blake Brief article, “AI and Earth Observation: A New Lens on Our Planet,” examines how artificial intelligence (AI) is revolutionizing Earth Observation (EO)—the gathering and analysis of data about the Earth’s physical, chemical, and biological systems—by enhancing data processing capabilities, improving analysis accuracy, and enabling real-time insights.
Client Highlights
1.16.26
Wilson Sonsini Advises Battle Road Digital on Acquisition by Onebrief
On January 13, 2026, Onebrief, the operating system for modern command, announced that it has acquired Battle Road Digital, a leading defense innovation company applying best-in-class gaming technology to defense and national security challenges. Wilson Sonsini Goodrich & Rosati advised Battle Road Digital on the transaction.
Press Releases
1.14.26
Wilson Sonsini Adds Defense Tech Veteran Michael McGinley, Launches Defense Tech Industry Group
PALO ALTO, CA (January 14, 2026)—Wilson Sonsini Goodrich & Rosati, the premier provider of legal services to technology, life sciences, and growth enterprises worldwide, today announced that Michael McGinley has joined the firm as Senior Of Counsel. The firm is using the occasion to launch a Defense Tech industry group, leveraging its existing experience representing defense and dual-use technology clients in the sector and McGinley’s proficiency.
Alerts
1.05.26
FCC Restricts Authorization of Foreign-Made Drones and Critical Components
On December 22, 2025, in a surprising and unprecedented action, the Public Safety and Homeland Security Bureau of the Federal Communications Commission (FCC) added to the FCC’s Covered List new models of foreign-made uncrewed aircraft systems (UAS)—commonly referred to as drones—as well as the critical components of these drones. This action effectively bans the importation, marketing, and sale of all such drones and components in the U.S. This client alert unpacks the key issues and questions around the FCC’s action.
Alerts
12.23.25
Foreign Private Issuer Insiders to Be Subject to Section 16(a) Reporting
On December 18, 2025, President Donald J. Trump signed the Fiscal Year 2026 National Defense Authorization Act (NDAA), which includes Section 8103, known as the “Holding Foreign Insiders Accountable Act.” The legislation represents a significant change for foreign private issuers (FPIs) listed in the United States. Section 8103 imposes insider reporting obligations under Section 16(a) of the Securities Exchange Act of 1934 (Exchange Act) on directors and officers of FPIs, a requirement from which they have historically been exempt.
Alerts
12.19.25
The COINS Act: Outbound Investment Security Re-Programmed
On Thursday, December 18, the President signed the National Defense Authorization Act (NDAA) for Fiscal Year 2026. The NDAA contains several new national security regulatory controls, including a new Title LXXXV entitled the Comprehensive Outbound Investment National Security Act of 2025 (COINS Act). The COINS Act codifies a screening system for outbound investments by U.S. persons in certain technology transactions with target entities that have connections to countries of concern, including but not limited to, the People’s Republic of China (PRC). For U.S. investors familiar with the current outbound investment rules at 31 C.F.R. Part 850 (the OISP), previously discussed here, the COINS Act is a continuation of U.S. efforts to prevent the exploitation of U.S. capital by countries of concern to undermine national security and foreign policy interests.
Bylined Articles
10.22.25
Blake Brief: Solar Harvesting in the High Frontier
SatMagazine’s latest Blake Brief article, “Solar Harvesting in the High Frontier,” highlights recent breakthroughs in launch technology and high-efficiency solar cells, along with how the potential for large-scale, in-orbit maintenance, has renewed the interest in space-based solar power (SBSP). Proponents believe SBSP could provide a sustainable energy source with competitive pricing and lower emissions compared to traditional methods, while critics caution that the technology still faces substantial viability challenges and could introduce new environmental risks.
Alerts
9.12.25
Department of Defense Issues Final Rule on Cybersecurity Maturity Model Certification Program for Its Contracts
On September 10, 2025, the Department of Defense (DoD) issued a final rule adding new Subpart 204.75 – Cybersecurity Maturity Model Certification Compliance, to the Defense Federal Acquisition Regulation Supplement (DFARS). The new subpart sets forth Cybersecurity Maturity Model Certification (CMMC) program definitions, policies, procedures, but perhaps most noteworthy for contractors, a new provision and clause to be included in certain DoD solicitations and contracts that will require contractors to have achieved a specified CMMC level in order to be eligible for award. On November 10, 2025, CMMC program requirements will begin appearing in DoD contracts.