WASHINGTON — Castelion, a defense-tech startup seeking to mass produce lower-cost hypersonic weapons, has raised more than $1 billion in new financing as it moves to expand missile production and develop a broader portfolio of offensive and defensive weapons.

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Sandra Erwin writes about military space programs, policy, technology and the industry that supports this sector. She has covered the military, the Pentagon, Congress and the defense industry for nearly two decades as editor of NDIA’s National Defense...