Eric Trump is investing in Xtend as the Israeli drone maker moves toward a U.S. stock listing through a $1.5 billion merger with JFB Construction Holdings, according to The Wall Street Journal.
JFB said in a Form 8-K filing that it entered a definitive agreement with Xtend to combine in an all-stock transaction and form a U.S.-based public company called Xtend AI Robotics Inc., with the filing pointing to a Feb. 17 press release and investor presentation attached as exhibits.
The same filing described the planned company as focused on autonomous systems for defense, public safety, and private security applications, and it framed the merger as a pivot for JFB, which has operated as a real estate development and construction business.
The Wall Street Journal said Xtend markets some drones as "low cost per kill" munitions and said the company has been "battle-tested during Israeli operations in Gaza in recent years."
On governance, JFB disclosed in a separate Form 8-K that it appointed Stefan Passantino, a former White House lawyer who has worked with the Trump Organization, to its board of directors.
The deal has renewed conflict-of-interest claims because members of the Trump family have expanded business interests into sectors regulated by the Trump administration, claims that the White House and Trump Organization have denied.
The broader policy context is the federal push to speed procurement of low-cost drones.
A July 10, 2025, memorandum titled "Unleashing U.S. Military Drone Dominance" said drones were "the biggest battlefield innovation in a generation" and said President Donald Trump issued an executive order to support the American drone industry.
The federal contracting postings describe "Drone Dominance Program" as a multiphase effort seeking one-way attack small unmanned aerial systems at low cost and at scale.
Xtend was selected by the War Department to join the initial phase of its $1.1 billion Drone Dominance Program.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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