The US is now the largest investor in commercial spyware

The United States has emerged as the largest investor in commercial spyware, a global industry that has enabled covert surveillance of journalists, human rights defenders, politicians and diplomats, according to a new Atlantic Council report. In 2024, 20 new US-based spyware investors were identified, bringing the total number of American backers to 31.

The study surveyed 561 entities across 46 countries between 1992 and 2024, identifying 34 new investors and raising the total to 128, up from 94 in the dataset published last year. US-based investors include major hedge funds D.E. Shaw & Co. and Millennium Management, prominent trading firm Jane Street, and the financial-services group Ameriprise Financial, all of which, according to the Atlantic Council, have channeled funds to Israeli provider Cognyte.

The report notes a late-2024 acquisition of Israeli spyware vendor Paragon Solutions by AE Industrial Partners, a deal linked to continued debates over the role of private equity and investment in spyware. It also highlights new vendors such as Israel’s Bindecy and Italy’s SIO, and describes a growing, increasingly opaque spyware supply chain.