Based on the FY 2019-2023 Research, Development, Test, and Evaluation (RDT&E) budget request documents issued by DARPA, this paper provides a statistical and visual presentation of the agency’s overall budget and trends in investment by phase of research activities over the last 5 years. Further, it explores the changes in programs and the characteristics of these defense research activities. It concludes that DARPA’s budget funding over the past 5 years has focused on emerging areas such as microelectronics, hypersonic, and artificial intelligence, with the hope that technological breakthroughs in these areas will modernize and build high-end military capabilities for the U.S. military. In addition to the disruptive technology research and development, DARPA also focuses on the seamless integration of the knowledge chain, innovation chain, and industry chain in emerging technology fields, strengthening the integration with industry and the Services and realizing the rapid transition of research results to the Services to enhance significantly the future combat capabilities of the U.S. military.