Anduril Exploring Funding Options with a Valuation Surpassing $100 Billion, Tripling Last Year’s Figures
Anduril, a defense technology firm, is reportedly preparing a new capital raise that could escalate its valuation by $40 billion, reaching approximately $100 billion, as per sources familiar with the situation.
Back in May, Anduril secured $5 billion at a valuation of $61 billion, which had already doubled from its previous valuation of $30.5 billion during its June 2025 Series G round. This upcoming fundraising effort may be executed in two parts, with the latter phase potentially attracting investors at an even higher valuation. Both rounds of funding are expected to be finalized within the current year.
This development aligns with a significant revitalization within the defense technology sector, driven by heightened needs for drones, autonomous vehicles, and the integration of artificial intelligence in military operations, particularly amid ongoing conflicts in the Middle East and Eastern Europe. In the year’s first half, venture capital investment in this industry surged to over $12 billion, doubling the nearly $10 billion raised by startups throughout all of 2025.
Anduril has capitalized on this increased demand, securing contracts with various entities, including the U.S. Department of Defense, Air Force, Army, Dutch Ministry of Defence, NATO, United Kingdom’s Ministry of Defence, and Poland, among others.
The company also reported a significant leap in revenue, more than doubling to $2.2 billion in 2025 compared to the previous year.
Other tech startups in defense have also profited, with military aircraft manufacturer Shield AI raising $1.5 billion in March, Mach Industries seeing its valuation quadruple to $1.8 billion last month, and Europe’s Helsing raising $1.8 billion at an $18 billion valuation this month.
A notable trend in these transactions is the shift towards more affordable, expendable systems, termed “attritable” technology, in contrast to the historically expensive equipment that has characterized defense contracting. Mach’s CEO Ethan Thornton has indicated that their designs are tailored for the current warfare landscape, offering significantly lower costs than traditional defense contractors, referencing Ukraine’s deployment of autonomous drones as a case study.
Additionally, both Mach and Anduril are actively seeking to secure their own propulsion capabilities. Mach acquired solid rocket motor manufacturer Exquadrum for $50 million in May, while Anduril has received Pentagon funding to bolster domestic solid rocket motor production — addressing a supply chain issue that has emerged in line with the shift towards low-cost weapons.
Anduril counts prominent investors among its backers, including Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital, and U.S. Vice President JD Vance, according to investment reports.
In a statement, Anduril clarified, “No decisions have been made regarding future financing, and any claims about the terms, structure, pricing, or timing are speculative. As a private entity, we regularly assess opportunities for funding our business growth.”
This article has been updated to include Anduril’s statement.
