Anduril reportedly in talks to raise funding at $100B valuation, more than 3x last year's mark
Defense tech company Anduril is reportedly in talks to raise capital at a valuation of about $100 billion, more than tripling its valuation from last year. The company, which raised $5 billion in May at a $61 billion valuation, may structure the fundraise in two stages, both closing within the year.
According to Reuters, citing anonymous sources, defense technology company Anduril is said to be raising a new round of capital that could push its valuation up by $40 billion to approximately $100 billion. The company raised $5 billion in May at a $61 billion valuation — roughly double the $30.5 billion valuation from its June 2025 Series G round. The fundraise may be structured as a two-stage process, with the second stage bringing in investors at a higher valuation. Both tranches could be closed within the year, Reuters reported.
The news comes as the defense tech industry experiences an unprecedented revival, spurred by demand for drones, autonomous craft, and AI’s role in warfare, as conflicts continue in the Middle East and Eastern Europe. In the first six months of the year, venture funding in the sector more than doubled to over $12 billion, eclipsing the nearly $10 billion that startups in the space raised in all of 2025.
Anduril has benefited from this demand, signing contracts with the U.S. Department of Defense, Air Force and Army, the Dutch Ministry of Defence, NATO, the U.K. Defence Ministry, Poland, and others. The company said in May that it had more than doubled its revenue to $2.2 billion in 2025 compared to a year earlier.
Other startups have also cashed in: military aircraft maker Shield AI raised $1.5 billion in March, Mach Industries quadrupled its valuation to $1.8 billion last month, and Europe’s Helsing raised $1.8 billion at an $18 billion valuation this month. A common thread across these deals is a shift toward cheaper, more expendable hardware — often called “attritable” systems — rather than expensive-to-replace equipment that has defined defense contracting for decades.
Separately, both Mach and Anduril have moved to secure their own propulsion supply. Mach acquired solid rocket motor maker Exquadrum for $50 million in May, while the Pentagon has funded Anduril’s efforts to expand domestic solid rocket motor manufacturing capacity — moves aimed at a supply bottleneck that predates and cuts across the low-cost-weapons trend.
Anduril’s investors include Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital, and current U.S. Vice President JD Vance, according to PitchBook. Anduril did not immediately return a request for comment.
