Anduril Industries is exploring a new funding round that could value the defense technology startup at roughly $100 billion, a valuation that would place the company alongside some of the largest U.S. defense contractors.
People familiar with the discussions said the size and terms of the potential raise are still being negotiated, and Reuters was unable to determine how much capital Anduril is seeking.
One option under consideration would involve a two-stage financing structure, with investors committing initially to a future round at a higher valuation. That follow-on financing could take place within about a year and potentially be linked to Anduril achieving certain financial milestones, according to Reuters.
Read Also: Shield AI Doubles Down On Defense Autonomy With Aechelon Acquisition and Honeywell Partnership
Anduril said it has not finalized any plans for a new fundraising. "As a private company, we regularly evaluate opportunities to fund the growth of the business," a company spokesperson said.
The discussions come roughly two months after Anduril raised $5 billion in a funding round that valued the company at $61 billion. The round was led by Thrive Capital and Andreessen Horowitz.
Founded by Palmer Luckey, Anduril has attracted investor interest with its focus on autonomous defense systems, including drones, AI-powered software and missile technologies. The company has rapidly expanded its product lineup as governments increase spending on next-generation military capabilities.
Anduril reported $2.2 billion in revenue for 2025 and said it continued to grow its workforce.
Earlier this week, the company unveiled Thunder, a vertical takeoff-and-landing drone at the Farnborough Air Show in the U.K., describing it as a system designed to operate alongside military helicopter units.
Anduril is choosing to remain private for now, with CEO Brian Schimpf saying elevated valuations across artificial intelligence and defense technology have created a challenging backdrop for an IPO.
Speaking with CNBC’s Julia Boorstin at the Allen & Co. Sun Valley Conference, Schimpf said the company is prioritizing long-term investor returns over taking advantage of the current enthusiasm surrounding AI and defense stocks.
"We define a successful IPO as our investors got a good return three years from actually going out," Schimpf said. "A bad time to do that is in the middle of a hype cycle. So we’re not in a rush to go out."
Photo Courtesy: Tada Images on Shutterstock.com
Read Also: Peter Thiel‑Backed Erebor Soars 659% in Private Markets — Beat That, OpenAI
