Anduril in talks to raise funding at about $100 billion valuation

Defense tech firm Anduril is in discussions with investors for a new funding round that could value the company at roughly $100 billion, rivaling established defense giants like Northrop Grumman and Lockheed Martin. The talks, reported by Reuters, are still fluid and may involve a two-stage process where investors commit to a second round at a higher valuation within a year, contingent on Anduril meeting financial benchmarks. The company has seen booming military sales amid the U.S. conflict with Iran, and just two months ago doubled its valuation to $61 billion in a $5 billion round led by Thrive Capital and Andreessen Horowitz. Led by founder Palmer Luckey, Anduril reported $2.2 billion in revenue in 2025 and recently unveiled a new vertical-takeoff-and-landing drone called Thunder. The potential valuation underscores how fast-growing startups are wielding market power and demanding unusual concessions from investors.