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FinanceAnduril in talks to raise funding at about $100 billion valuation
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Defense tech firm Anduril is in discussions with investors for a new funding round that could value it at roughly $100 billion, rivaling established defense giants like Northrop Grumman and Lockheed Martin. The talks, reported by Reuters, are still fluid, with a potential two-stage process requiring investors to commit to a second round at a higher valuation tied to 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 has rapidly announced new weapons and drones, including the Thunder vertical-takeoff-and-landing drone, and reported $2.2 billion in revenue for 2025. The potential valuation would make Anduril nearly as valuable as Lockheed Martin, valued at $130 billion.
Source report
Defense technology firm Anduril is in discussions with investors for a new funding round that could value the company at roughly $100 billion, according to two sources familiar with the matter. That valuation would place Anduril in direct competition with industry giants such as Northrop Grumman and Lockheed Martin.
The funding round and its valuation—reported here for the first time—remain fluid, the sources said.
One proposal under consideration involves a two-stage process, in which investors would commit to financing a second round at a higher valuation that could occur within a year. The valuation for that second round would depend on Anduril meeting certain financial benchmarks, the sources added.
Reuters could not determine how much Anduril plans to raise.
In a statement, an Anduril spokesperson said no decisions had been made about any future financing.
"As a private company, we regularly evaluate opportunities to fund the growth of the business," the spokesperson said.
The talks come as Anduril has posted booming military sales and generated significant investor enthusiasm around its suite of drones, software, and missiles amid the ongoing U.S. conflict with Iran.
Just two months ago, the company doubled its valuation to $61 billion in a $5 billion funding round led by Thrive Capital and Andreessen Horowitz.
The discussions also highlight how fast-growing startups are increasingly wielding market power and demanding highly unusual concessions from investors. Before going public in June, SpaceX, for example, imposed strict conditions on investors in its private fundraising rounds, including extensive vetting and limited financial disclosures.
At a potential $100 billion valuation, California-based Anduril would be nearly as valuable as Lockheed Martin, one of the world’s largest defense conglomerates and the maker of several of the Pentagon’s priciest fighter jets, including the F-22, F-15, and F-35. Lockheed is currently valued at $130 billion.
Led by founder Palmer Luckey, Anduril has been announcing new military weapons and drones at a rapid pace. The company reported $2.2 billion in revenue in 2025 and has doubled its workforce.
Earlier this week, Anduril unveiled a new vertical-takeoff-and-landing drone called Thunder at the Farnborough Air Show in England, which the company hopes will fly alongside military helicopter units.
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Anduril in talks to raise funding at about $100 billion valuation