Defense technology firm Anduril is said to be seeking new capital that — according to anonymous sources cited by Reuters — could raise its valuation by roughly $40 billion to about $100 billion.
Previous financings and structure of the potential deal
- In May, Anduril raised $5 billion at about a $61 billion valuation, roughly double the $30.5 billion valuation it received in its June 2025 Series G round.
- Sources told Reuters the new raise may be structured in two stages, with a second tranche bringing in investors at a higher valuation. Both parts could be closed within the year.
Industry context and demand drivers
The report arrives amid a strong revival in the defense-tech sector, driven by demand for drones, autonomous systems and the growing role of artificial intelligence in warfare. In the first six months of the year, venture funding for the sector more than doubled to over $12 billion, surpassing the nearly $10 billion that startups in the space raised during all of 2025.
Anduril’s business and contracts
Anduril has benefited from this trend. The company said in May that its 2025 revenue more than doubled year-over-year to $2.2 billion. It has secured contracts with the U.S. Department of Defense, the U.S. Air Force and U.S. Army, as well as the Dutch Ministry of Defence, NATO, the U.K. Ministry of Defence, Poland and other customers.
Comparable deals and technological shift
Other defense startups have attracted large investments: Shield AI raised $1.5 billion in March; Mach Industries’ valuation rose fourfold to $1.8 billion last month; and Europe’s Helsing raised $1.8 billion this month at an $18 billion valuation. A common theme in these deals is a move toward lower-cost, more expendable — often called “attritable” — systems rather than expensive, hard-to-replace platforms.
Supply-chain moves
Mach and Anduril have also taken steps to secure propulsion supplies. 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 — actions intended to address a supply bottleneck that predates and spans the low-cost-weapons trend.
Investors and company comment
PitchBook lists Anduril’s investors as including Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital and U.S. Vice President JD Vance.
Anduril told Reuters by email: “No decisions have been made about any future financing, and anyone claiming knowledge of its terms, structure, pricing, or timing is speculating or misinformed. As a private company, we regularly evaluate opportunities to fund the growth of the business.”
Note: the story was updated to include Anduril’s comment.
