Anduril secures $5 billion at a valuation of $61 billion, achieving a twofold increase in eleven months.
Thrive Capital and Andreessen Horowitz spearheaded a funding round following over $2 billion in revenue for 2025 and a $20 billion enterprise agreement with the Pentagon signed in March. Anduril Industries secured $5 billion in this funding round, led by Thrive Capital and Andreessen Horowitz, effectively doubling its valuation to $61 billion just eleven months after its last valuation. The Costa Mesa-based defense technology firm confirmed the funding round on Wednesday.
This valuation places Anduril above Lockheed Martin’s market capitalization by certain metrics and positions it ahead of all other private defense companies in the US. The June 2025 funding round at $30.5 billion, led by Founders Fund, has essentially been re-evaluated within a year. Reuters first reported in March that Anduril was exploring a $4 billion funding raise at a $60 billion valuation, with the final round slightly exceeding both estimates.
Revenue growth serves as the primary justification for this valuation. The company has informed investors that it generated over $2 billion in 2025, nearly double the amount from 2024, and has almost doubled its workforce during the same timeframe. The Pentagon granted Anduril a ten-year enterprise agreement in March valued at up to $20 billion, marking the largest contract in the company’s history and one of the biggest awards to a new defense firm since 9/11.
Anduril's product range has expanded beyond its initial surveillance-tower focus. The Roadrunner-M, a vertical-takeoff interceptor drone designed to intercept other drones and land for reuse, has secured over $350 million in orders, including a $250 million contract for more than 500 units that come with Pulsar electronic-warfare systems. The company’s augmented-reality headset for soldiers, EagleEye, is actively being deployed. Additionally, Anduril tested an autonomous fighter jet in February and is constructing Arsenal-1, a $1 billion manufacturing facility in Ohio that aims to streamline its hardware production to a consumer-electronics pace rather than a traditional prime production timeline.
The list of investors highlights how defense has transitioned from a niche area for venture capital. Thrive Capital, founded by Joshua Kushner, and Andreessen Horowitz have led or co-led many of the largest AI platform funding rounds in the past three years. Their joint leadership in this round integrates defense technology into the same capital pool that has supported foundational technology firms.
Founders Fund, Sands Capital, and Counterpoint Global have also been key investors in earlier funding rounds. Concurrently, Europe is experiencing a surge in defense technology. Munich-based Helsing is currently raising $1.2 billion at an $18 billion valuation, a funding round disclosed last week that could position it among the five most valuable private technology firms in Europe. Quantum Systems became Germany's first defense-tech unicorn last year, and the broader European sector has been attracting unprecedented funding, with German startups capturing around 90% of the total funding in the first half of 2025.
An initial public offering (IPO) is not currently on the agenda. Anduril's CEO Brian Schimpf and founder Palmer Luckey have indicated that the company will consider going public when the timing is appropriate. The new $5 billion is intended to support Arsenal-1, further research and development, and ongoing contract fulfillment rather than preparing for an IPO. The scale of this funding round and the profile of the leading investors have been interpreted in market circles as a private-market alternative to a potential near-term public listing.
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Anduril secures $5 billion at a valuation of $61 billion, achieving a twofold increase in eleven months.
Anduril has secured $5 billion at a valuation of $61 billion, in a financing round led by Thrive Capital and Andreessen Horowitz, effectively doubling its valuation in less than a year.