Anduril secures $5 billion at a valuation of $61 billion, achieving a twofold increase in just eleven months.

      Thrive Capital and Andreessen Horowitz led a funding round following Anduril Industries' reported revenue exceeding $2 billion in 2025 and a $20 billion enterprise agreement with the Pentagon finalized in March. The Costa Mesa defense-tech firm has secured $5 billion in funding, which doubles its valuation to $61 billion, just eleven months after its last valuation. The company confirmed the funding round on Wednesday.

      This valuation positions Anduril above Lockheed Martin's market capitalization by certain metrics and ahead of all other private defense firms in the U.S. The June 2025 round, previously valued at $30.5 billion and led by Founders Fund, has effectively seen a re-evaluation within a year. Reuters first reported in March that Anduril was exploring a $4 billion raise at a $60 billion valuation, with the final round exceeding both figures slightly.

      Revenue growth has been the primary reason for this increase. The company informed investors that its revenues for 2025 surpassed $2 billion, approximately double that of 2024, while its workforce nearly doubled over the same time frame. In March, the Pentagon granted Anduril an enterprise agreement valued at up to $20 billion over a decade, marking the most significant contract in the company's history and one of the largest single awards to a non-established defense contractor since 9/11.

      Anduril has expanded its product offerings beyond its initial surveillance-tower business. The Roadrunner-M, a vertical-takeoff interceptor drone designed to neutralize other drones—and subsequently land for reuse—has secured over $350 million in orders, including a $250 million deal for more than 500 units paired with Pulsar electronic-warfare systems. The EagleEye augmented reality headset for soldiers is currently being deployed in the field. The company tested an autonomous fighter jet in February and is constructing the Arsenal-1 manufacturing facility in Ohio, a $1 billion project aimed at streamlining its hardware production to a pace resembling that of consumer electronics rather than traditional prime contractor timelines.

      The list of investors indicates a shift in defense funding, as it is no longer considered an edge case for venture capital. Thrive Capital, founded by Joshua Kushner, and Andreessen Horowitz have co-led many of the largest AI-platform funding rounds in recent years. Their joint leadership in this round effectively places defense tech into the same funding category as leading foundation-model enterprises.

      Founders Fund, Sands Capital, and Counterpoint Global have participated as investors in earlier rounds. Meanwhile, Europe is experiencing a similar boom in defense tech. Munich-based Helsing is currently looking to raise $1.2 billion at an $18 billion valuation, a round announced last week that would position it among the top five most valuable private tech firms in Europe. Quantum Systems became Germany’s first defense-tech unicorn last year, and the overall European defense-tech sector has attracted record funding, with German startups accounting for approximately 90% of the total funding in the first half of 2025.

      However, an IPO is not currently on the agenda. Anduril CEO Brian Schimpf and founder Palmer Luckey have consistently stated that the company will pursue an IPO when the timing is right. The newly raised $5 billion is intended to support the Arsenal-1 project, further research and development, and ongoing contract fulfillment rather than preparing the company's balance sheet for an IPO. The scale of this funding round and the profile of the lead investors are viewed in market circles as a private-market alternative to a potential near-term public offering.