Anduril secures $5 billion at a valuation of $61 billion, doubling its worth in just eleven months.
Thrive Capital and Andreessen Horowitz spearheaded the fundraising round, following over $2 billion in revenue for 2025 and a $20 billion enterprise agreement with the Pentagon signed in March.
Anduril Industries has secured $5 billion in a 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 announced the completion of this round on Wednesday.
This valuation positions Anduril above Lockheed Martin's market capitalization in some respects and ahead of all other private defense firms in the U.S. The round in June 2025, valued at $30.5 billion and led by Founders Fund, has been effectively re-evaluated within a year.
In March, Reuters initially reported that Anduril was exploring a $4 billion raise at a $60 billion valuation, and the final figures came in slightly above those estimates. Revenue growth serves as the main reason for this valuation increase. The company has informed investors that it generated over $2 billion in 2025, approximately double the revenue from 2024, and has nearly doubled its workforce during the same timeframe.
In March, the Pentagon granted Anduril an enterprise agreement worth up to $20 billion over ten years, marking the largest contract in the company's history and one of the highest single awards to a new defense contractor since 9/11.
The company's product offerings have expanded beyond its initial surveillance-tower business. Roadrunner-M, the vertical-takeoff interceptor drone that Anduril developed to target and then land for reuse, has secured over $350 million in orders, including a $250 million deal for more than 500 units packaged with Pulsar electronic-warfare systems.
EagleEye, an augmented-reality headset for soldiers, is actively being deployed. The company tested an autonomous fighter jet in February and is constructing Arsenal-1, a $1 billion manufacturing facility in Ohio intended to streamline the company’s hardware production to resemble a consumer-electronics manufacturing pace rather than a traditional prime production schedule.
The composition of the investor list indicates that defense technology is no longer viewed as a niche within 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 recent years. Their joint leadership in this round integrates defense technology into the same investment sphere that supports foundational model companies.
Founders Fund, Sands Capital, and Counterpoint Global have also been involved as backers in earlier fundraising rounds.
Meanwhile, Europe’s defense technology scene is experiencing a parallel surge. Munich-based Helsing is currently raising $1.2 billion at an $18 billion valuation, a round unveiled last week that would position it among the continent's five most valuable private technology firms.
Quantum Systems became Germany's first defense tech unicorn last year, and the overall European defense technology sector has been attracting record financing, with German startups securing approximately 90% of total funding in the first half of 2025.
As for an IPO, it hasn’t been discussed yet. Anduril's CEO Brian Schimpf and founder Palmer Luckey have consistently stated that the company will go public when the timing is right. The new $5 billion will focus on funding Arsenal-1, further research and development, and ongoing contract fulfillment rather than preparing the balance sheet for an IPO. The size of this funding round and the profile of the lead investors has 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, doubling its worth in just eleven months.
Anduril has secured $5 billion at a valuation of $61 billion in a round led by Thrive Capital and Andreessen Horowitz, effectively doubling its value in less than a year.