Anduril secures $5 billion at a valuation of $61 billion, having doubled its worth in eleven months.

      Thrive Capital and Andreessen Horowitz headed a funding round following a revenue exceeding $2 billion in 2025 and a $20 billion enterprise agreement with the Pentagon signed in March. Anduril Industries has successfully raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz, increasing its valuation to $61 billion just eleven months after its last assessment. The defense technology firm based in Costa Mesa 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 companies in the U.S.

      The June 2025 funding round, valued at $30.5 billion and led by Founders Fund, has effectively been recalibrated within a year. Reuters reported in March that Anduril was exploring a $4 billion raise at a $60 billion valuation; the final round exceeded both those figures. The justification for this revenue growth is evident. The company informed investors of revenues surpassing $2 billion in 2025, approximately double that of 2024, while also nearly doubling its workforce during the same timeframe.

      In March, the Pentagon granted Anduril an enterprise agreement valued at up to $20 billion over a decade, marking the largest contract in the company’s history and one of the most substantial single awards to a non-incumbent defense firm since post-9/11. The company’s product range has expanded beyond its initial surveillance-tower offerings. The Roadrunner-M, a vertical-takeoff interceptor drone designed by Anduril to intercept and reuse other drones, has secured over $350 million in orders, including a $250 million deal for more than 500 units alongside Pulsar electronic-warfare systems. Additionally, EagleEye, an augmented-reality headset for soldiers, is currently being deployed. The company also tested an autonomous fighter jet in February and is constructing Arsenal-1, a $1 billion manufacturing facility in Ohio aimed at streamlining the company’s hardware production to resemble consumer-electronics manufacturing timelines rather than traditional prime-style production schedules.

      The lineup of investors reflects a shift in defense becoming a more mainstream venture-capital opportunity. Thrive Capital, founded by Joshua Kushner, and Andreessen Horowitz have collectively led or co-led many of the largest AI-platform funding rounds in the past three years. Their joint leadership in this round aligns defense technology with the same capital resources that have supported foundation-model enterprises. Founders Fund, Sands Capital, and Counterpoint Global are returning investors from previous rounds.

      Meanwhile, Europe is experiencing a similar boom in defense tech. Helsing, based in Munich, is in the midst of raising $1.2 billion at an $18 billion valuation, a round disclosed last week that would position it among the five most valuable private tech companies on the continent. Last year, Quantum Systems became Germany's first defense-tech unicorn, and European defense tech overall has been attracting record levels of investment, with German startups accounting for approximately 90% of the total funding in the first half of 2025.

      An IPO is not currently on the agenda. Brian Schimpf, CEO of Anduril, along with founder Palmer Luckey, has consistently stated that the company will go public when the timing is appropriate. The new $5 billion funding is intended for Arsenal-1, ongoing research and development, and fulfilling existing contracts rather than preparing for an initial public offering. The size of the funding round and the profiles of its leading investors have been interpreted in market circles as a private-market alternative to a forthcoming listing.