Defense technology firm Anduril is reportedly in discussions with investors for a new funding round that could value the company at approximately $100 billion, potentially rivaling defense giants such as Northrop Grumman and Lockheed Martin, according to Reuters. The funding round and the valuations under discussion remain fluid.
One structure under consideration is a two-stage process in which investors would commit to a second round of financing at a higher valuation, roughly $110 billion, that could occur within a year, contingent on Anduril meeting certain financial benchmarks. It could not be determined how much Anduril planned to raise. A spokesperson for Anduril said no decisions had been made about any future financing, noting that as a private company, it regularly evaluates opportunities to fund growth.
The talks come as Anduril has posted strong military sales and drawn investor enthusiasm around its drones, software, and missiles amid the U.S. conflict with Iran. Just two months ago, the company doubled its valuation to $61 billion in a $5 billion funding round led by Thrive Capital and Andreessen Horowitz. The discussions also reflect how fast-growing startups are increasingly able to negotiate unusual terms with investors, a dynamic also seen at SpaceX, which imposed conditions including extensive investor vetting and limited financial disclosures in its private fundraising rounds before going public in June.
A valuation of roughly $100 billion would put California-based Anduril close to Lockheed Martin, which is valued at $130 billion and is among the world’s largest defense contractors, producing aircraft including the F-22, F-15, and F-35. Anduril, led by founder Palmer Luckey, has been announcing new military weapons and drones at a rapid pace, reporting $2.2 billion in 2025 revenue in January alongside a doubling of its workforce. Earlier this week, the company unveiled a new vertical-takeoff-and-landing drone called Thunder at the Farnborough Air Show in England, which it hopes will operate alongside military helicopter units.
