Anduril in talks to raise capital at $100 billion valuation
Potential valuation represents a $40 billion jump from May figures, driven by doubled revenue and expanded allied contracts.
US defence technology company Anduril is in discussions to raise a new round of capital that could push its valuation to approximately $100 billion, according to reports citing anonymous sources. This potential figure marks a $40 billion increase from the $61 billion valuation the company secured in May, and represents more than a threefold rise from its $30.5 billion mark in its June 2025 Series G round.
The fundraise may be structured as a two-stage process, with both tranches potentially closing within the current year. Investors would participate at progressively higher valuations, reflecting the company’s rapid growth trajectory and the intensifying demand for autonomous systems in global conflicts.
Anduril’s financial performance has underpinned the valuation surge. The company reported that its revenue doubled to $2.2 billion in 2025 compared to the previous year. This growth coincides with a broader revival in the defence tech sector, where venture funding more than doubled to over $12 billion in the first six months of the year, eclipsing the nearly $10 billion raised in all of 2025.
The company has secured contracts with a wide array of allied defence ministries, including the US Department of Defense, the US Air Force, the US Army, the Dutch Ministry of Defence, NATO, the UK Defence Ministry, and Poland. Additionally, Anduril is expanding its domestic solid rocket motor manufacturing capacity with funding from the Pentagon, aiming to address supply chain bottlenecks that have affected the low-cost weapons trend.
Other defence tech firms have seen significant valuation jumps in the same period. Shield AI raised $1.5 billion in March, Mach Industries quadrupled its valuation to $1.8 billion in May, and Europe’s Helsing raised $1.8 billion at an $18 billion valuation. A common thread across these deals is a sector-wide shift toward “attritable” systems—cheaper, more expendable hardware—rather than expensive-to-replace traditional defence equipment.
Anduril’s investor list includes Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital, and current US Vice President JD Vance. The company did not immediately return a request for comment regarding the potential fundraise.
