Anduril in talks to raise funding at a $100 billion valuation

Defense-technology company Anduril is reportedly in talks to raise a new round that could push its valuation up by $40 billion, to about $100 billion, Reuters reported, citing anonymous sources. The company raised $5 billion in May at a $61 billion valuation — itself roughly double the $30.5 billion valuation it landed in its June 2025 Series G round — and may structure the new raise as a two-stage process, with the second stage bringing in investors at a higher valuation; both tranches could close within the year, per Reuters.

The talks come as the defense-tech industry undergoes an unprecedented revival, driven by demand for drones, autonomous craft, and AI’s growing role in warfare amid wars in the Middle East and Eastern Europe. In the first six months of the year, venture funding for the sector more than doubled to over $12 billion, eclipsing the nearly $10 billion startups in the space raised in all of 2025. Anduril has benefited directly, signing contracts with the U.S. Department of Defense, Air Force, and Army, as well as the Dutch and U.K. Ministries of Defence, NATO, and Poland; the company said in May that its revenue had more than doubled to $2.2 billion in 2025 compared with a year earlier.

Other defense startups have raised large rounds too:

• Military-aircraft maker Shield AI raised $1.5 billion in March.
• Mach Industries quadrupled its valuation to $1.8 billion last month.
• Europe’s Helsing raised $1.8 billion this month at an $18 billion valuation.

A common thread across these deals is a shift toward cheaper, more expendable — or “attritable” — hardware, rather than the costly-to-replace equipment that has defined defense contracting for decades; Mach and Anduril have also each moved to secure their own solid-rocket-motor supply, Mach through a $50 million acquisition of Exquadrum in May and Anduril through Pentagon-funded domestic manufacturing capacity.

Anduril’s investors include Thrive Capital, Andreessen Horowitz, Founders Fund, and current U.S. Vice President JD Vance, according to PitchBook. “No decisions have been made about any future financing, and anyone claiming knowledge of its terms, structure, pricing, or timing is speculating or misinformed,” Anduril said in an emailed statement.

Why it matters

A tripling of Anduril’s valuation in scarcely over a year would mark defense tech’s clearest signal yet that investors are pricing autonomous, lower-cost weapons systems like software-scale growth companies rather than traditional contractors.