Defense technology startup Anduril is in active discussions with potential investors about a new funding round that could place its valuation at around $100 billion, according to two sources with knowledge of the situation who spoke to Reuters.
The details of the funding round and the valuation figures are still being worked out, the sources said. One structure being considered would involve a two-step process, requiring investors to commit upfront to participating in a second round at an even higher valuation — potentially within a year. That second round’s valuation could be tied to Anduril hitting specific financial targets, the sources said. The total amount the company intends to raise has not been determined.
When reached for comment, an Anduril spokesperson said the company had not finalized any plans for future fundraising. “As a private company, we regularly evaluate opportunities to fund the growth of the business,” the spokesperson said.
The new talks follow a period of rapid growth for the California-based firm, which has seen surging military sales and strong investor interest in its lineup of drones, software systems, and missiles — particularly amid the ongoing U.S. conflict with Iran. Only two months ago, Anduril doubled its valuation to $61 billion after closing a $5 billion funding round led by Thrive Capital and Andreessen Horowitz.
The situation also highlights a broader trend in which fast-growing private companies are gaining enough leverage to demand unusual terms from investors. SpaceX, for instance, required extensive vetting and offered limited financial disclosures to investors in its private fundraising rounds before going public in June.
A $100 billion valuation would put Anduril nearly on par with Lockheed Martin — one of the world’s largest defense contractors and the manufacturer of several high-cost Pentagon fighter jets, including the F-22, F-15, and F-35. Lockheed Martin currently carries a market valuation of $130 billion.
Under the leadership of founder Palmer Luckey, Anduril has been rolling out new military weapons and drone systems at a fast clip. The company reported $2.2 billion in revenue for 2025 in January and said it had doubled its workforce. Earlier this week, Anduril unveiled a new vertical-takeoff-and-landing drone called Thunder at the Farnborough Air Show in England, designed to operate alongside military helicopter units.
