Defense technology company Anduril Industries is in talks with investors for a funding round that could value the firm at approximately $100 billion, according to sources familiar with the matter. The reported valuation would place the startup near the market capitalization of established defense contractors like Lockheed Martin, which is valued at $130 billion. Sources stated the funding structure could involve a two-stage process requiring investors to commit to a second round at an even higher valuation, contingent on the company meeting specific financial benchmarks.
An Anduril spokesperson stated that no formal decisions regarding future financing have been made, noting that as a private company, it regularly evaluates growth funding. The company previously doubled its valuation to $61 billion during a $5 billion funding round concluded two months ago. In January, Anduril reported 2025 revenue of $2.2 billion and a doubling of its total workforce.
The private discussions occur amid a reported increase in military sales for the company's autonomous systems, software, and munitions. Earlier this week at the Farnborough International Airshow, the company introduced "Thunder," a new vertical-takeoff-and-landing drone designed to operate alongside manned helicopter units. These developments follow a period of increased demand for defense technology linked to ongoing international conflicts.