The defense tech company’s talks come two months after a $5 billion raise valued it at $61 billion, as investors back its expanding drones, software and missile business.
Anduril is discussing a new fundraising that could value the defense tech company at about $100 billion, a level that would put it close to major listed contractors such as Lockheed Martin. The terms remain under discussion, and Reuters could not determine how much the company aims to raise. One structure being considered is a two-stage process in which investors would commit to a second financing within a year at a higher valuation, potentially tied to financial benchmarks. Anduril said no decisions have been made on future financing, adding that it regularly evaluates ways to fund growth as a private company. The talks follow a surge in investor interest as Anduril expands its portfolio of drones, software and missiles and posts strong military sales amid the U.S. conflict with Iran. Two months ago, it doubled its valuation to $61 billion in a $5 billion round led by Thrive Capital and Andreessen Horowitz. The latest discussions also highlight how fast-growing private companies are seeking uncommon terms from investors, echoing practices seen in SpaceX’s pre-IPO fundraising. Founded by Palmer Luckey, the California-based company said in January it reported $2.2 billion in revenue in 2025 and doubled its workforce. Earlier this week, it unveiled Thunder, a vertical-takeoff-and-landing drone, at the Farnborough Air Show in England and said it hopes the aircraft will operate alongside military helicopter units.