Anduril funding talks reportedly target a $100 billion valuation
Reuters says Anduril is discussing a new raise that could value the defense tech company near $100 billion, up from $61 billion in May.
By Jordan Bell · Startups & Deals Reporter
· 3 min read
Anduril funding talks are reportedly pointing to a valuation near $100 billion, a sharp jump that shows how much investor attention has shifted toward defense technology. For retail investors watching private markets, the number matters because it signals where venture capital is placing big bets before companies ever reach the public market.
Reuters reported, citing unnamed sources, that Anduril is discussing a new capital raise that could lift its valuation by about $40 billion from its most recent mark. A valuation is the price investors assign to a company during a funding round, and it affects how much ownership new investors receive for their money.
The reported talks come only months after Anduril said in May that it raised $5 billion at a $61 billion valuation. That was already a steep increase from the $30.5 billion valuation the company reached in its June 2025 Series G round.
Why could Anduril be worth $100 billion?
Reuters reported that the raise may be arranged in two stages, with the later stage bringing in investors at a higher valuation. Both parts of the financing could close within the year, according to Reuters.
The backdrop is a defense tech market that has been drawing more venture money as governments and militaries spend on drones, autonomous systems and artificial intelligence used in warfare. The Financial Times reported that venture funding for defense tech more than doubled in the first half of the year to more than $12 billion, topping the nearly $10 billion raised by startups in the sector during all of 2025.
Anduril has signed contracts with a wide set of defense customers, including the U.S. Department of Defense, Air Force and Army, according to company announcements. The company has also announced work with the Dutch Ministry of Defence, NATO, the U.K. Defence Ministry and Poland.
The company said in May that 2025 revenue more than doubled from the prior year to $2.2 billion. That revenue growth is one reason investors may be willing to mark the company far above its 2025 valuation, though the reported new financing has not been confirmed by Anduril.
Defense startups are raising at higher prices
Anduril is not the only defense startup attracting larger checks. Shield AI raised $1.5 billion in March, Mach Industries reached a $1.8 billion valuation last month after quadrupling its valuation, and European defense company Helsing raised $1.8 billion this month at an $18 billion valuation, according to prior reports cited by TechCrunch.
A shared theme across several of these companies is a push toward lower-cost systems that can be replaced more easily than traditional military hardware. These are often called attritable systems, meaning equipment designed to be used in high-risk missions where loss is expected or acceptable.
Mach CEO Ethan Thornton has said Mach is building systems for current warfare at much lower cost than established defense contractors, citing Ukraine’s use of autonomous drones as an example, according to TechCrunch.
Supply chains are also part of the story. Mach acquired solid rocket motor maker Exquadrum for $50 million in May, while the Pentagon has funded Anduril’s expansion of domestic solid rocket motor production, according to company announcements. Solid rocket motors are used to power certain missiles and weapons systems, and limited supply has been a bottleneck for the sector.
Anduril’s backers include Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital and current U.S. Vice President JD Vance, according to PitchBook. TechCrunch reported that Anduril did not immediately respond to a request for comment.
This story draws on original reporting from TechCrunch.
