Anduril Reportedly Eyes $100 Billion Valuation in New Funding Round

Defence technology company Anduril is reportedly in discussions to raise another round of funding that could increase its valuation to approximately $100 billion, according to a Reuters report citing anonymous sources. If completed, the new financing would represent another major jump for the rapidly growing defence startup, whose valuation reached $61 billion in May following a $5 billion fundraising round.

Reuters reported that the latest fundraising could be structured in two stages, with the second tranche allowing investors to participate at a higher valuation. Both stages of the financing are expected to close before the end of the year, although the company has not confirmed any final terms.

The proposed valuation would more than triple the $30.5 billion valuation Anduril received during its Series G funding round in June 2025, underscoring the strong investor appetite for defence technology companies as global demand for autonomous military systems continues to rise.

Defence technology investment accelerates.

The fundraising discussions come during a period of unprecedented growth for the defence technology sector. Venture funding in the industry more than doubled during the first six months of the year, exceeding $12 billion and surpassing the nearly $10 billion raised by defence startups throughout all of 2025.

Much of that growth has been driven by increasing demand for drones, autonomous platforms and artificial intelligence-powered military systems as conflicts continue in Eastern Europe and the Middle East.

Anduril has benefited from those trends by securing contracts with the U.S. Department of Defence, the U.S. Air Force and Army, NATO, the Dutch Ministry of Defence, the U.K. Ministry of Defence, Poland and several other government organisations. In May, the company said its revenue had more than doubled to $2.2 billion in 2025 compared with the previous year.

Industry shifts toward lower-cost autonomous systems

Other defence startups have also attracted significant investor interest. Shield AI raised $1.5 billion in March, while Mach Industries quadrupled its valuation to $1.8 billion last month. European defence company Helsing also announced a $1.8 billion funding round this month that valued the company at $18 billion.

A common theme across many of these investments is the growing focus on lower-cost, expendable military hardware known as “attritable” systems. Rather than relying solely on expensive traditional military equipment, many startups are developing autonomous drones and other systems that can be produced and deployed at significantly lower cost.

Mach Industries CEO Ethan Thornton has previously said the company is designing equipment specifically for modern warfare, pointing to Ukraine’s extensive use of autonomous drones as evidence that lower-cost systems are reshaping defence strategy.

Building domestic manufacturing capacity

Beyond autonomous platforms, both Anduril and Mach Industries have moved to strengthen their supply chains for propulsion systems. Mach acquired solid rocket motor manufacturer Exquadrum for $50 million in May, while Anduril has received Pentagon support to expand domestic solid rocket motor production. The investments are intended to address long-standing supply constraints affecting the defence industry.

According to PitchBook, Anduril’s investors include Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital and current U.S. Vice President JD Vance.

Responding to reports of the fundraising, Anduril said no decisions have been made regarding future financing and cautioned that reports describing the structure, pricing or timing of any potential investment round were speculative. The company added that, like many private businesses, it regularly evaluates opportunities to raise capital to support its continued growth.