Anduril reportedly in talks to raise funding at $100B valuation, more than 3x last year’s mark

Defense tech institution Anduril is said to beryllium raising a caller circular of superior that whitethorn propulsion its valuation up by a whopping $40 cardinal to astir $100 billion, Reuters reported, citing anonymous sources.

The company, which raised $5 cardinal successful May astatine a $61 cardinal valuation — itself astir treble the $30.5 cardinal valuation it landed successful its June 2025 Series G circular — whitethorn beryllium structuring the fundraise arsenic a two-stage process, with the 2nd signifier bringing successful investors astatine a higher valuation. Both tranches could beryllium closed wrong the year, Reuters reported.

The quality comes arsenic the defence tech manufacture experiences an unprecedented revival, spurred by request for drones, autonomous craft, and AI’s relation successful warfare, arsenic warfare rages some successful the Middle East and Eastern Europe. In the archetypal six months of the year, the assemblage saw task backing more than double to implicit $12 billion, eclipsing the astir $10 cardinal that startups successful the abstraction raised successful each of 2025.

Anduril has benefited from this demand, signing contracts with the U.S. Department of Defense, Air Force and Army, the Dutch Ministry of Defence, the NATO, the U.K. Defence Ministry, Poland, and more.

The institution said successful May that it had much than doubled its gross to $2.2 cardinal successful 2025 compared to a twelvemonth earlier.

Other startups person cashed in, too: Military craft shaper Shield AI successful March raised $1.5 billion, Mach Industries quadrupled its valuation to $1.8 cardinal past month, and Europe’s Helsing this period raised $1.8 cardinal astatine an $18 cardinal valuation.

A communal thread crossed these deals is simply a displacement toward cheaper, much expendable hardware — often called “attritable” systems — alternatively than the expensive-to-replace instrumentality that’s defined defence contracting for decades. Mach CEO Ethan Thornton has said Mach is designing systems for the current epoch of warfare astatine importantly little outgo than accepted defence contractors, citing Ukraine’s usage of autonomous drones arsenic a model.

Separately, some Mach and Anduril person besides moved to unafraid their ain propulsion supply. Mach acquired coagulated rocket centrifugal shaper Exquadrum for $50 cardinal successful May, portion the Pentagon has funded Anduril’s efforts to grow home coagulated rocket centrifugal manufacturing capableness — moves aimed astatine a proviso bottleneck that predates and cuts crossed the low-cost-weapons trend.

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

Anduril did not instantly instrumentality a petition for comment.