- Anduril is letting employees sell up to $1.3B of shares at a price implying a $90B valuation.
- The valuation is 48% above the $61B set in its May funding round.
- Staff in 16 countries can take part, up from the US, UK, and Australia.
In May, Anduril Industries put its value at $61B. Since October 13, its employees have been able to sell shares at a price that implies about $90B.
The defence technology company opened a tender offer that lets current and former employees sell stock at $94.80 a share, capped at roughly $1.3B, Bloomberg reported. The offer closes on November 9. For the first time, staff in 16 countries are eligible, rather than only those in the US, UK, and Australia.
A tender offer is a share sale, not a funding round. Employees sell existing shares and the company stays private. The roughly $90B is a price implied by the deal. It is not an IPO price or a valuation set by public markets.
Nearly tripled in 16 months
Anduril was valued at $30.5B in June 2025, when it raised $2.5B in a round led by Founders Fund. It reached $61B on May 13 with a $5B Series H led by Thrive Capital and Andreessen Horowitz, after March reports that it was seeking about $4B near a $60B valuation. The tender implies a further 48% rise in five months.
The pricing has caught up. Against the $2.2B of revenue Anduril reported for 2025, the Series H valued it at about 28 times revenue. The tender price works out at about 41 times.
Palmer Luckey founded Anduril in 2017, after Facebook bought his virtual reality company Oculus in 2014. He built it with Brian Schimpf, now chief executive; Trae Stephens, a Founders Fund partner; Matt Grimm; and Joe Chen.
The company sells unmanned aircraft, surveillance systems, and Lattice, the software that links sensors, AI models, and vehicles. It competes with Lockheed Martin, RTX, and Boeing, and in June it beat Lockheed to lead the US Army’s common data layer baseline.
Big contracts, small guaranteed share
On October 5, the Army awarded Anduril a contract worth up to $1.8B over five years to roll its Next-Generation Command and Control system out to I Corps, the formation covering much of the Army’s Indo-Pacific presence.
Only $162.8M, about 9%, is the base period. Options make up the rest. In March, Anduril also won an Army deal worth up to $20B over a decade. Defence Industry Europe noted that reports in February pointed to the Army using multiple vendors, with Anduril not prime contractor for the whole portfolio.
Spending is also running ahead of revenue. Anduril is putting $3.7B into Arsenal-2, a shipyard at Sparrows Point in Baltimore County, Maryland, that will make Virginia-class submarine components and is due to begin operations by 2030. It is also investing $1B of its own money in Arsenal-1 near Columbus, Ohio.
In early October, Pittsburgh-based Gecko Robotics said it will inspect submarine parts at Anduril’s Orange County, California, protofactory and at Arsenal-2. Gecko co-founder Troy Demmer said the constraint on American shipbuilding is industrial capacity.
The defence tech rivals raising billions
Anduril’s tender price is five times the valuation of Munich-based Helsing, which closed a $1.8B Series E at $18B on July 13. Dragoneer, Lightspeed, Goldman Sachs Alternatives, JPMorganChase, Iconiq, and CPP Investments are among its backers.
Shield AI raised $2B at $12.7B on March 26. That was a $1.5B Series G co-led by Advent International and JPMorganChase’s Security and Resiliency Initiative, plus $500M of preferred equity from Blackstone. Saronic closed a $1.75B Series D at $9.25B on March 31, up from $4B in February 2025.
TFN has tracked the same pattern further down the ladder. In September, Tekever, the Lisbon-based defence tech company, reached a $6.4B valuation with a $580M round, and Mach Industries doubled its valuation to $3.7B with a $600M round.
Government budgets explain why investors keep paying up. The Stockholm International Peace Research Institute reported that global military spending reached $2.887T in 2025, up 2.9% in real terms and the 11th straight annual rise. Europe’s spending rose 14% to $864B, while US spending fell 7.5% to $954B.
The tender closes on November 9. The test that matters comes later: whether the Army exercises the options behind more than 90% of its $1.8B award, and whether Arsenal-1 and Arsenal-2 turn the money going in into deliveries.
