Anduril Reportedly Eyes Funding at a $100B Valuation

Anduril is reportedly in talks to raise a new round of capital that could value the defense tech company at about $100 billion, according to Reuters reporting cited by TechCrunch. That would mark a roughly $40 billion increase from the $61 billion valuation the company reached in May after raising $5 billion. The reported structure may involve two stages, with the second tranche bringing in investors at a higher valuation, and both tranches could close within the year.

The potential $100 billion valuation would be more than 3x Anduril’s June 2025 Series G valuation of $30.5 billion. TechCrunch notes that the company’s May raise already roughly doubled that mark to $61 billion. For readers tracking late-stage private markets, the key takeaway is the speed: Anduril’s valuation trajectory reflects unusually strong investor appetite for defense technology.

The reported talks come as defense tech sees renewed momentum driven by demand for drones, autonomous craft and AI’s role in warfare. TechCrunch reports that venture funding in the sector more than doubled to over $12 billion in the first six months of the year, surpassing the nearly $10 billion raised across all of 2025. Anduril has also signed contracts with U.S. defense agencies, NATO, the Dutch Ministry of Defence, the U.K. Ministry of Defence, Poland and others.

Anduril said in May that revenue more than doubled to $2.2 billion in 2025 compared with the prior year, a metric that helps explain the market’s attention. The broader theme is a shift toward cheaper, more expendable “attritable” systems rather than traditional, expensive-to-replace defense equipment. Watch whether the reported two-stage financing closes, how valuation terms evolve, and whether supply-chain moves like domestic solid rocket motor capacity become a bigger competitive edge.