Anduril targets $100 billion valuation in new funding talks
Defense technology startup that raised capital at a $61 billion valuation just months ago is exploring a financing structure that could put it on par with Lockheed Martin and Northrop Grumman.
American defense technology company Anduril is in talks with investors over a new fundraising round that could value the company at around $100 billion, putting it on par with defense giants Northrop Grumman and Lockheed Martin, according to a Reuters report. The fundraising and valuation have not yet been finalized.
In May, Anduril, which develops drones, autonomous systems, and military robotics, raised $5 billion at a $61 billion valuation. The round was led by Andreessen Horowitz and Thrive Capital, the venture capital firm founded by Josh Kushner. The company was founded in 2017 by Palmer Luckey, who previously founded virtual reality company Oculus and sold it to Facebook in 2014 for $2 billion.
Anduril is considered one of the few startups, alongside Palantir, to have successfully broken into the U.S. defense market at scale, securing major contracts with the Pentagon and allied governments. In June, Calcalist reported that the company had begun exploring the establishment of operations in Israel.
According to Reuters, one structure under consideration is a two-stage fundraising process in which investors would commit upfront to participating in a second financing round at a higher valuation, potentially within a year. The second-stage valuation would depend on Anduril achieving certain financial targets. The financing discussions come amid heightened global demand for defense technologies following the recent conflict with Iran.
If the company reaches the reported $100 billion valuation, California-based Anduril would be worth roughly as much as Lockheed Martin, one of the world's largest defense contractors and the manufacturer of fighter jets including the F-35, F-22, and F-16. Anduril reported $2.2 billion in revenue in 2025 and has doubled its workforce over the past year.
In February, Luckey, who has previously described himself as a "radical Zionist," visited Israel. The trip, organized by Josh Wolfe, founder of venture capital firm Lux Capital and one of Anduril's earliest investors, included a meeting with Israeli Prime Minister Benjamin Netanyahu.
During the visit, Luckey was also introduced to Israel's defense-tech startup ecosystem through DDR&D, which arranged meetings with 10 Israeli defense startups, including Smart Shooter, which has since gone public on the Tel Aviv Stock Exchange, as well as Kela, Oz, Skana Robotics, Regulus, Magnus Metal, eyesAtop and AriEV.
Anduril has already signed agreements with several Israeli companies, including ASIO, which is expected to supply components for the company's unmanned aerial systems.
In addition, Anduril has expressed interest in security startup LiteVision, a portfolio company of venture capital firm Kinetica. The startup develops camera systems for drones and has already received investment from venture capital firm 8VC, an early investor in Palantir that also backs Anduril.
In a statement, a spokesperson for Anduril said no decisions had been made about any future financing. "As a private company, we regularly evaluate opportunities to fund the growth of the business," the spokesperson said.
