Update, October 15, 2026: Anduril has since opened an employee tender at $94.80 a share, a valuation near $90 billion. Where that price sits against the fund marks and the secondary tape is in Anduril's $90 Billion Tender: $94.80 a Share Against the Tape.
Anduril Closes $5 Billion Series H
Anduril Industries closed a $5 billion Series H on May 13, 2026, more than doubling its valuation from $30.5 billion to $61 billion in just 12 months. It's the largest private funding round in defense technology history.
Transaction Details
| Detail | Value |
|---|---|
| Round | Series H |
| Amount Raised | $5B |
| Valuation | $61B (up from $30.5B) |
| Lead Investors | Thrive Capital, Andreessen Horowitz |
| Total Raised | $11B+ |
Business Highlights
- 2025 Revenue: $2.2B (doubled YoY)
- Workforce: Nearly doubled in 2025
- Core Products: Lattice (autonomous command platform), Ghost (autonomous drones), Menace (counter-drone), Arsenal (manufacturing)
- Key Contracts: U.S. Department of Defense, allied nations
IPO Outlook
Founder Palmer Luckey has stated Anduril will IPO "in the next few years" but wants to reach profitability first. No S-1 has been filed. The company is focused on scaling production at its new manufacturing facilities.
What This Means for Secondary Market Holders
The 2x valuation jump in 12 months represents significant appreciation for early secondary buyers. Key considerations:
- New price floor: $61B resets the mark for all secondary transactions
- No near-term IPO: Creates a window for secondary market activity at the new valuation
- Defense spending tailwinds: Bipartisan support for defense modernization continues to drive growth
- Revenue trajectory: Doubling revenue annually with expanding margins
Sources: TechCrunch, CNBC