Key points
- Anduril is running an employee tender at $94.80 a share, capped at about $1.3 billion, open from October 13 to November 9. Current and former employees in 16 countries can sell; earlier tenders were limited to the US, UK and Australia. Bloomberg reported it first and the company confirmed it to CNBC. No new capital comes in and the buyers are not named.
- $94.80 is 37% above the $68.95 Series H of May 13, which raised $5 billion at $61 billion led by Thrive Capital and Andreessen Horowitz. On the Series H share count the tender prices the company near $84 billion; the $90 billion figure in the reports implies a fully diluted count near 950 million shares.
- The mutual funds have not moved off the round. Fidelity's funds carried Anduril at $68.95 on July 31, Capital Group's Growth Fund of America at $68.95 on May 31, and T. Rowe Price's last filed mark is the $40.88 Series G. The tender is the first price above the round from the company itself.
- The secondary market has been above $94.80 since the spring. PMView's monthly aggregates ran from $79 in November to $97 in April, a round-price block of $40 million cleared at $68.95 in May, and the three prints since, from June 1 to July 6, averaged $116 on $50 million of stock. PMView's mark is $132, a $117 billion valuation.
- On 2025 revenue of $2.2 billion the tender is 41 times sales, against 28 times at the Series H. The comparables are a fraction of the size: Helsing at $18 billion, Shield AI at $12.7 billion, Saronic at $9.25 billion.
Why it matters
A tender is the one price in a private company that is set to clear, not to impress: the company and its buyers pick a number at which enough employees will sell and enough capital will buy, and $1.3 billion of stock at $94.80 is about 1.5% of the company changing hands. That makes it the most honest reference price Anduril has produced since May, and it lands in the middle of the range: a third above what the funds say, a fifth below what the last SPV trades paid. A holder marking to the summer tape now has to explain why the company's own window priced lower. A buyer who was offered $120 in July now has the company's number to counter with.
The tender
| Price | $94.80 a share |
| Size | capped at ~$1.3B |
| Window | opened October 13, closes November 9 |
| Who can sell | current and former employees in 16 countries |
| Implied valuation | ~$90B reported; ~$84B on the Series H share count |
| Last round | $61B Series H, May 13, 2026, $5B, Thrive and a16z leading, $68.95 a share |
| Step on the round | +37% in five months |
| Buyers | not named |
The Series H the tender steps up from is covered in Anduril Doubles Valuation to $61B, from May. Anduril runs tenders regularly, and this one is bigger in every dimension than its predecessors: more countries, former employees included, and a cap that at $1.3 billion is a quarter the size of the Series H. The widening to 16 countries is the detail that tells you what it is for. Anduril has been hiring abroad on the back of European defence budgets, which SIPRI puts up 14% last year, and a stock plan that only pays out in three countries does not recruit in the other thirteen.
The reports do not say who is buying. In a tender of this size the usual answer is existing investors topping up, sometimes with a new crossover fund taking a block; Thrive and a16z led the round the price steps up from, Fidelity and Baillie Gifford have been on the table since the Series F, and Capital Group files a mark. Whoever it is, they are paying $94.80 for stock the funds among them mark at $68.95.
Every price on the name
The point of the tender for a holder is not the $90 billion headline. It is where $94.80 sits against the five other prices the market has produced in a year.
| Source | Date | Per share | vs tender |
|---|---|---|---|
| Series G | Jun 2025 | $40.88 | -57% |
| PMView aggregate, 5 prints | Nov 2025 | $79 | -17% |
| PMView aggregate, 4 prints | Jan 2026 | $85 | -10% |
| PMView aggregate, 4 prints | Mar 2026 | $90 | -5% |
| PMView aggregate, 3 prints | Apr 2026 | $97 | +2% |
| Series H | May 13, 2026 | $68.95 | -27% |
| PMView aggregate, 5 prints at the round price | May 2026 | $68.95 | -27% |
| Fund marks, Fidelity and Capital Group | May to Jul 2026 | $68.95 | -27% |
| PMView aggregate, 3 prints | Jun 1 to Jul 6, 2026 | $116 | +22% |
| Employee tender | Oct 13, 2026 | $94.80 | — |
| PMView mark | Oct 14, 2026 | $132 | +39% |
Read down the table and the shape is clear. The secondary market was paying roughly double the Series G from November onward and had reached the mid-$90s by April, before the Series H priced. The round then came in at $68.95, well under the tape, and $40 million of stock cleared at exactly that price in the week it closed, which is what a round-priced secondary looks like. The funds marked to it and have stayed there. The SPV market did not: the three trades since, $50 million of stock between June 1 and July 6, averaged $116, and nothing has printed in the fourteen weeks since. PMView's mark, which follows the quoted market when the prints stop, is $132.
$94.80 sits almost exactly between the round and the summer tape. It is the company telling its employees, and by extension the SPV market, that the right number is a third above the round and not two-thirds.
The multiple
| Valuation | Multiple of 2025 revenue ($2.2B) | |
|---|---|---|
| Series G, Jun 2025 | $30.5B | 14x |
| Series H, May 2026 | $61B | 28x |
| Tender, Oct 2026 | ~$90B | 41x |
| PMView mark | $117B | 53x |
The revenue the multiple is applied to is a year old and the order book has moved since: a $20 billion ten-year Army framework in March, a $1.8 billion Next-Generation Command and Control award on October 5, $3.7 billion committed to a submarine-component plant in Maryland. The public comparables are what give the multiple its ceiling. Helsing raised at $18 billion in July, Shield AI at $12.7 billion in March, Saronic at $9.25 billion; Anduril's tender values it at five times the largest of them.
Who is on the cap table
PMView holds 181 investors on Anduril and four institutional filers. Founders Fund has been in six rounds since the 2017 seed, with 8VC, Lux and General Catalyst alongside it at the start; Andreessen Horowitz has led or joined seven rounds since the 2019 Series B; Altimeter three since 2023; Fidelity and Baillie Gifford since the 2024 Series F. Thrive and a16z led the Series H, per the reports. The names that matter for the marks are Fidelity, Capital Group and T. Rowe Price, the three complexes that file. The full list is on the Anduril investor page.
What a holder should do with this
If you own Anduril. The tender is a floor with a date on it. For the next four weeks the company has published a price at which it is happy for its own staff to sell, and no SPV buyer will offer less than that for stock that comes with the same economics. It is also a ceiling on the story that the stock is worth $120: if it were, the tender would have been priced closer to it. A seller who can wait for the window to close on November 9 will know whether it filled, which is the one fact nobody has yet.
If you are a buyer. The question is which of the two prices above the tender you believe: the summer tape at $116 or the mark at $132. The tape is fourteen weeks old, the mark is a quote rather than a trade, and the company has now set a price 20 to 30% below both. A bid at the tender price, for stock the funds carry at $68.95, is a bid the market has already accepted; a bid at the summer tape is a bid to be the next print, and there has not been one since July.
Sources: Bloomberg, October 14, 2026; CNBC, October 14, 2026; Investing.com on the Bloomberg report, October 14, 2026; Tech Funding News, October 15, 2026. The Series H per-share price is from the N-PORT filings of funds that hold the Series H; per-share valuations are PMView estimates from that share count; secondary figures are monthly aggregates of three or more prints, or a dated window where no month had three; fund marks are from N-PORT filings. Individual trades are available to Pro subscribers on the Anduril dossier.