Palmer Luckey's defense tech company Anduril Industries is in discussions with investors for a new fundraising round that could push its valuation to roughly $100 billion, Reuters reported on July 24, citing anonymous sources. If the deal comes together, it would mark a nearly 63% jump on the $61 billion mark Anduril hit in May and more than triple the $30.5 billion valuation it reached only 13 months earlier.
A two-stage round with a valuation ratchet
Anduril may structure the fundraise as a two-stage process, according to the Reuters report: investors would commit capital in an initial tranche and then a second, higher-valuation tranche later in the year, potentially contingent on Anduril hitting agreed financial benchmarks. Both tranches could close within a year, sources told Reuters. A spokesperson for Anduril declined to comment beyond noting that the company "regularly evaluates opportunities to fund the growth of the business."
Defense-tech capital keeps compounding
The Costa Mesa, California company said in May it had more than doubled 2025 revenue to $2.2 billion, and it has since piled up production and framework deals with the U.S. Department of War, U.S. Air Force, U.S. Army, the Dutch Ministry of Defence, NATO, the U.K. Ministry of Defence and Poland. Anduril has also stepped further into propulsion supply security, receiving Defense Production Act Title III funding to expand domestic solid rocket motor manufacturing.
The talks land as the entire defense-tech sector runs hot. Venture funding for defense startups more than doubled in H1 2026 to over $12 billion, already eclipsing the roughly $10 billion the sector raised across all of 2025, per Financial Times data cited by TechCrunch. Fellow drone-and-autonomy specialist Anduril's Arsenal 1 Ohio combat drone factory is one of the visible symbols of that boom, alongside deals like Anduril and Archer's Thunder tiltrotor unveiled at Farnborough.
A hot list of peer comps
Anduril's valuation ramp is only part of a broader pricing shift for defense tech. Shield AI raised $1.5 billion in March at a $12.7 billion valuation on the back of a U.S. Air Force deal, Mach Industries quadrupled its valuation to $1.8 billion, and Europe's Helsing raised $1.8 billion at an $18 billion valuation this month. The through-line: cheaper, more expendable — "attritable" — hardware built for a drone-heavy battlefield, a category Anduril helped define alongside Pentagon multiyear Barracuda 500 buys and NATO's Lattice-for-EAIRC2 trial. Existing Anduril backers include Founders Fund, Andreessen Horowitz, Thrive Capital, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital and U.S. Vice President JD Vance, per PitchBook.
Reporting based on coverage from Reuters and TechCrunch.