Defense tech giant Anduril is exploring a new funding round that could value the privately held company at roughly $100 billion, according to Reuters. That would surpass Northrop Grumman’s $77 billion market cap and approach Lockheed Martin’s $134 billion valuation.
Founded in 2017 by Palmer Luckey, the 33-year-old creator of Oculus VR, Anduril raised a $5 billion Series H in May at a $61 billion valuation from investors including Thrive Capital and Andreessen Horowitz. The company has rapidly expanded its Seattle-area presence with offices in downtown Seattle and Bellevue, and recently established operations at a historic shipyard to build autonomous naval vessels.
The potential $100 billion valuation reflects the surging demand for defense technology as geopolitical tensions drive government spending on AI-powered weapons, surveillance systems and autonomous platforms. Anduril’s Lattice command-and-control software, described as an AI-powered battle management platform, is central to its offering.
The company recently announced Thunder, an autonomous attack rotorcraft designed to support crewed aircraft. The expansion has drawn protests from activists who oppose AI-enabled warfare, with demonstrators gathering outside Anduril’s Seattle offices earlier this week.
One structure under discussion would have investors commit upfront to a second financing within a year at a higher valuation, contingent on Anduril hitting financial targets. The company declined to comment on specifics, calling the reporting speculative.
