Anduril funding talks could lift defense tech valuation to $100 billion

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Anduril $100B defense tech valuation

Highlights

Anduril is in advanced talks to raise funding that could lift its valuation to $100 billion, up $40 billion from its May $61 billion mark.
The fundraising may occur in two tranches within this year, with the second tranche at a higher valuation, following rapid step-ups since June 2025's $30.5 billion Series G round.
Venture funding for defense tech exceeds $12 billion in H1, far outpacing 2025 totals, while Anduril's 2025 revenue doubles year-on-year to $2.2 billion amid rising defense sector demand.

Fundraising structure and valuation path

As reported by TechCrunch, citing Reuters, Anduril is in talks to raise fresh funding in a deal that could increase its valuation by about $40 billion from its most recent mark. The company may structure the fundraising as a two-stage process, with the second tranche bringing in investors at a higher valuation, and both parts could close within the year.

That prospective valuation would follow a rapid series of step-ups for the defense technology group. Anduril raised $5 billion in May at a $61 billion valuation, after reaching a $30.5 billion valuation in its June 2025 Series G round.

Anduril has drawn backing from investors including Thrive Capital, Andreessen Horowitz and Founders Fund. The company does not immediately respond to a request for comment in the report.

Defense spending demand supports sector growth

Investor appetite for the sector is strengthening as conflicts continue in the Middle East and Eastern Europe, increasing demand for military drones, autonomous craft and AI applications in warfare. In the first six months of the year, venture funding for defense technology more than doubles to more than $12 billion, exceeding the nearly $10 billion raised by startups in the sector during all of 2025.

Anduril is among the companies benefiting from that shift, with contracts spanning the U.S. Department of Defense, the U.S. Air Force, the U.S. Army, the Dutch Ministry of Defence, NATO, the UK Defence Ministry and Poland. The company says in May that its 2025 revenue more than doubles from a year earlier to $2.2 billion, underscoring how rising defense demand is translating into operational growth.

Our earlier report on Anduril’s potential $100 billion fundraising talks outlined how surging defense demand is lifting private-market valuations across the sector. We noted that the company was considering a two-stage funding structure tied to performance benchmarks, following its recent $5 billion round at a $61 billion valuation and rapid operational expansion.

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