Anduril, a defense technology company, is engaged in talks with investors regarding a new funding round that could value the firm at roughly $100 billion, according to sources with knowledge of the matter. The valuation would position the California-based company as nearly equivalent in value to Lockheed Martin, which is valued at $130 billion, making it one of the most valuable defense firms globally.
The funding discussions remain in early stages and details remain subject to change, the sources indicated. One proposal under consideration involves a two-stage investment process in which investors would commit to financing an additional round at a higher valuation potentially occurring within a year. The valuation for such a subsequent round could be contingent upon Anduril achieving specified financial benchmarks. Reuters could not confirm the amount the company intends to raise.
Anduril declined to provide details about any potential financing, with a company representative stating that no final decisions have been made regarding future funding and that the firm regularly evaluates opportunities to support business growth as a private entity. The timing of these discussions follows significant momentum for the company, which doubled its valuation to $61 billion just two months prior through a $5 billion funding round led by Thrive Capital and Andreessen Horowitz.
The company, led by founder Palmer Luckey, has been expanding its military offerings substantially. In January, Anduril reported $2.2 billion in revenue during 2025 and doubled its workforce. Earlier this week, the company unveiled a new vertical-takeoff-and-landing drone designated Thunder at the Farnborough Air Show in England, designed to operate alongside military helicopter units. The discussions highlight how rapidly expanding technology startups are increasingly exerting leverage in fundraising negotiations and seeking distinctive terms from investors.
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