Anduril is reportedly seeking a new funding round that could value the defense technology company at $100 billion—more than triple its $30.5 billion valuation from June 2025 and well above the $61 billion mark it carried in May 2026.
The current raise may be structured in two tranches, with later investors entering at a higher valuation. Both stages could close before year's end.
The deal follows a $5 billion round Anduril closed in May. The company has moved aggressively to expand its portfolio of autonomous systems, drones and AI-integrated defense hardware—a model that differs sharply from traditional prime contractors by embedding software at the core of its products rather than bolting it on.
Venture funding for defense technology more than doubled in the first half of 2026, reaching over $12 billion. That figure already exceeds the nearly $10 billion the sector raised in all of 2025, driven by sustained demand tied to conflicts in the Middle East and Eastern Europe.
The capital reallocation reflects investor conviction that Anduril's software-centric approach creates durable advantages over legacy defense primes, which remain dependent on cost-plus hardware contracts with thinner recurring revenue.
