Anduril Industries: 61 billion dollars, 2.2 billion of revenue, and a customer that is a government
Key takeaways
- The round closed on 13 May 2026 at 61 billion dollars post-money, raising 5 billion dollars, led by Thrive Capital and Andreessen Horowitz.
- That was double the 30.5 billion dollar valuation of June 2025, and the company has raised more than 11 billion dollars in total.
- Revenue doubled in 2025 to 2.2 billion dollars, a company figure reported at the time of the round.
- TechCrunch reported on 24 July 2026 that Anduril was in talks to raise at about 100 billion dollars. That is a report about a conversation, not a closed round.
Anduril is the clearest example in this set of a company whose value depends on a single customer type. It sells autonomous systems, sensing and command software to the United States Department of Defense and to allied governments. That makes its revenue unusually visible when contracts are announced, and unusually exposed to political decisions that no investor can underwrite.
The round, and the trajectory
| Figure | What it is | Source and date |
|---|---|---|
| 61 billion dollars | Post-money valuation, round led by Thrive Capital and Andreessen Horowitz | TechCrunch and CNBC, 13 May 2026 |
| 5 billion dollars | Amount raised in that round | TechCrunch, 13 May 2026 |
| 30.5 billion dollars | Prior valuation | June 2025 |
| 2.2 billion dollars | Revenue for 2025, doubled year on year | TechCrunch, 13 May 2026 |
| About 100 billion dollars | Valuation reported as being discussed for a new round | TechCrunch, 24 July 2026 |
At 61 billion dollars on 2.2 billion dollars of revenue the company trades at about 28 times sales, in a sector where listed prime contractors trade in the low single digits. The premium is a bet that Anduril takes share from those primes rather than growing alongside them.
What the company actually sells
- Lattice, the command and control software layer, which is the basis of a United States Army battle manager contract.
- Autonomous air systems, including the Fury unmanned fighter programme run with the United States Air Force.
- Participation in the consortium for the space-based missile defence programme.
- International work, including a contract with the Netherlands Ministry of Defence.
- Arsenal-1, its own manufacturing plant, which is a capital commitment as well as a capability.
What a buyer is taking on before a listing
- One customer type. Defence budgets are set by legislatures and change with administrations. A programme can be cancelled for reasons that have nothing to do with performance.
- Programme concentration. A small number of large awards drives the revenue line, so a single loss is material.
- Multiple risk. About 28 times revenue is a technology multiple applied to a business that delivers hardware.
- Capital intensity. Manufacturing at scale consumes cash in a way that software does not.
- Political exposure. A defence supplier is a political object as well as a commercial one, in every country it sells to.
Exposure before a listing
Anduril has made no filing and set no date. Access is through the secondary market, and in defence the approval of transfers can be slower because of the ownership and clearance questions that attach to the sector. Unicorn Private takes secondary positions in established private companies of this size, which is a different exercise from funding early-stage ventures, and in Anduril's case the work is concentrated on the contract base behind the revenue rather than on the technology.
The short answer
Anduril is valued at 61 billion dollars on a round that closed on 13 May 2026, with 2.2 billion dollars of 2025 revenue. A further round at about 100 billion dollars has been reported as in discussion. The business is real and growing fast, and its customer is a government, which is both the reason for the growth and the main risk in the position.
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About the publisher
This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.
Unicorn Private is the first firm in the pre-IPO secondary market to create an open and entirely free research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, free to read at no cost, with every figure carrying a date and a link to a public source.
Sources
- Anduril raises $5B, doubles valuation to $61B, TechCrunch, 13 May 2026
- Anduril doubles valuation to over $60 billion as defense tech funding boom continues, CNBC, 13 May 2026
- Anduril reportedly in talks to raise funding at $100B valuation, TechCrunch, 24 July 2026
- List of unicorn startup companies, Wikipedia