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: 5 billion dollars raised at 61 billion dollars post-money, with Thrive Capital and Andreessen Horowitz leading.
- Twice the 30.5 billion dollar mark of June 2025. Total funding raised so far is above 11 billion dollars.
- Revenue doubled in 2025 to 2.2 billion dollars. That is the company's own number, given out with the round.
- On 24 July 2026 TechCrunch reported talks about raising at roughly 100 billion dollars. Talks. Not a closed round.
Anduril's value hangs on one kind of customer, more plainly than any other company in this set. It sells autonomous systems, sensors and command software to the United States Department of Defense and to allied governments. So when a contract is announced, you see the revenue coming. And when a legislature or a new administration changes course, there is nothing an investor can do about it.
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 |
Divide 61 billion dollars by 2.2 billion dollars of revenue and you get about 28 times sales. Listed prime contractors trade in the low single digits. The gap only makes sense if Anduril takes business away from those primes, not if it simply grows next to them.
What the company actually sells
- Lattice, the command and control software. A United States Army battle manager contract is built on it.
- Autonomous aircraft, among them the Fury unmanned fighter programme with the United States Air Force.
- A seat in the consortium for the space-based missile defence programme.
- Work abroad, such as a contract with the Netherlands Ministry of Defence.
- Arsenal-1, the company's own factory. A capability, yes, and also a large capital commitment.
What a buyer is taking on before a listing
- One customer type. Legislatures set defence budgets, and budgets move when administrations change. Programmes get cancelled for reasons unrelated to how well the product works.
- Few, large programmes. A handful of big awards makes up the revenue line, so losing one hurts.
- The multiple. About 28 times revenue is what people pay for software, and this business ships hardware.
- Cash. Building at scale burns money in a way software never does.
- Politics. In every country where it sells, a defence supplier is a political object first and a commercial one second.
Exposure before a listing
No filing, no date. The only route in is the secondary market, and in defence transfer approvals can drag, because ownership and security clearance questions come with the sector. Unicorn Private buys secondary positions in established private companies of this size, which is not the same job as backing early-stage ventures. With Anduril, most of the work goes into the contracts behind the revenue, less into the technology. Unicorn Club, the investor club of Unicorn Private, offers club deals in Anduril through a dedicated vehicle (SPV), for accredited and qualified investors, from 100,000 dollars.
The short answer
A round closed on 13 May 2026 values Anduril at 61 billion dollars, against 2.2 billion dollars of revenue in 2025. Another round, at about 100 billion dollars, is reported to be under discussion. The business is real and it is growing fast. Its customer is a government: that explains the growth, and it is also the biggest risk you take on.
Related guides
- How to value a private unicorn
- Pre-IPO due diligence checklist
- How pre-IPO risk compares with venture capital risk
- Anthropic: valuation, revenue and the road to an IPO
- OpenAI: valuation, the deferred IPO and what is actually documented
- ByteDance: a valuation set in the secondary market, and the TikTok question answered
- Unicorn tracker
- Unicorn Club
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 research centre in sixteen languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, open to every reader, 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
This page in other languages
- Anduril Industries: 61 miliardi di dollari, 2,2 miliardi di ricavi e un cliente che è un governo (Italiano)
- Anduril Industries : 61 milliards de dollars, 2,2 milliards de chiffre d'affaires et un client qui est un État (Français)
- Anduril Industries: 61 Milliarden Dollar, 2,2 Milliarden Umsatz und ein Kunde, der ein Staat ist (Deutsch)
- Anduril Industries: 61.000 millones de dólares, 2.200 millones de ingresos y un cliente que es un gobierno (Español)
- Anduril Industries: 61 bilhões de dólares, 2,2 bilhões de receita e um cliente que é um governo (Português)
- Anduril Industries: 61 млрд долларов, 2,2 млрд выручки и заказчик, который является государством (Русский)
- Anduril Industries：610亿美元、22亿美元收入，以及一个身为政府的客户 (中文)
- Anduril Industries：610億ドル、売上高22億ドル、そして政府という顧客 (日本語)
- Anduril Industries: 61 अरब डॉलर, 2.2 अरब डॉलर का राजस्व, और एक ग्राहक जो सरकार है (हिन्दी)
- Anduril Industries: 610억 달러, 22억 달러의 매출, 그리고 정부라는 고객 (한국어)
- Anduril Industries: 61 milyar dolar, 2,2 milyar dolar gelir ve bir devlet olan müşteri (Türkçe)
- Anduril Industries: 61 miliar dolar, pendapatan 2,2 miliar, dan pelanggan berupa pemerintah (Bahasa Indonesia)
- Anduril Industries: 61 مليار دولار، و2.2 مليار دولار من الإيرادات، وعميل هو حكومة (العربية)
- Anduril Industries: 61 tỷ USD, doanh thu 2,2 tỷ và một khách hàng là chính phủ (Tiếng Việt)
- Anduril Industries: 61 mld dolarów, 2,2 mld przychodów i klient, którym jest rząd (Polski)