Anduril Revenue, Valuation, Funding & Investors

Anduril is valued at $61B as of May 2026, a 27.7x multiple on its last reported $2.2B revenue.

Last Anduril valuation

$61B

Series H · May 2026

Last Anduril funding round

$5B

Series H · May 2026

Anduril revenue

$2.2B

Series H · May 2026

Key investors in Anduril

  • Founders Fund
  • Andreessen Horowitz
  • General Catalyst
  • 8VC
  • Valor Equity Partners
  • Lux Capital

Anduril Overview

About Anduril

Anduril Industries is a Costa Mesa-based defense technology company developing autonomous systems for national security. Founded in 2017, it produces AI-powered products including Lattice command software, Sentry surveillance towers, Ghost drones, and Roadrunner munitions. The company supplies U.S. Department of Defense branches, Customs and Border Protection, and allies like the UK Ministry of Defence and Australian Border Force.


Founded

2017

HQ

United StatesLos Angeles, CA

Status

Privately held

Customer focus

B2G

Revenue model

Product sales

Revenue

$2.2B (May 2026)

Valuation

$61B (May 2026)

Anduril Valuation

Anduril is currently valued at $61B, based on its Series H in May 2026.

The $5B round was led by Andreessen Horowitz and Thrive Capital.

Anduril's valuation has grown 76x from $800M at its Series A in June 2018 to $61B in May 2026, across 7 priced rounds.

Anduril valuation by funding round

Revenue multiple
Anduril valuation by funding round
DateStageValuationRevenue Multiple
May 2026Series H$61B27.7x
Jun 2025Series G$31B30.5x
Aug 2024Series F$14B28.0x
Dec 2022Series E$8.5B42.4x
Jun 2021Series D$4.6B-
Jul 2020Series C$1.9B-
Jun 2018Series A$800M-

Anduril Revenue

Anduril's latest recorded revenue is $2.2B, as of its Series H in May 2026. At a $61B valuation, that implies a 27.7x revenue multiple.

Revenue grew from $200M in December 2022 to $2.2B in May 2026, while the revenue multiple moved from 42.4x to 27.7x.

Anduril revenue by funding round

Anduril revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2026$2.2B$61B27.7xSeries H
Jun 2025$1B$31B30.5xSeries G
Aug 2024$500M$14B28.0xSeries F
Dec 2022$200M$8.5B42.4xSeries E

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Anduril Funding History

Anduril has raised a total of $11B across 8 funding rounds.

Anduril's first fundraising round was a $18M seed round in August 2017. The most recent completed round was a $5B Series H in May 2026.

Anduril funding rounds

Anduril funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2026Series HAndreessen Horowitz (lead); Thrive Capital (lead)$5B$61BAnduril Industries raised $5 billion in its Series H funding round at a $61 billion post-money valuation. The round was led by Andreessen Horowitz and Thrive Capital, bringing the company's total funding raised to $11.4 billion. The funding supports Anduril's growth in the defense technology sector amid surging investor interest in military, national security, and law enforcement startups, which raised nearly $13.6 billion through mid-May 2026, on track to exceed the 2025 record of $8.8 billion. Anduril was the largest recipient in 2025 and continues to dominate the space. The valuation doubled from $30.5 billion in June 2025. Anduril Industries, based in Costa Mesa, California, develops defense technology including autonomous systems and AI-driven platforms. Previous rounds include a $450 million Series D in June 2021 at $4.6 billion post-money valuation led by Elad Gil, with participation from Andreessen Horowitz and others, contributing to its progression through multiple venture rounds backed by Founders Fund, Valor Equity Partners, General Catalyst, and additional investors.
Jun 2025Series GFounders Fund (lead); Gatelanes; Quantra Ventures$2.5B$31BAnduril Industries is a defense technology company founded in 2017 by Silicon Valley veterans including Oculus founder Palmer Luckey and Founders Fund's Trae Stephens. The company develops autonomous drones, virtual reality headsets, and AI-powered technologies for the U.S. military and its allies. In June 2025, Anduril closed a Series G funding round of $2.5 billion at a post-money valuation of $30.5 billion, more than doubling its previous $13 billion valuation. The round was led by Peter Thiel's Founders Fund, which invested $1 billion—the fund's largest check ever. Additional investors included Andreessen Horowitz, Catalyst, Lux Capital, and Altimeter. By this valuation, Anduril had become one of the 13 most valuable private companies globally and was approaching the market value of established defense contractors like Northrop Grumman and General Dynamics. The company reported approximately $1 billion in revenue during 2024 and $1.5 billion in total contract value. Anduril planned to deploy the capital toward M&A, scaling its Arsenal-1 manufacturing facility in Ohio, hiring across the U.S., Australia, and Europe, and launching new products.
Aug 2024Series FFounders Fund (lead); Sands Capital Ventures (lead); Baillie Gifford; Fidelity; Earthseed Capital Fund; Counterpoint Global; Altimeter Capital; BlackRock; Franklin Venture Partners; Bossa Invest$1.5B$14BAnduril Industries, a defense technology company specializing in autonomous weapons systems, raised $1.5 billion in its Series F funding round on August 7-8, 2024, co-led by Founders Fund and Sands Capital. New investors included Fidelity Management & Research Company, Counterpoint Global, and Baillie Gifford, alongside existing backers like Altimeter Capital and Franklin Venture Partners. The round valued the company at $14 billion post-money, up from $8.5 billion in its December 2022 Series E. The company reportedly doubled its revenue to $500 million in 2023, achieving a 28x revenue multiple at the $14 billion valuation. Anduril plans to use proceeds to build Arsenal-1, a 5 million-square-foot manufacturing facility for mass-producing autonomous military systems. Investors see potential for Anduril to capture market share from traditional defense contractors amid growing U.S. government contracts. The round matches Anduril's record for the largest defense tech funding and reflects enthusiasm for AI-driven defense startups, with ambitions to scale production and software capabilities.
Dec 2022Series EValor Equity Partners (lead)$1.5B$8.5BAnduril Industries, a defense technology company founded by Palmer Luckey, raised $1.48 billion in its Series E funding round announced December 2, 2022, led by Valor Equity Partners with participation from Founders Fund, Andreessen Horowitz, General Catalyst, and others. The round valued the company at $8.48 billion post-money, nearly doubling from its prior $4.6 billion valuation after the June 2021 Series D. The funding supports research and development of cutting-edge defense capabilities, scaling business lines with the US Department of Defense and allies, expanding autonomous software, hardware manufacturing, and military applications like counter-drone systems. Anduril had secured a $1 billion contract from US Special Operations Command earlier in 2022.
Jun 2021Series DElad Gil (lead); General Catalyst; 8VC; Lux Capital; Arceau; Andreessen Horowitz; Founders Fund; Valor Equity Partners; D1 Capital Partners; MDSV Capital; Jackson Moses$450M$4.6BAnduril Industries, co-founded in 2017 by Palmer Luckey (Oculus VR founder) and Brian Schimpf (former Palantir engineer), develops AI-powered defense hardware and software, including long-endurance drones, autonomous surveillance towers, and counter-drone systems like Anvil, all integrated via its Lattice AI platform for sensor fusion, computer vision, and machine learning to enhance military and border security operations. On June 17, 2021, Anduril raised $450 million in a Series D funding round led by Elad Gil, with participation from Andreessen Horowitz, 8VC, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners, D1 Capital Partners, and others, achieving a post-money valuation of $4.6 billion—more than double its prior $1.9 billion valuation from July 2020. The round brought total funding to $691 million and supports scaling emerging technologies across land, sea, air, and space domains amid growing Department of Defense interest. Key traction included transitioning its U.S. Customs and Border Protection pilot to a Program of Record for autonomous border surveillance towers, contracts with the U.S. Department of Homeland Security, U.K. Ministry of Defense, and others, plus the April 2021 acquisition of Area-I for advanced tube-launched drones serving U.S. military branches and NASA. Anduril positions itself as a nimble alternative to defense giants like Raytheon and Lockheed Martin, emphasizing affordable hardware with AI-driven command and control.
Jul 2020Series CAndreessen Horowitz (lead); General Catalyst; 8VC; Lux Capital; Human Capital; Founders Fund; Valor Equity Partners$200M$1.9BAnduril Industries, founded by Palmer Luckey in 2017, develops AI-powered surveillance towers, drones, and software for military and border security applications, serving clients like the U.S. Department of Defense, Department of Homeland Security, Customs and Border Protection, and UK Ministry of Defense. The company differentiates itself by applying Silicon Valley engineering to defense contracting, competing against traditional giants like Boeing, Lockheed Martin, and Northrop Grumman. In July 2020, Anduril raised $200 million in a Series C funding round led by Andreessen Horowitz, with participation from 8VC, Founders Fund, General Catalyst, Human Capital, Lux Capital, Valor Equity Partners, and Elad Gil. This valued the company at $1.9 billion post-money, nearly doubling its prior $1 billion valuation from a September 2019 round where it raised around $120-127 million. The investment nearly doubled total funding raised to date and supported expansion in R&D for AI, surveillance, and drone technologies. At the time, Anduril had approximately 230-250 employees, planning to grow to 300 by year-end, with offices in Irvine, Seattle, and Washington D.C. It had secured about $28 million in unclassified federal contracts, though classified work was not detailed. The funding aimed to scale operations, hire engineers, and accelerate product development amid rising U.S. military interest in commercial tech to counter rivals like China in AI and 5G. This round highlighted growing investor confidence in Anduril's business model amid a shift where Silicon Valley firms increasingly partner with the Pentagon, following examples like Palantir.
Jun 2018Series AFounders Fund (lead); General Catalyst; SV Angel; 8VC; Human Capital$41M$800MAnduril Industries, founded in 2017, develops advanced defense technologies including the Sentry Tower and Roadrunner drone, focusing on AI-powered autonomous systems for military applications. The company raised $17.5 million in seed funding in 2017, followed by a Series A round of $40 million in 2018 led by Founders Fund. A subsequent Series B round in 2019 raised $200 million at an $800 million valuation. Anduril has since raised over $2 billion in total funding across multiple rounds, achieving valuations up to $14 billion by 2024 and $30.5 billion in 2025. Revenue estimates begin later, with $150 million in 2021 and projections exceeding $500 million in 2024, alongside 300% YoY ARR growth in 2022 and workforce expansion to 3,500 employees. The company has secured billions in defense contracts and pursued high-profile acquisitions and partnerships in the competitive defense tech sector, positioning it against traditional primes with higher gross margins of 40-45% through commercial fixed-price sales.
Aug 2017SeedFounders Fund (lead); 137 Ventures; Liquid 2 Ventures; Revolution; Anorak Ventures; Bedrock$18M-Anduril Industries raised $17.5 million in a seed round in August 2017, led by Founders Fund with participation from other investors including 137 Ventures, Anorak Ventures, Bedrock, Liquid 2 Ventures, and Revolution Ventures. The funds were primarily allocated to R&D for its initial product development following the company's founding in June 2017. Anduril focuses on defense technology, developing autonomous systems like surveillance towers. This seed round marked the beginning of Anduril's funding trajectory, followed by a Series A of $41 million (or $40 million per some sources) at a $250 million post-money valuation in June 2018, also led by Founders Fund. The company demonstrated early traction, securing its first $12.5 million U.S. Marine Corps defense contract about a year after founding.

Who has invested in Anduril?

30 investors have backed Anduril across its funding rounds, including Founders Fund, Andreessen Horowitz, General Catalyst, 8VC, Valor Equity Partners and Lux Capital.

Lead investors include Andreessen Horowitz, Thrive Capital, Founders Fund, Sands Capital Ventures, Valor Equity Partners and 1 other investor.


Anduril Investors

Investors in Anduril by funding rounds participated
InvestorHQRoundsRoleFirst check
Founders FundUnited StatesSan Francisco, CA6LeadAug 2017
General CatalystUnited StatesSan Francisco, CA3ParticipantJun 2018
8VCUnited StatesSan Francisco, CA3ParticipantJun 2018
Andreessen HorowitzUnited StatesSan Francisco, CA3LeadJul 2020
Valor Equity PartnersUnited StatesChicago, IL3LeadJul 2020
Lux CapitalUnited StatesNew York City, NY2ParticipantJul 2020
Human CapitalUnited StatesSan Francisco, CA2ParticipantJun 2018
Baillie GiffordUnited KingdomEdinburgh1ParticipantAug 2024
137 VenturesUnited StatesUnited States1ParticipantAug 2017
SV AngelUnited StatesSan Francisco, CA1ParticipantJun 2018
GatelanesSingaporeSingapore1ParticipantJun 2025
FidelityUnited StatesBoston, MA1ParticipantAug 2024
Liquid 2 VenturesUnited StatesSan Francisco, CA1ParticipantAug 2017

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Acquisitions by Anduril

Anduril has acquired 9 companies to date.

Last acquisition by Anduril was on March 10th 2026. Anduril acquired ExoAnalytic Solutions for undisclosed valuation.


Latest Acquisitions by Anduril

ExoAnalytic Solutions
American Infrared Solutions
Klas
Numerica Corporation
Description
ExoAnalytic Solutions is a California-headquartered provider of commercial space domain awareness services tracking satellites and debris for defense applications. Its optical sensor network delivers real-time data on orbital objects supporting space superiority and national security missions.
American Infrared Solutions is a developer and manufacturer of cooled infrared imaging systems operating in long-wave infrared, mid-wave infrared, and short-wave infrared spectra for tactical applications. The company produces high-performance cameras and detectors used in military, surveillance, and industrial thermal imaging markets.
Klas is an Oslo-headquartered manufacturer of communication systems for public transportation and government sectors. The company produces rugged IP radios, TETRA base stations, and video management software for trains, buses, and emergency response. Klas equips Norwegian rail networks and supplies multi-agency networks to public safety organizations in Scandinavia and Australia.
Numerica Corporation is a Fort Collins-headquartered provider of advanced tracking and data fusion technologies for space, air, and missile defense sectors. The company delivers distributed tracking solutions and multi-sensor fusion algorithms for threats across diverse sensor modalities on mobile platforms. Serving U.S. Department of Defense contracts, Numerica supports radar, electro-optical, and infrared systems integration.
HQ CountryUnited StatesUnited StatesIrelandUnited States
HQ City
Los Angeles, CA
-
Dublin
Fort Collins, CO
Deal Date10 Mar 202620 Oct 20255 May 20259 Jan 2025
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Anduril Competitors

Anduril competitors include listed companies like Thales, L3Harris, Saab and Kongsberg, and private ones like True Anomaly and Shield AI.

Public and private companies comparable to Anduril
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
True AnomalyUnited StatesDenver, COPrivate--$2.2B-
ThalesFranceFrancePublicly listed$25B$3.8B$57B2.1x
L3HarrisUnited StatesUnited StatesPublicly listed$22B$3.8B$47B2.5x
SaabSwedenSwedenPublicly listed$8.1B$1.1B$33B3.4x
KongsbergNorwayNorwayPublicly listed$3.4B$749M$30B6.1x
Shield AIUnited StatesSan Diego, CAPrivate$540M-$13B23.5x

Anduril Public Comps

Anduril is still privately-owned, but its public comps include Thales, Larsen & Toubro, Rheinmetall, Northrop Grumman, L3Harris, General Motors, BAE Systems, Hanwha Aerospace, Mitsubishi Heavy Industries and Axon Enterprise.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Thales$25B$3.8B2.3x2.1x15.2x13.7x
Larsen & Toubro$30B$3.1B2.1x2.0x19.9x19.2x
Rheinmetall$11B$2.5B5.1x4.0x23.2x17.4x
Northrop Grumman$42B$7.2B2.1x2.0x12.3x14.5x
L3Harris$22B$3.8B2.6x2.5x15.2x13.7x
General Motors$185B$15B1.0x1.0x12.1x8.5x
BAE Systems$38B$5.5B2.3x2.0x15.7x14.3x
Hanwha Aerospace$19B$2.4B2.7x2.4x21.3x14.0x

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Common questions about Anduril

When was Anduril founded?Anduril was founded in 2017.
Where is Anduril headquartered?Anduril is headquartered in Los Angeles, CA, United States.
Is Anduril publicly listed?No, Anduril is a private, VC-backed company.
What is Anduril's valuation?Anduril was last valued at $61B in its Series H in May 2026.
How much funding has Anduril raised?Anduril has raised $11B across 8 funding rounds.
What was Anduril's last funding round?Anduril's last funding round was a $5B Series H in May 2026, led by Andreessen Horowitz and Thrive Capital.
Who are Anduril's investors?Anduril's investors include Founders Fund, General Catalyst, 8VC, Andreessen Horowitz, Valor Equity Partners, Lux Capital, Human Capital, Baillie Gifford, 137 Ventures, SV Angel and 20 others.
What is Anduril's revenue?Anduril's latest recorded revenue is $2.2B (May 2026).
What is Anduril's revenue multiple?Anduril's latest valuation implies a 27.7x revenue multiple ($61B valuation on $2.2B of revenue).
Which companies are comparable to Anduril?Companies comparable to Anduril include True Anomaly, Thales, L3Harris, Saab, Kongsberg and Shield AI.
How many companies has Anduril acquired?Anduril has acquired 9 companies, including ExoAnalytic Solutions, American Infrared Solutions, Klas, Numerica Corporation and Blue Force Technologies.

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