Anduril Valuation and Revenue: How It Grew to $61B

Anduril Industries is valued at $61 billion.

That figure comes from a $5 billion Series H that Anduril announced in May 2026, led by Thrive Capital and Andreessen Horowitz. As of October 2026, it is the company's latest confirmed valuation.

A higher number is already circulating. In July 2026, Reuters reported that Anduril was in talks to raise money at roughly $100 billion. Anduril said no decisions had been made, and no new round had been announced by mid-October 2026.

Revenue is growing about as fast as the valuation. In its investor letter, Anduril says it more than doubled revenue to $2.2 billion in 2025. For 2026, The Information reported that the company expects about $4.3 billion in revenue and an operating loss of roughly $1.2 billion.

Altogether, Anduril has raised more than $11 billion from investors, according to TechCrunch.

The short version of why it grew: Anduril paid to build defense products before anyone ordered them, connected them all through one software platform called Lattice, and built its own factories just as the Pentagon started asking for large numbers of cheaper autonomous systems.

Here is how it happened.

Anduril's growth in one table

Date	Milestone
2017	Palmer Luckey, Trae Stephens, Brian Schimpf, Matt Grimm and Joe Chen found Anduril; Founders Fund leads a $17.5M seed round
May 2018	Founders Fund leads a $41M Series A
September 2019	Series B led by Andreessen Horowitz values Anduril at about $1B
July 2020	$200M Series C at a $1.9B valuation; CBP makes Anduril's border towers a program of record
June 2021	$450M Series D at a $4.6B valuation
January 2022	SOCOM counter-drone contract with a ceiling of about $968M
December 2022	$1.48B Series E at an $8.48B valuation
2023	Revenue reportedly doubles to about $500M; Anduril buys Blue Force Technologies, maker of Fury
August 2024	$1.5B Series F at a $14B valuation
2024	Revenue doubles to about $1B
January 2025	Arsenal-1 factory in Ohio announced
June 2025	$2.5B Series G at a $30.5B valuation
September 2025	Australia awards a A$1.7B Ghost Shark program of record
2025	Revenue reaches $2.2B
March 2026	Army enterprise contract worth up to $20B; Fury production starts at Arsenal-1
May 2026	$5B Series H at a $61B valuation
June 2026	Air Force awards Fury a production contract
July 2026	Reuters reports talks at about a $100B valuation
October 2026	Navy submarine contract worth up to $2.9B; Army command-and-control contract worth up to $1.8B

1. Anduril started with a surveillance tower

Palmer Luckey founded Oculus, sold it to Facebook for $2 billion in 2014, and was fired in 2017 amid controversy over his political donations, as CNBC reported. His departure came in late March 2017, according to the Los Angeles Times.

The idea for Anduril came partly from Trae Stephens. A Palantir veteran and Founders Fund partner, Stephens had been looking for a venture-backed company to join Palantir and SpaceX as a major government supplier, Wired reported in 2018.

Stephens had pitched Luckey a defense company in 2015, according to an Arena profile of CEO Brian Schimpf. After Luckey left Facebook, the team came together: Matt Grimm from Palantir, Joe Chen from Oculus, and Schimpf, Palantir's head of engineering, as CEO.

Founders Fund partner Brian Singerman led a $17.5 million seed round, and Founders Fund led a $41 million Series A in May 2018, according to Wired.

The first product was simple. Anduril built portable towers with radar, cameras and communications gear, then used software to flag people and vehicles moving nearby. That software was the first version of Lattice.

In a 10-week test on a Texas ranch, Customs and Border Protection said the towers helped agents apprehend 55 people crossing without authorization, Wired reported.

CBP piloted four towers near San Diego in early 2018 and bought 56 more. On July 2, 2020, CBP declared the Autonomous Surveillance Towers a program of record and said it planned to reach 200 towers.

The border work also drew criticism over surveillance, as Axios noted in 2022. Commercially, though, it gave Anduril a paying government customer and a deployed version of its software within three years.

2. Anduril paid for products before it had contracts

Most large defense programs have historically worked the other way around.

On cost-plus contracts, the government pays a contractor's development costs plus a fee, typically 6% to 8%, according to Anduril's 2022 mission essay, Rebooting the Arsenal of Democracy. Anduril argued this setup rewards higher costs rather than speed.

Its alternative was to fund research and development itself, then sell finished products. Schimpf put it this way in 2023 testimony to the House Armed Services Committee:

"The more that companies spend developing capabilities on our own dime, instead of relying on inefficient cost-type contracts, the more cost efficient and effective our capabilities will be."

Anduril still describes itself in press releases as "a nontraditional company that uses its own capital for research and development," as in its Blue Force Technologies announcement.

This approach shaped the business in two ways.

First, Anduril could show customers working hardware instead of proposals. Second, the company had to carry the risk of building things nobody had ordered yet, which meant it needed a lot of outside capital.

The Ghost Shark program shows the model clearly. Anduril says it bought Dive Technologies with its own money months before it had any formal engagement with the Australian government.

3. Lattice tied every product together

Anduril sells drones, towers, submarines and missiles, but Lattice is the common layer underneath them.

Lattice takes data from sensors, detects and tracks objects, and coordinates many drones, sensors and weapons as one network. Schimpf's January 2026 investor letter calls it "foundational to everything we build."

The first large contract built around it came from U.S. Special Operations Command. In January 2022, SOCOM picked Anduril as its counter-drone systems integration partner under a contract with a ceiling of $967,599,957, Anduril announced.

That deal mixed Anduril's own hardware with third-party sensors, all run through Lattice. It also let SOCOM buy the capability as a service, with Anduril pushing continuous software updates.

This is the main business advantage of a shared software layer. Each new product plugs into a system the customer already uses, and each new customer makes Lattice more familiar inside the military.

By 2026, Lattice underpinned the Army's Next Generation Command and Control program. In October 2026, DefenseScoop reported that the Army awarded Anduril a contract worth up to $1.8 billion over five years to expand that system, starting with a $162.8 million base period.

4. Acquisitions gave Anduril new product lines quickly

Anduril did not build every product from scratch.

By 2023 it had acquired drone maker Area-I, passive sensing company Copious Imaging, underwater vehicle developer Dive Technologies and solid rocket motor company Adranos, TechCrunch reported.

In September 2023 it added Blue Force Technologies, a North Carolina company that had been developing an autonomous jet called Fury since 2019, according to Anduril's announcement.

Two of those deals became central to the company's later growth.

Dive Technologies became the base for Ghost Shark, the extra-large undersea vehicle Australia later ordered. Blue Force gave Anduril Fury, which became its entry into the Air Force's Collaborative Combat Aircraft program.

The pattern was consistent. Buy a small team with a promising design, add Lattice, then spend Anduril's own money to mature it before a large contract arrives.

5. Investors funded the bet at rising valuations

Self-funding products takes far more capital than a typical software startup needs. Anduril raised it in a series of increasingly large rounds.

Series B (2019): Andreessen Horowitz announced its investment alongside Founders Fund and General Catalyst. CNBC reported the round valued Anduril at more than $1 billion.
Series C (July 2020): $200 million at a $1.9 billion valuation, led by Andreessen Horowitz, Business Insider reported.
Series D (June 2021): $450 million at a $4.6 billion post-money valuation, led by Elad Gil, Anduril announced.
Series E (December 2022): $1.48 billion at an $8.48 billion valuation, led by Valor Equity Partners, according to Anduril. Axios called it the second-largest funding round of 2022, behind SpaceX.
Series F (August 2024): $1.5 billion at a $14 billion valuation, co-led by Founders Fund and Sands Capital, Anduril announced.
Series G (June 2025): $2.5 billion at a $30.5 billion valuation, led by Founders Fund with a $1 billion check, TechCrunch reported. A spokesperson said the round was more than 8 times oversubscribed.
Series H (May 2026): $5 billion at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz, Anduril announced.

Every round from 2019 to 2026 valued Anduril at between 1.6 and 2.4 times the previous one.

The money went into the things the business model required. The Series F was raised partly to fund Arsenal, Anduril's manufacturing platform. Schimpf said the Series H would let Anduril keep "investing aggressively in manufacturing capacity, research and development, and the infrastructure required to build and field advanced defense systems at scale."

6. Fury went from acquisition to production contract in under three years

The Collaborative Combat Aircraft program is the Air Force's plan to fly semi-autonomous jets alongside crewed fighters.

In April 2024, the Air Force picked General Atomics and Anduril to build prototypes, Air & Space Forces Magazine reported. Anduril's design, the YFQ-44A, was the Fury aircraft it had acquired seven months earlier.

According to Anduril, ground testing began in April 2025, Fury first flew in October 2025, and the production contract came in June 2026. The company calls that "the fastest path from prototype to production for a fighter aircraft in more than 50 years." That is Anduril's claim, not an independent assessment.

The Air Force said it made the production decision four months ahead of schedule. It plans to field more than 150 CCAs by the end of the decade across both vendors.

The award was not winner-take-all. General Atomics also won a production contract, and the Air Force is running a separate competition for the autonomy software that will fly the aircraft, with Anduril, Shield AI and Collins Aerospace in the first round.

7. Arsenal-1 made manufacturing part of the pitch

By 2024, Anduril's argument had shifted from "we can build new weapons" to "we can build them in large numbers."

In January 2025, Ohio's governor announced that Anduril would build Arsenal-1, a 5-million-square-foot factory on 500 acres near Columbus. The state said it would create more than 4,000 jobs by 2035, with first production targeted for July 2026.

Production started early. Fury work at Arsenal-1 began in March 2026, three months ahead of target, and the first Ohio-built Fury rolled off the line on July 27, 2026, JobsOhio said. The line can produce up to 150 aircraft a year in its current configuration, according to Anduril.

Reuters described Arsenal-1 as a $1 billion campus expected to employ about 250 people by the end of 2026. Anduril also plans to add production lines for its Roadrunner drone and Barracuda cruise missile by year-end, Breaking Defense reported.

Factories are now a recurring part of the story. In January 2026, California's economic development office said Anduril would spend $1 billion on a second Southern California campus with about 5,500 jobs.

8. Allies became customers early

Anduril did not rely only on the U.S. government.

Australia was the first big international bet. Its government signed a collaborative development contract for Ghost Shark in 2022 and had invested about A$140 million by 2025, according to the Australian Defence Minister's office.

In September 2025, Australia committed A$1.7 billion over five years to buy, maintain and keep developing a fleet of Ghost Sharks. Anduril called it a program of record worth about US$1.12 billion and said it had invested $60 million in a factory in Australia.

Schimpf's investor letter calls this Anduril's first international program of record.

The list of foreign customers has grown since. TechCrunch noted in July 2026 that Anduril had contracts with the Dutch Ministry of Defence, NATO, the U.K. Ministry of Defence and Poland, among others.

International sales matter because they spread Anduril's revenue across more budgets. They also give the company a second route to scale for products the U.S. military has not yet bought in volume.

9. The Army consolidated its Anduril buying into one $20 billion contract

Anduril's relationship with the Army deepened quickly after 2025.

In February 2025, Anduril agreed to take over Microsoft's Integrated Visual Augmentation System headset program, which carried a budget of up to $22 billion, Reuters reported. The Army approved the transfer in April 2025, though Anduril did not expect to produce new hardware under that contract, Breaking Defense reported.

The Army then opened a new competition for the follow-on program. A Congressional Research Service report says Anduril won a $159 million prototyping contract for it, alongside a $195 million award to startup Rivet.

The bigger change came in March 2026. The Army awarded Anduril a 10-year enterprise contract worth up to $20 billion to consolidate how it buys Anduril's software, hardware, data infrastructure and support services.

The $20 billion is a ceiling, not guaranteed revenue. The Army said the figure "represents the maximum potential value, not an obligated amount," and actual spending depends on individual orders.

The first order under the contract was worth $87 million, selecting Lattice for counter-drone command and control, DefenseScoop reported.

10. Anduril moved into shipbuilding and interceptors

The latest moves push Anduril into areas long held by the largest defense primes.

On October 6, 2026, the Navy awarded Anduril a contract worth up to $2.9 billion to build Virginia-class submarine components, CNBC reported. Anduril said it would invest $3.7 billion in a new shipyard called Arsenal-2 near Baltimore, expected to open in 2030 with about 3,100 jobs.

The contract follows the same model as Anduril's earlier deals. Payments are tied to production outcomes, and the company takes on most of the execution risk, according to Reuters reporting carried by Military Times.

Six days later, Anduril unveiled Steelfin, a modular interceptor it aims to sell for about one-third of the price of the Patriot system's PAC-3 MSE missile, Breaking Defense reported. An executive said he expects full-rate production at the end of 2028 or early 2029.

Anduril is also part of a group of companies working on the space-based "Golden Dome" missile defense system, TechCrunch reported in May 2026.

How fast did Anduril grow?

Anduril is private and does not publish audited financial statements. These are the clearest revenue figures available, with their status:

2023: about $500 million, after roughly doubling, according to figures Anduril reportedly shared with investors (reported).
2024: about $1 billion, after doubling, according to an Anduril spokesperson (company statement).
2025: $2.2 billion, more than double the prior year, according to Anduril's investor letter (company statement).
2026: about $4.3 billion expected, with an operating loss of about $1.2 billion, according to The Information (reported forecast).

That is roughly a doubling every year since 2022. Investing.com, summarizing The Information's report, added that Anduril does not expect to be profitable on an adjusted EBITDA basis until 2030.

The 2025 growth rate varies slightly by source. Anduril says it "more than doubled" revenue, while Forbes put growth at 110%.

Valuation grew faster than revenue. From about $1 billion in 2019, Anduril reached $14 billion in 2024, $30.5 billion in 2025 and $61 billion in 2026.

Headcount followed. Anduril employed about 7,000 people across 35 locations in January 2026, according to California's economic development office, and Schimpf wrote that the company nearly doubled its workforce in 2025.

One caution when reading Anduril headlines: contract values such as $20 billion, $2.9 billion and $1.8 billion are ceilings over many years. They are not annual revenue and are not guaranteed to be spent.

Anduril's growth loop

Anduril's growth can be reduced to one loop:

Raise large amounts of private capital.
Spend it developing products before contracts exist.
Connect every product through Lattice.
Show working systems to the military and allied governments.
Win contracts, often for fixed prices or outcomes rather than costs.
Use the revenue and contract wins to justify a higher valuation.
Raise more capital and spend it on factories and the next set of products.

Each turn of the loop makes the next one easier. More fielded products make Lattice more entrenched. More factories make Anduril's promise of volume production more credible. More contract wins make the next funding round larger.

The weak point is also built in. The loop depends on capital markets staying willing to fund heavy losses until production revenue catches up.

What could slow Anduril down?

Losses and capital needs. Anduril expects to lose about $1.2 billion on operations in 2026, The Information reported, while it builds factories in Ohio, California and Maryland. If revenue from long contracts arrives more slowly than expected, the company will need even more outside capital.

Product setbacks. In November 2025, the Wall Street Journal reported failures in Navy drone boat exercises, a damaged Fury engine in a ground test, and problems with Altius drones in Ukraine. Reuters separately reported two Altius crashes in Air Force tests. Anduril called the incidents "isolated examples" across hundreds of tests.

Shared awards. The Pentagon has shown it will split work. Fury shares the CCA program with General Atomics, and Anduril has to compete separately for the autonomy software.

Valuation. Forbes calculated that Series H investors paid about $28 for every $1 of Anduril's trailing revenue, compared with about $1.60 for Lockheed Martin. A valuation that high needs growth to continue for years.

Political scrutiny. Anduril's ties to Washington are drawing more attention. When the Navy contract was announced, CNBC noted that it came days after Luckey was named to a Pentagon future-weapons initiative, which raised conflict-of-interest questions that a Defense Department official dismissed.

IPO timing. Luckey has said Anduril will "definitely" go public, but Schimpf told CNBC in July 2026 that the company is "not in a rush" and warned against listing "in the middle of a hype cycle."

Borrowing Anduril's public point of view

Anduril published its argument long before most buyers met the team, through essays like Rebooting the Arsenal of Democracy and a public investor letter. Okara's Writer Agent drafts strategy-led articles like that and can publish them. Its LinkedIn Agent drafts posts that keep the argument in front of the people you want to reach.

Frequently asked questions

What is Anduril's valuation?

Anduril's latest confirmed valuation is $61 billion, set by a $5 billion Series H in May 2026 led by Thrive Capital and Andreessen Horowitz. In July 2026, Reuters reported talks for a new round at roughly $100 billion, but Anduril said no decisions had been made and no round had been announced as of October 2026.

How much revenue does Anduril make?

Anduril says it made $2.2 billion in revenue in 2025, more than double the roughly $1 billion it made in 2024. The Information reported in March 2026 that Anduril expects about $4.3 billion in 2026 revenue, along with an operating loss of about $1.2 billion. Anduril is private and does not publish audited financials.

How much funding has Anduril raised?

Anduril has raised more than $11 billion, according to TechCrunch. Its largest rounds were the $5 billion Series H in 2026, the $2.5 billion Series G in 2025, the $1.5 billion Series F in 2024 and the $1.48 billion Series E in 2022. Founders Fund, Andreessen Horowitz, Thrive Capital, Valor Equity Partners and General Catalyst are among its investors.

Who founded Anduril?

Anduril was founded in 2017 by Palmer Luckey, the founder of Oculus; Trae Stephens, a Founders Fund partner who is now executive chairman; Brian Schimpf, the CEO; Matt Grimm, the COO; and Joe Chen. Schimpf, Grimm and Stephens all previously worked at Palantir.

Who are Anduril's customers?

Anduril's customers are militaries and government agencies. U.S. customers include the Army, Air Force, Navy, Special Operations Command and Customs and Border Protection. International customers include the Royal Australian Navy, the Dutch Ministry of Defence, the U.K. Ministry of Defence, NATO and Poland.

What does Anduril make?

Anduril makes autonomous systems and the software that controls them. Its products include the Fury autonomous jet, the Ghost Shark undersea vehicle, the Roadrunner drone, the Barracuda cruise missile, counter-drone systems, surveillance towers and the new Steelfin interceptor. Its Lattice software connects these systems for command and control.

Is Anduril going public?

Not yet. Anduril has no announced IPO date and has not filed publicly to list. Palmer Luckey has said the company will "definitely" go public, but CEO Brian Schimpf said in July 2026 that Anduril is not in a rush and warned against listing in the middle of a hype cycle.