As of June 2026, Anduril's confirmed valuation is $61 billion — set by its $5B Series H, closed May 13, 2026, co-led by Thrive Capital and Andreessen Horowitz (CNBC, company announcement). The defining pattern: the valuation has doubled roughly every year for four straight years. Anduril is one of the most-tracked defense names in our corpus — mentioned in 46 of the 1,150+ expert conversations we've analyzed.
Mention counts from Teahose's analysis of 1,150+ expert podcast, newsletter & research summaries, June 2026.
Key takeaways
- Confirmed: $61B (Series H, May 2026) — up from $30.5B (Jun 2025), $14B (Aug 2024), $8.5B (Dec 2022). >$11B raised to date.
- Revenue: $2.2B in 2025, +~120% YoY (company-disclosed). The mark = ~28x revenue vs ~2x for the primes.
- The contracts behind it: a $20B/10-year Army enterprise agreement (Mar 2026), CCA Fury fighter drones in production, Golden Dome, first international programs of record.
- IPO: no S-1, no date — "next few years" per Luckey.
Each bar counts how many of Teahose's 1,150+ expert summaries mention it (word-boundary match across our podcast, newsletter, and paper corpus, June 2026).
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Valuation History
| Date | Round | Raised | Valuation |
|---|---|---|---|
| May 2026 | Series H (Thrive + a16z) | $5B | $61B |
| Jun 2025 | Series G (Founders Fund) | $2.5B | $30.5B |
| Aug 2024 | Series F (Founders Fund + Sands) | $1.5B | $14B |
| Dec 2022 | Series E (Valor Equity) | $1.48B | $8.48B |
| Jun 2021 | Series D | $450M | ~$4.6B (reported) |
| Jul 2020 | Series C (a16z) | $200M | ~$1.9B (reported) |
| Sep 2019 | Series B | $127M | ~$1B (reported) |
| 2017–18 | Seed + Series A | ~$59M | ~$200M (reported) |
Sources: Series H — Bloomberg · Series G — TechCrunch · Series F — Crunchbase News. Pre-2022 marks are secondary-source estimates. (Earlier 2026 reporting had the round "aiming at $60B" — the close came in at $61B.)
What $61B Is Pricing
Anduril's pitch has always been structural: build products with its own capital and sell them finished, instead of billing cost-plus. 2025–2026 is when the contracts started validating it:
- The $20B Army enterprise agreement (March 2026) — consolidates ~120 Army contracts into one vehicle over up to 10 years, centered on the Lattice software platform; first task order $87M for counter-drone command-and-control (DefenseScoop). A ceiling, not booked revenue — but a prime-sized vehicle held by a nine-year-old company.
- CCA Fury (YFQ-44A) — won the Air Force's Collaborative Combat Aircraft Increment 1 alongside General Atomics, beating Lockheed, Northrop, and Boeing; first flight October 2025, production at the Arsenal-1 Ohio plant began March 2026 ahead of schedule.
- Soldier systems, restructured — Anduril took over Microsoft's IVAS program in February 2025, but the FY26 budget zeroed IVAS 1.2 procurement and re-scoped it as SBMC, where Anduril won a ~$159M prototype award (DefenseScoop). Worth keeping straight: the old "$22B IVAS" headline number no longer describes a live program.
- International firsts — Ghost Shark XL-AUV delivered to the Royal Australian Navy; a Dutch MoD contract; Golden Dome missile-defense participation.
The multiple math is the entire debate. $61B ÷ $2.2B ≈ 28x revenue, against ~1.6–2.7x for Lockheed, RTX, and Northrop. Bulls pay it for the growth rate and the margin structure if the commercial model holds; bears note the IVAS restructuring as proof that headline ceilings deflate, and that one customer (the Pentagon) sets the demand curve. The competitive field both ways is mapped in our Anduril competitors guide.
The IPO Question
No S-1, no timeline. Luckey has tied a listing to profitability and Arsenal-1 proving out — the latter started March 2026 — but the $5B raise removes any funding pressure to go public soon (OC Business Journal). Pre-IPO platforms quoting 2026 odds are speculating. When it files, the S-1's audited numbers against the disclosed $2.2B will be the most-watched reconciliation in defense tech.
Latest Anduril Signals, Live
Anduril Funding & Deal Signals
Extracted live from podcasts, newsletters & primary coverage by the Teahose intel pipeline
- 01FUNDINGReportedly in talks to raise new funding at about a $100 billion valuation, up from the $61 billion valuation it secured in MayJUL 25 · StrictlyVCJUL 25
- 02FUNDINGThe company raised $5 billion at $61 billion valuation earlier this year.JUL 24 · Lucinda ShenGROWTH · $5B
- 03FUNDINGDefense tech venture funding reached $35.4 billion year to date, led by Anduril's $5 billion Series H round.JUL 19 · The VC Corner$5B
- 04FUNDINGAnduril scores $5 billion.MAY 15 · Newcomer NewsletterGROWTH · $5B
What to Watch Next
- Task orders under the $20B Army vehicle. The ceiling becomes real one award at a time; the rate of orders is the cleanest read on whether 28x is earned.
- CCA production cadence at Arsenal-1. The thesis says Anduril manufactures like a tech company; Fury's ramp is the first at-scale test.
- An S-1. Audited financials would finally let the market check the disclosed revenue ramp — and would re-price every private defense-tech comp the same week.
Hit Watch on Anduril's company profile for new signals by email. Related: Anduril competitors · defense tech startups, live-ranked · Scale AI valuation (the other gov-pivot story) · how to invest in pre-IPO companies.
Editorial figures as of June 10, 2026. The signal feed above updates continuously.
Bottom line: Anduril's confirmed 2026 valuation is $61B from the May 2026 Series H, a mark that has doubled roughly every year and prices ~28x revenue on the bet that its annual-doubling growth and build-on-own-capital model deliver software-like margins — a bet the $20B Army vehicle and Arsenal-1 ramp must now prove against a single-customer market famous for cancellations.
Frequently Asked Questions
What is Anduril worth in 2026?
$61 billion, confirmed — set by the $5B Series H that closed May 13, 2026, co-led by Thrive Capital and Andreessen Horowitz. That's exactly double the $30.5B Series G from June 2025, and continues a streak of roughly doubling every year since 2022 ($8.5B → $14B → $30.5B → $61B). Total raised: over $11B.
Is Anduril publicly traded, and can I buy Anduril stock?
No. Anduril is private — there is no public ticker and no confirmed IPO date as of 2026; Palmer Luckey has tied a listing to "the next few years," after sustained profitability and the Arsenal-1 factory prove out. The only marks are private rounds (latest $61B, May 2026 Series H), and the $5B raise removes near-term pressure to list. Pre-IPO secondary platforms sometimes quote private-share interest, but retail investors cannot buy Anduril shares on an exchange until it files and lists.
What is Anduril's revenue?
Company-disclosed revenue was $2.2 billion in 2025, up roughly 120% from ~$1B in 2024, which itself doubled 2023's ~$500M. These are private-company disclosures, not audited public filings. At $61B that's ~28x trailing revenue — versus roughly 1.6–2.7x for the traditional defense primes.
When is the Anduril IPO?
No S-1 has been filed and no date announced as of June 2026. Palmer Luckey says "the next few years," with profitability and the Arsenal-1 factory proven at scale first — and Fury production there started in March 2026, ahead of schedule. The $5B Series H reduces any near-term need to list. Treat every specific IPO date you read as speculation.
Why is Anduril valued so much higher per revenue dollar than Lockheed?
Three arguments do the work: growth (Anduril doubles annually; primes grow single digits), model (Anduril builds products on its own capital and sells them, vs cost-plus contracting — software-company margins if it works), and contract trajectory (the $20B Army enterprise deal, the CCA fighter-drone win over Lockheed/Northrop/Boeing, Golden Dome participation). The bear case is just as simple: ~28x revenue prices flawless execution in a customer market famous for cancellations — the IVAS-to-SBMC restructuring already showed how fast a headline program can shrink.
Who are Anduril's investors?
Founders Fund has anchored it from the early days (and led the Series F and G); the Series H was co-led by Thrive Capital and Andreessen Horowitz. Earlier rounds brought in Valor Equity, Sands Capital, 8VC, and General Catalyst, among others.
How does Anduril's $61B valuation compare to traditional defense primes?
On a revenue-multiple basis it is a different category. At $61B against company-disclosed $2.2B in 2025 revenue, Anduril trades at roughly 28x trailing revenue, while Lockheed Martin, RTX, and Northrop Grumman sit around 1.6 to 2.7x. The market is paying for Anduril's annual-doubling growth and its build-on-own-capital product model, not for current scale — the primes book far more revenue but grow at single digits.
Is Anduril profitable, and does that matter for the valuation?
Anduril has not disclosed audited profitability, and Palmer Luckey has framed sustained profitability plus a proven Arsenal-1 factory as preconditions for an eventual IPO rather than facts already in hand. The $5B Series H removes near-term funding pressure, so the company can keep reinvesting ahead of profit. For the valuation, the bull case assumes software-like margins eventually arrive from the product model; the bear case is that 28x revenue prices flawless execution before those margins are demonstrated.
How much has Anduril raised in total and how fast is it growing?
Anduril has raised over $11 billion across eight rounds since 2017, with the pace accelerating sharply — $1.5B in 2024, $2.5B in 2025, and $5B in the May 2026 Series H. Company-disclosed revenue tells the same story: roughly $500M in 2023, about $1B in 2024, and $2.2B in 2025, a cadence of near-doubling that mirrors the valuation ladder from $8.5B in 2022 to $61B in 2026.