Anduril Industries is reportedly in early discussions to raise a new funding round at a valuation of approximately $100 billion, nearly doubling the $61 billion figure achieved just two months ago during its $5 billion Series H led by Thrive Capital and a16z. The company generated approximately $2.2 billion in revenue for 2025, implying a valuation multiple of roughly 45 times trailing revenue, compared to low single-digit multiples for publicly traded defense giants like Lockheed Martin and Raytheon. Founded in 2017 by Palmer Luckey, the former creator of Oculus VR sold to Facebook, Anduril positions itself as an alternative to traditional defense contractors by adopting a Silicon Valley-style model. This potential raise illustrates the massive reallocation of venture capital toward the AI defense sector.
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