Anduril nears IPO scale after $5B raise, $20B Army win
Anduril raised $5 billion at a $61 billion valuation, reported $2.2 billion in revenue and won a $20 billion U.S. Army counter-drone contract.
Anduril Industries raised $5 billion in a financing round led by Thrive Capital and Andreessen Horowitz, valuing the company above $61 billion. The company reported $2.2 billion in revenue last year, roughly double the prior year, and said it won a $20 billion U.S. Army contract for counter-drone systems.
The latest round more than doubled Anduril’s valuation from about $30 billion a year earlier and followed a $8 billion valuation in 2022. Company materials did not include a timetable for an initial public offering.
Anduril builds autonomous drones, counter-drone systems, border surveillance equipment and autonomous underwater vehicles. It also operates Lattice AI, a software platform marketed to defense, intelligence and public safety customers. The company has won work from the U.S. Navy, U.S. Marine Corps, U.S. Customs and Border Protection and the Royal Australian Navy in addition to the Army contract.
The Army award, described by Anduril as a $20 billion counter-drone deal, covers systems to detect and defeat small and swarming unmanned aircraft on the battlefield.
Palmer Luckey, Anduril’s chief executive, wrote in a company statement: ‘From our vantage point, the defining feature of the current moment is the convergence of two forces: rapid technological change and intensifying great-power competition. Together, they place a premium on speed of decision-making and of adaptation.’
Founders Fund was an early investor in Anduril. Analysts and investors have noted similarities between Anduril’s software platform and platforms used by other defense-technology firms.
U.S. budget plans that could allocate roughly $1.5 trillion to defense spending over coming years have been cited by industry participants as a factor in demand for integrated hardware and software. Anduril remains privately held and has not set a public listing date; company materials say leaders will consider public markets when timing aligns with shareholder objectives and government contracting commitments.
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