Anduril Raises $5 Billion at $61 Billion Valuation

Defense technology company Anduril announced a $5 billion Series H funding round at a $61 billion valuation last week. The company reported more than $2 billion in revenue for 2025, an increase of 110 percent from the prior year. Investors paid approximately $28 for every $1 of trailing revenue.

U.S. Army, the Royal Australian Navy and the Dutch Ministry of Defense. The company is also a contractor on a space-based missile shield program. In March, the Army awarded Anduril a 10-year, $20 billion enterprise contract that consolidated more than 120 separate procurement actions.

The Army has signed 14 enterprise contracts in the last eight months, replacing 118 individual contracts. 5 trillion FY26 defense budget as paradigm-shifting because it allows multiyear contracts at a scale Congress had not previously authorized.

The round was co-led by Andreessen Horowitz through its American Dynamism fund and Thrive Capital. Thrive Capital primarily invests in consumer, fintech and AI infrastructure companies. Anduril CEO Schimpf stated that the F-35 took 25 years to move from initial concept to fielding while commercial aircraft and autos operate on 2-to-3 year cycles.

3 billion in revenue for 2026. The $5 billion raised will fund manufacturing capacity rather than research and development. Anduril has raised more than $11 billion in less than a decade.