Anduril raises $5bn at $61bn valuation, doubling in eleven months

Thrive Capital and Andreessen Horowitz led the round on the back of $2bn+ in 2025 revenue and a $20bn Pentagon enterprise agreement signed in March.

Anduril Industries has raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz, doubling its valuation to $61 billion eleven months after its previous mark. The Costa Mesa defence-tech company confirmed the round on Wednesday.

The valuation puts Anduril above Lockheed Martin’s market capitalisation by some measures and ahead of every other US private defence company.

The June 2025 round at $30.5 billion, led by Founders Fund, has effectively been re-priced within a year.

Reuters first reported in March that Anduril was sounding out a $4 billion raise at a $60 billion valuation; the final round came in slightly above both numbers.

Revenue growth is the proximate justification. The company has told investors it brought in more than $2 billion ...