Anduril’s latest round valuation is $61 billion post-money, set by a $5 billion Series H the company announced on May 13, 2026, led by Thrive Capital and Andreessen Horowitz. A newer, higher price exists too: an employee tender offer at $94.80 a share values the defense tech company at roughly $90 billion, as Bloomberg reported and Anduril confirmed to CNBC in October 2026.
Those two numbers mean different things. Here’s where each one comes from, the full round-by-round history, and what the company actually earns against them.
What is Anduril’s valuation right now?
It depends on which kind of price you want.
The last primary round, where new money went onto Anduril’s balance sheet, was the Series H. CNBC reported on May 13, 2026 that the round doubled Anduril’s valuation from $30.5 billion to $61 billion.
The tender offer came five months later. According to CNBC on October 14, 2026, employees could sell shares at $94.80 each, the offer opened October 13, was scheduled to close November 9, and was capped at $1.3 billion. Employees in 16 countries were eligible. As of November 11, 2026, I found no public announcement of how many shares actually changed hands.
A tender offer doesn’t raise money for the company. Investors buy existing shares from staff, so the $90 billion figure is a secondary-sale price, not a funding-round valuation.
Anduril valuation history
Rounds below are the ones with a disclosed amount and valuation from the company or a major outlet. Earlier seed and Series A to D rounds are left out because their valuations weren’t consistently disclosed by primary sources.
| Date | Event or round | Amount raised | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Dec 2022 | Series E | $1.48B | $8.48B (disclosed) | Valor Equity Partners | Anduril announcement |
| Aug 2024 | Series F | $1.5B | $14B (disclosed) | Founders Fund, Sands Capital | Anduril announcement |
| Jun 2025 | Series G | $2.5B | $30.5B (disclosed) | Founders Fund | TechCrunch |
| May 13, 2026 | Series H | $5B | $61B post-money (disclosed) | Thrive Capital, Andreessen Horowitz | Anduril; CNBC; Bloomberg |
| Oct 13, 2026 | Employee tender offer | None to Anduril (secondary, capped at $1.3B) | ~$90B (reported, confirmed by Anduril) | Not disclosed | Bloomberg; CNBC |
Adding up just the four primary rounds in this table gives $10.48 billion raised since late 2022. That’s my sum of the disclosed rounds, not a company total.
Anduril’s priced valuations, 2022 to 2026. Striped bar is the employee tender price, not a funding round. Sources as in the table above.
Which Anduril number should you quote?
You’ll see at least three figures in coverage. They aren’t interchangeable.
| Figure | What it is | How firm | Use it for |
|---|---|---|---|
| $61B | Series H post-money, May 2026 | Disclosed by Anduril | “Last funding-round valuation” |
| ~$90B | Tender price, $94.80 a share, Oct 2026 | Reported by Bloomberg, confirmed by Anduril to CNBC | “Most recent price for Anduril shares” |
| ~$100B | New primary round in talks, reported by Reuters in July 2026 | Reported talks; no closed round announced | Context only, not a valuation |
My take: if you need one number, say “$61 billion in its last funding round, with an October 2026 employee share sale at about $90 billion.” That’s accurate and dated. Calling $100 billion its valuation isn’t, at least not until a round closes.
What drives Anduril’s valuation?
Revenue
Anduril said in its Series H announcement that revenue more than doubled to $2.2 billion in 2025, and that headcount nearly doubled too. TechCrunch reported the figure from CEO Brian Schimpf’s blog post. It’s company-reported and unaudited; Anduril is private and doesn’t file financial statements with the SEC.
Here’s an illustrative revenue multiple, using only that one disclosed revenue figure. It’s my arithmetic, not a reported metric:
Investors aren’t paying for 2025 sales. They’re paying for the contracts Anduril is winning now and the revenue those could become.
Contracts and programs
A few dated wins help explain the jump between May and October 2026. In March 2026 the U.S. Army and Anduril signed an enterprise agreement with a ceiling of $20 billion over ten years, as Nextgov reported; a ceiling isn’t guaranteed spending. In June 2026 DefenseScoop reported that the Air Force picked Anduril and General Atomics to build the first operational Collaborative Combat Aircraft drones. CNBC reported a $2.9 billion Navy contract announced October 6, 2026.
For more on how investor money is flowing into this sector, see our guide to defense startups.
The market around it
Late-stage valuations across tech have been rising fast in 2026, which lifts every mark. Our roundup of 2026’s biggest funding rounds shows how many companies have doubled their price inside a year. Anduril’s step-ups look aggressive for a defense contractor, but less unusual next to AI labs.
Is Anduril public? Can you buy Anduril stock?
No. Anduril is a private company with no stock ticker. Co-founder Palmer Luckey has said a public listing is the goal but hasn’t named a timeframe, as the Orange County Business Journal reported in October 2026.
Retail investors can sometimes get exposure through secondary-market platforms or funds that hold private shares. Those prices are set by small trades and can differ a lot from the round price. Be wary of crypto tokens that use the Anduril name: a token isn’t equity in the company.
Tender offers like Anduril’s are now a common way for late-stage companies to give staff cash without an IPO. Anthropic did the same before its listing; our Anthropic valuation breakdown shows how tender prices and round prices diverged there.
FAQ
How much has Anduril raised in total?
Its four most recent primary rounds, Series E through Series H, raised about $10.48 billion combined, based on the disclosed round sizes in the table above. Earlier rounds add more, but their amounts and valuations weren’t all disclosed by primary sources. Tender offers don’t count, since that money goes to selling employees.
Is Anduril’s valuation the same as its revenue or Palmer Luckey’s net worth?
No. The $61 billion is what investors paid per share times all shares. Revenue was $2.2 billion in 2025, per the company. Palmer Luckey’s net worth depends on his undisclosed stake and other assets, so you can’t read it off the company valuation.
Why is Anduril worth so much more than in 2024?
Revenue more than doubled in 2025, it won large multi-year military programs, and defense budgets in the US and allied countries are rising. Investor demand for defense tech in 2026 also let it raise at higher prices. The $14 billion to $61 billion move happened in under two years.
The next number to watch is whether the reported $100 billion round actually closes. Until it does, $61 billion is the funding price and about $90 billion is what employees were offered for their shares.