Anduril Industries is seeking a valuation of $60 billion in a new funding round led by Thrive Capital and Andreessen Horowitz, according to a report from The Wall Street Journal. The round would more than double the company’s $30 billion valuation from its Series G, which closed in June 2025 with $2.5 billion raised.
Lux Capital and Founders Fund are also expected to participate. A prior Bloomberg report indicated the round could bring in as much as $8 billion, which would rank it among the largest single fundraises in defense-tech history.
A Rapid Ascent in Valuation
The speed of the new round is notable. Less than nine months after closing its previous financing, Palmer Luckey‘s company is already back in the market at twice the price. That trajectory reflects both strong investor appetite for defense technology and Anduril’s expanding footprint across autonomous systems and military contracts.
Anduril has built a business around AI-driven defense hardware, including autonomous drones and surveillance systems. The company has steadily grown its Pentagon relationships, positioning itself as a preferred alternative to legacy defense contractors.
Turbulence in the Defense-Tech Sector
The fundraise arrives at a complicated moment for technology companies working with the U.S. government. A contract dispute between Anthropic and the Pentagon has led the U.S. government to begin canceling its contracts with the AI company. Secretary of Defense Pete Hegseth has also threatened to designate Anthropic as a supply-chain risk, a classification that could effectively bar it from federal work.
Luckey has publicly backed the government’s position. In a recent post on X, he wrote: “At the end of the day, you have to believe that our imperfect constitutional republic is still good enough to run a country without outsourcing the real levers of power to billionaires and corpos and their shadow advisors.” He stopped short of explicitly endorsing the supply-chain-risk designation itself.
The contrast is stark. As one high-profile AI company faces potential exclusion from government work, Anduril is pulling in billions on an accelerating timeline. Whether that alignment with the current administration’s posture is coincidental or strategic, it is clearly not hurting the company’s fundraising.
What the Round Signals
Venture capital investment in defense technology has surged over the past two years, driven by geopolitical instability and a broader shift in how Silicon Valley views national security work. Anduril sits near the center of that shift.
At $60 billion, Anduril would command a valuation comparable to established aerospace and defense firms with decades of revenue history. The round, if it closes at the reported figures, would cement the company as the dominant private player in the defense-tech space by a considerable margin.
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