Anduril funding: Every round, investor, and valuation (2026)

Anduril Industries builds autonomous weapons and the software that runs them. Its products include Lattice, a command-and-control system that fuses data from sensors and drones, the Fury uncrewed fighter jet, Barracuda low-cost cruise missiles, counter-drone systems, and the Ghost Shark and Dive submarines. Unlike most defense contractors, it designs and builds products with its own money before a government agrees to buy them.

Anduril has raised about $11.3 billion across nine rounds since 2017, all of it equity. Its latest, a $5 billion Series H led by Thrive Capital and Andreessen Horowitz in May 2026, valued the company at $61 billion.

That build-first model is expensive, and investors have paid for it at a faster pace each year. About 80% of the money arrived after mid-2024, once Anduril started winning production contracts. Let's dive into Anduril's funding history.

Anduril's funding falls into three eras. Founders Fund and a small group of venture firms paid for its first products, growth investors funded a string of acquisitions, and the largest institutional investors in the world now pay for factories.

Palmer Luckey founded Anduril in 2017, the same year he left Facebook, which had bought his virtual reality company Oculus for about $2 billion in 2014. He put some of that money into the new company. His co-founders were Trae Stephens, Brian Schimpf, Matt Grimm, and Joe Chen. Stephens, Schimpf, and Grimm had worked at Palantir, which had already shown how software sells to governments, and Chen came from Oculus.

Founders Fund led the seed round and the Series A. The money paid for the first products: Sentry towers that spot people and vehicles crossing the US border, and early versions of Lattice, the software that links them. US Customs and Border Protection became one of the first customers.

Andreessen Horowitz led the Series B in September 2019. Anduril did not disclose the amount, and funding databases put it at about $120 million, but CNBC reported a valuation of about $1 billion. a16z came back to lead the Series C in July 2020, the same year CBP ordered more towers.

Elad Gil, an investor known for early bets on Airbnb and Stripe, led the $450 million Series D in June 2021. Anduril had already started using its funding to buy companies. Area-I, bought in April 2021, gave it the Altius drone, and Dive Technologies, bought in February 2022, gave it an autonomous submarine.

The Series E in December 2022 was the first round above $1 billion. Valor Equity Partners, a longtime investor, led it, and more than a dozen funds joined, including Thrive Capital for the first time. Anduril had been reported in talks earlier that year at a $7 billion pre-money valuation, and it closed at $8.48 billion including the new cash.

The $1.5 billion Series F in August 2024 came with a new goal. Anduril said the money would pay for Arsenal, a plan to build weapons in volume at factories it owns. Founders Fund and Sands Capital co-led it, and mutual fund managers Fidelity, Counterpoint Global, and Baillie Gifford joined as new investors.

Founders Fund led the $2.5 billion Series G alone in June 2025, writing a $1 billion check, its largest ever. TechCrunch reported the round was more than eight times oversubscribed. Thrive Capital and Andreessen Horowitz then co-led the $5 billion Series H in May 2026, after Schimpf told investors that revenue had doubled to $2.2 billion in 2025.

Anduril's valuation has risen about 60-fold since it became a unicorn in 2019. It has roughly doubled in most rounds, and the last three marks came less than a year apart.

The early rounds stepped up about twofold each. The longest gap came between the Series E and the Series F: a rise of about 65% over 20 months, while Anduril was still proving it could win large programs.

Then the pace picked up. The Series G more than doubled the Series F price within ten months, and the Series H doubled it again, implying a pre-money valuation of about $56 billion. At $61 billion, investors paid about 28 times Anduril's 2025 revenue, a price closer to a fast-growing software company than to a defense manufacturer. A business valuation calculator shows how much of a multiple like that rests on growth still to come.

In July 2026, Reuters reported that Anduril was in talks to raise at about $100 billion, and Anduril said no decisions had been made. The latest mark is a tender offer that opened on October 13, 2026: employees in 16 countries can sell up to about $1.3 billion of shares at $94.80 each, about $90 billion for the company, with no new money for Anduril. The breakdown of how Anduril's ownership is split covers who holds those shares.

Anduril's cap table started inside one network: Founders Fund, Palantir alumni, and the investors around Peter Thiel. Later rounds added the largest venture firms and mutual funds, which brought larger checks and a broader base of shareholders ahead of any IPO.

Founders Fund wrote the first check in 2017, led the Series A, co-led the Series F, and led the Series G with $1 billion. It is the investor most tied to the company's governance. Trae Stephens, a Founders Fund partner, co-founded Anduril and is its executive chairman.

The link runs through Thiel, who co-founded Founders Fund and Palantir. Stephens and Schimpf both worked at Palantir before Anduril, and Thiel still holds the largest individual stake in Palantir. For Founders Fund, Anduril is a second bet on the idea that software companies can win defense business from the incumbents.

a16z led the Series B and the Series C, joined the Series D, Series E, and Series G, and co-led the Series H. Its 2019 check came when many Silicon Valley investors still avoided weapons companies.

Its long run of follow-on checks makes it one of the largest outside holders, though its stake is not public. a16z has since launched American Dynamism, a practice focused on defense and industrial companies.

Thrive Capital, founded by Josh Kushner, joined in the 2022 Series E and co-led the Series H. Thrive is better known for leading OpenAI's 2024 funding round. Its lead role in 2026 put a large share of the round in the hands of an investor that writes big, late-stage checks.

Valor Equity Partners joined the Series C and led the Series E. Elad Gil joined the Series C and led the Series D. Both helped carry Anduril from about $2 billion to more than $8 billion in valuation.

Sands Capital co-led the Series F, the round that brought in Fidelity, Counterpoint Global, and Baillie Gifford, with Altimeter and Franklin Venture Partners also adding money. Mutual funds and crossover investors like these often appear a round or two before a listing, because they can keep holding the shares once a company goes public.

8VC, the fund run by Palantir co-founder Joe Lonsdale, backed Anduril from its early rounds. General Catalyst joined by 2019, and Lux Capital, Human Capital, D1 Capital Partners, and Lightspeed came in during the Series C, D, and E.

1789 Capital, the firm where Donald Trump Jr. is a partner, reportedly joined the 2025 Series G. The size of its investment has not been confirmed.

Anduril spends its funding on three things: factories, research and development, and acquisitions. All three follow from its model of building products before it has a contract, which is the core of Anduril's build-first business model.

Arsenal-1 is the largest single project. Anduril announced it in January 2025: a $1 billion factory near Columbus, Ohio, planned to grow to 5 million square feet and about 4,000 jobs over a decade. Fury production started there in March 2026, ahead of the July target, and the first Ohio-built Fury rolled off the line in July.

Ohio is sharing some of the cost. JobsOhio agreed to a $310 million grant paid over ten years, tied to 4,008 jobs and at least $910.5 million of capital investment. The grant is not equity and is not counted in the totals above.

The next factory is a shipyard. In October 2026, the Navy awarded Anduril a contract worth up to $2.9 billion to build parts for Virginia-class submarines, and Anduril plans to put $3.7 billion of its own capital into an Arsenal-2 site in Baltimore County, Maryland. It also makes solid rocket motors in Mississippi, where the Pentagon added $14.3 million of Defense Production Act funding on top of $75 million from Anduril.

A company spokesperson put research spending at 50% to 60% of revenue, a share far above the single digits typical of the large primes. That money pays for Fury, Barracuda, undersea drones, and new products the company says will arrive in 2027.

The bill rises while Anduril waits for the government. The Air Force picked Fury for production in June 2026, but Breaking Defense reported in September that work cannot start until the 2027 defense budget passes, so Anduril is paying for long-lead parts and the factory itself in the meantime.

Anduril has bought at least ten companies, and it has never disclosed a price. Blue Force Technologies, bought in 2023, designed the aircraft that became Fury. Adranos gave it solid rocket motors, and Numerica's radar business and Klas added sensors and rugged computers.

In March 2026, it bought ExoAnalytic Solutions, which runs a network of more than 400 telescopes that track satellites. It was Anduril's first space acquisition and a step toward Golden Dome, the US missile defense shield.

Anduril employed about 8,500 people by May 2026, after its workforce nearly doubled in 2025. Each new factory adds thousands more jobs, and payroll grows before the production contracts that pay for it.

The spending has not yet turned into profit. Revenue reached $2.2 billion in 2025, and The Information reported a 2026 forecast of about $4.3 billion with an operating loss of about $1.2 billion. A spokesperson said only some business lines are profitable today.

Anduril's growth rests on the US military and a growing list of allies. In March 2026, the Army signed an enterprise agreement worth up to $20 billion over ten years, built around Lattice. Abroad, Australia signed a deal worth about A$1.7 billion for Ghost Shark submarines, and partnerships with Rheinmetall in Europe and EDGE in the UAE aim to build Anduril products locally.

The product plan is a shift from prototypes to volume. Fury production depends on the 2027 budget, Barracuda missiles start delivering in 2027 under a Pentagon plan to buy more than 10,000 low-cost cruise missiles, and Anduril is one of 12 companies building space-based interceptor prototypes for Golden Dome. Palmer Luckey has said Anduril is "definitely going to be a publicly traded company," but Schimpf said in July 2026 that he is in no rush, and a spokesperson said the business must be profitable or close to it first.

The main risks are budget timing and execution. Many of the largest figures, including the $20 billion Army deal and the $2.9 billion Navy contract, are ceilings rather than funded work, and in November 2025 the Wall Street Journal reported failed tests of Anduril's drone boats and other systems. Competition is growing too: Shield AI, valued at $12.7 billion in March 2026 (see Shield AI's funding history), competes for the same Air Force work, while defense and AI companies take a growing share of startup funding. The Series H and the employee tender buy Anduril time to prove that its factories can turn ceilings into revenue.

Anduril has raised about $11.3 billion across nine rounds, from a $17.5 million seed in 2017 to a $5 billion Series H in May 2026. All of it is equity. The company has not reported any debt financing.

Anduril's lead investors are Founders Fund, Andreessen Horowitz, Thrive Capital, Valor Equity Partners, Elad Gil, and Sands Capital. Other backers include General Catalyst, 8VC, Lux Capital, Fidelity, Baillie Gifford, Counterpoint Global, Altimeter, Lightspeed, and D1 Capital Partners.

Anduril was valued at $61 billion after its Series H in May 2026, double its $30.5 billion Series G price in 2025. An employee tender offer that opened in October 2026 values the company at about $90 billion, though it raises no new money.

No. Anduril is private and has not filed for an IPO. Its leaders have said they plan to list eventually, but CEO Brian Schimpf has said there is no rush.

Anduril is owned by its founders, employees, and investors. Palmer Luckey, Brian Schimpf, Trae Stephens, Matt Grimm, and Joe Chen co-founded it, and Founders Fund, Andreessen Horowitz, and Thrive Capital are among the largest outside holders. Exact stakes are not public.