Anduril, the private defense technology company led by founder Palmer Luckey, is holding investor discussions for a potential fundraising round that could value the firm at about $100 billion, according to people familiar with the conversations. If realized, that valuation would put Anduril in a similar range to long-established defense contractors such as Northrop Grumman and close to Lockheed Martin on market-value terms.
Those involved in the talks described the details as fluid. One structure that has been circulated would require investors to commit to a two-stage financing plan - an initial round followed by a second tranche at a higher valuation within roughly a year. The later round, as outlined in the discussions, could be contingent on Anduril achieving specified financial benchmarks.
It was not possible to determine how much Anduril plans to raise in the proposed fundraising.
In a prepared statement, an Anduril spokesperson said that no decisions have been taken on future financing. "As a private company, we regularly evaluate opportunities to fund the growth of the business," the spokesperson said.
Investors' interest in the talks has been fueled by the company's recent commercial momentum. Anduril has reported rapidly expanding military sales and investor enthusiasm around its portfolio of drones, software and missiles amid the U.S. conflict with Iran. Earlier this year the company disclosed it had achieved $2.2 billion of revenue in 2025 and had doubled its workforce.
Just two months prior, Anduril more than doubled its valuation to $61 billion in a $5 billion funding round led by Thrive Capital and Andreessen Horowitz. The recent discussions about an even larger valuation underscore the speed with which certain startups in the defense and aerospace supply chain are gaining market influence.
Those conversations also highlight the kinds of unusual terms fast-growing private companies have been able to secure from investors. The people familiar with the matter said one idea floated by Anduril's team involved the two-stage financing path that would bind investors to a future, higher-priced round. The second tranche would be activated only if Anduril meets conditions tied to its financial performance.
Private companies in other sectors have previously pursued atypical investor protections and conditions in late-stage fundraising. As an example, SpaceX imposed special terms on some private financings before its public listing, including stricter vetting and constrained disclosure in investor agreements.
Anduril has continued product announcements this year. At a major air show in England earlier this week, the company unveiled a new vertical-takeoff-and-landing drone called Thunder, which Anduril said it expects to operate alongside helicopter units. The pace of product rollouts, growing revenues and a rapid headcount expansion form the backdrop to the current financing discussions.
Should the proposed valuation materialize, Anduril would be approaching the market value of some of the largest defense conglomerates. Lockheed Martin is valued at approximately $130 billion.
As talks remain ongoing and the structure of any deal is unsettled, the company and prospective investors appear to be negotiating both price and contingencies. For now, Anduril's management is evaluating options to finance its growth, while market observers watch whether the firm will secure a valuation that places it alongside the industry's major incumbents.