Company · Robotics
Anduril revenue, valuation & funding
Anduril is a private defense company valued at $61B in its May 2026 Series H, and an October 2026 employee tender valued it at about $90B, as reported. It said in May 2026 that revenue reached $2.2B in 2025, and it has no stock ticker or announced IPO date.
At a glance
- Valuation: $61B at its Series H in May 2026. An employee tender in October 2026 valued it at about $90B, as reported.
- Revenue: $2.2B in 2025, as the company said in May 2026, up from about $1 billion in 2024. Anduril publishes no audited results.
- Status: private. No stock ticker and no announced IPO date as of October 2026.
- Founded: 2017, by Palmer Luckey, Trae Stephens, Matt Grimm, Joe Chen and Brian Schimpf.
- CEO: Brian Schimpf, a co-founder.
- Investors: Founders Fund, Thrive Capital, Andreessen Horowitz, Sands Capital, Valor Equity Partners, Fidelity and General Catalyst, among others.
- Products: Lattice software, the Fury combat drone, EagleEye soldier helmets and Seabed Sentry undersea sensing.
- Headquarters: Costa Mesa, California, with 7,000 employees in 2026, per Wikipedia.
- On Real Alpha: 31 moments of its people talking, from 8 interviews.
Is Anduril public? Can you buy its stock?
No. Anduril is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.
As of October 2026 it had no announced IPO date, confirmed ticker or public S-1 filing, according to CoinCodex.
Its shares are held by its founders, staff and investors. In October 2026 it opened a tender letting employees sell shares at $94.80 each, Yahoo Finance reported. The sale values Anduril at about $90 billion, is capped at about $1.3 billion and closes November 9. This page reports facts and gives no investment advice.
Valuation, round by round
Its valuation went from $8.48B in December 2022 to $61B in May 2026, more than seven times in under four years.
| Date | Valued at | Raised | Led by | Source |
|---|---|---|---|---|
| Jul 2026 | about $100B | In talks | — | Defense News (Reuters) |
| May 2026 | $61B | $5B | Thrive Capital and Andreessen Horowitz | Anduril |
| Jun 2025 | $30.5B | $2.5B | Founders Fund | TechCrunch |
| Aug 2024 | $14B | $1.5B | Founders Fund and Sands Capital | Anduril |
| Dec 2022 | $8.48B | $1.48B | Valor Equity Partners | Anduril |
The July 2026 round at about $100B was still in talks when Reuters reported it, and Anduril said no decisions had been made. An October 2026 employee tender valued it at about $90B.
Revenue
Anduril said its revenue more than doubled to $2.2B in 2025, after doubling to about $1 billion in 2024.
| Date | Figure | Basis | Source |
|---|---|---|---|
| May 2026 | $2.2B | Company | Anduril |
| Jun 2025 | about $1B | Reported | TechCrunch |
Sacra, an analyst firm, says Anduril projects $4.3B in revenue for 2026 as Arsenal-1 scales production in Ohio. Anduril publishes no audited results.
How Anduril makes money
Anduril sells finished military systems and the software that runs them. Palmer Luckey says it prefers to bring the government a working product rather than a presentation, and pays for development itself.
That spending comes before the revenue. Sacra, an analyst firm, estimates Anduril projects an operating loss of about $1.2B in 2026.
- Systems sales. It sells drones, counter-drone systems, surveillance systems and command software to the U.S. Department of Defense. Wikipedia
- Software subscriptions. Lattice, its core software, is sold to defense and security customers as a subscription, according to Sacra. Sacra
- Spending ahead of revenue. Sacra says the projected 2026 loss reflects heavy R&D and factory spending before revenue from large multi-year contracts is booked. Sacra
From Anduril's interviews
- 2:00 Anduril's product-first model rewards speed over billable workPalmer Luckey · Sourcery · Dec 2025
Products
Its products share one software base, Lattice. Trae Stephens says it began with Anduril's first border-surveillance tower and now runs drones, interceptors and other systems.
- Lattice. Its core AI software, which joins data from sensors and other systems into one picture. Sacra
- Fury is a high-speed combat drone. Production began at Arsenal-1, its plant in Ohio, in March 2026, Sacra reports. Sacra
- EagleEye (unveiled October 2025). A modular mixed-reality helmet family for soldiers, built on Lattice. Sacra
- Seabed Sentry. Fiber-optic microphones and software that locate submarines, ships and divers, as Palmer Luckey describes it.
- Meta and Anduril are co-developing VR and AR devices for U.S. Army use, Sacra reports. Sacra
- ExoAnalytic Solutions. In March 2026 Anduril agreed to buy this space-sensing and missile-defense firm. Terms weren't disclosed. Reuters (via Yahoo Finance)
From Anduril's interviews
- 22:06 Seabed Sentry filters ocean detections into useful alertsPalmer Luckey · Sourcery · Dec 2025
- 14:18 Visible-spectrum invisibility is easy but often not usefulPalmer Luckey · Sourcery · Dec 2025
- 32:03 Design weapons for factories the country already hasPalmer Luckey · Sourcery · Dec 2025
Customers
Anduril's main buyer is the U.S. Department of Defense. It doesn't publish a customer count.
- US Army. In March 2026 it signed a 10-year enterprise contract worth up to $20 billion. The deal folds more than 120 separate procurement actions into one. TechCrunch
- US Marine Corps. Sacra puts a contract for AI anti-drone systems to protect military bases at $642M. Sacra
- US Air Force. Palmer Luckey says Anduril funded Fury itself and flew it 556 days after signing with the Air Force.
From Anduril's interviews
- 4:28 Anduril treats failed tests as part of product developmentPalmer Luckey · Sourcery · Dec 2025
Leadership
Anduril had 7,000 employees in 2026, according to Wikipedia.
- Brian Schimpf, co-founder and CEO. Contrary Research
- Trae Stephens, co-founder and executive chairman. Contrary Research
- Palmer Luckey, co-founder. He created the Oculus Rift and isn't Anduril's CEO. Wikipedia
- Christian Brose, president since January 2025. He joined as chief strategy officer in November 2018. Contrary Research
- Matt Grimm, co-founder and COO. Contrary Research
- Joe Chen, co-founder. Wikipedia
From Anduril's interviews
- 30:36 Founders still own the decisions AI cannot take off their platePalmer Luckey · Moonshots · Sep 2026
Who owns Anduril?
Its founders, staff and investors. As a private company it doesn't publish who holds what.
It has raised more than $11 billion from investors in all, TechCrunch reported in May 2026.
- Founders Fund seeded Anduril and put $1 billion into the June 2025 Series G, the largest check it has ever written. TechCrunch
- Thrive Capital and Andreessen Horowitz led the $5 billion Series H in May 2026. Anduril
- Sands Capital co-led the August 2024 Series F with Founders Fund. Anduril
- Valor Equity Partners led the December 2022 Series E. Anduril
- Fidelity Management & Research Company and General Catalyst are among its notable investors, per Sacra. Sacra
Competitors
Anduril competes with newer defense startups, and some of its rivals are also its partners.
- Palantir, a frequent partner and sometime competitor. AndurilNews
- Shield AI, both a competitor and a partner. Its software flew on Anduril's YFQ-44A. AndurilNews
- Helsing, often called Europe's Anduril, which competes for European budgets. AndurilNews
- Saronic, which competes in maritime autonomy, especially surface drones. AndurilNews
Timeline and latest news
From its founding to the latest reports, newest first.
- Oct 14, 2026Latest
Opened an employee tender at $94.80 a share, valuing it at about $90 billion. Yahoo Finance - Jul 24, 2026Latest
Reuters reported talks on a new round at about $100 billion. Defense News (Reuters) - May 13, 2026Latest
Announced a $5 billion Series H at a $61 billion valuation. Anduril - May 13, 2026
Said its 2025 revenue reached $2.2B. Anduril - Mar 13, 2026
The US Army signed a 10-year contract worth up to $20 billion. TechCrunch - Mar 11, 2026
Agreed to buy space-sensing firm ExoAnalytic Solutions. Reuters (via Yahoo Finance) - Mar 3, 2026
Reuters reported it was seeking about $4 billion from Thrive Capital and Andreessen Horowitz. Reuters via Yahoo Finance - Mar 2026
Began producing the Fury combat drone at Arsenal-1. Sacra - Oct 2025
Unveiled EagleEye, a mixed-reality helmet family for soldiers. Sacra - Jun 5, 2025
Raised $2.5 billion at a $30.5 billion valuation, led by Founders Fund. TechCrunch - Jan 2025
Christian Brose was made president. Contrary Research - Sep 9, 2024
A federal court entered judgment for Anduril in Alley v. Anduril. Midpage (court judgment) - Aug 7, 2024
Raised $1.5 billion at a $14 billion valuation. Anduril - Dec 2, 2022
Raised $1.48 billion at an $8.48 billion valuation, led by Valor Equity Partners. Anduril - Apr 20, 2017
Incorporated as Anduril Industries. Wikipedia
Legal matters
A federal court ruled for Anduril in a disability-law case in September 2024, according to the court judgment.
- Alley v. Anduril (C.D. Cal., filed 2023). The court entered judgment for Anduril and Area-I on the ADA claims on September 9, 2024. Alley appealed to the Ninth Circuit in October 2024, and the outcome isn't confirmed. Midpage (court judgment)
In their own words, and what followed
What people said about the business, with the minute they said it, and what was reported after.
Palmer Luckey on Sourcery · Dec 22, 2025
“We've mostly, as a country, been building weapon systems that require highly specialized workforces, highly specialized factories.”
32:03 Design weapons for factories the country already has
Reported after
Production of the Fury combat drone began at Arsenal-1, Anduril's plant in Ohio, in March 2026. Sacra
Palmer Luckey on Sourcery · Dec 22, 2025
“This is how you actually make functional products. You test them to fail you. You push the limits.”
4:28 Anduril treats failed tests as part of product development
Reported after
In March 2026 the US Army signed a 10-year contract with Anduril worth up to $20 billion. TechCrunch
Trae Stephens on All-In · Apr 6, 2026
“But you can also raise less at a lower price.”
27:39 Defense startups can raise less at a lower price
Reported after
In May 2026 Anduril raised $5 billion in its Series H at a $61 billion valuation. Anduril
What others say about Anduril
Moments where people outside the company talk about it.
Trae Stephens · Minus One · Nov 5, 2026
“The company was started in June. We had a test unit in September. We had first towers deployed in December.”
34:20 Anduril started with a deployable product, not its ultimate ambitions 5 min
Trae Stephens · All-In · Apr 6, 2026
“probably about five years to get to 10 million annually in revenue. We did that in 22 months.”
20:33 Palantir's field traction gave Anduril a faster path into defense 4 min
Trae Stephens · The Shawn Ryan Show · Oct 16, 2025
“the exact same backend that we used for every subsequent product.”
58:10 Anduril built one software stack for many autonomous systems 7 min
Trae Stephens · All-In · Apr 6, 2026
12:20 Modular factories can restore munitions production quickly 3 min
Questions people ask
Is Anduril a public company? Can I buy Anduril stock?
No. Anduril is private and has no ticker, so its shares aren't sold on any exchange.
When will Anduril IPO?
It has no announced IPO date. As of October 2026 it had no confirmed ticker or public S-1 filing, per CoinCodex.
Who owns Anduril?
Its founders, staff and investors, including Founders Fund, Thrive Capital, Andreessen Horowitz, Sands Capital, Valor Equity Partners, Fidelity and General Catalyst. It doesn't publish who holds what.
Who is the CEO of Anduril?
Brian Schimpf, one of its co-founders.
Who founded Anduril?
Palmer Luckey, Trae Stephens, Matt Grimm, Joe Chen and Brian Schimpf, in 2017.
How much is Anduril worth?
$61B at its Series H in May 2026, per Anduril. An October 2026 employee tender valued it at about $90B, as Yahoo Finance reported.
How much revenue does Anduril make?
It said revenue reached $2.2B in 2025, more than double the year before, in a May 2026 note.
Is Anduril profitable?
It doesn't publish results. Sacra, an analyst firm, estimates Anduril projects an operating loss of about $1.2B in 2026.
How does Anduril make money?
It sells drones, counter-drone systems, surveillance systems and command software to the U.S. military. Its Lattice software is sold as a subscription. 2:00
Who are Anduril's customers?
Mainly the U.S. Department of Defense. The US Army signed a contract worth up to $20 billion in March 2026, TechCrunch reported.
Where is Anduril headquartered?
Costa Mesa, California.
Who are Anduril's competitors?
Palantir and Shield AI, which are also partners at times, plus Helsing in Europe and Saronic in maritime drones, per AndurilNews.
Every moment from Anduril's people
31 moments from 8 interviews on 6 shows, newest first. Each one plays from the minute it starts.
Minus One · Nov 5, 2026 · 7 moments
What Nobody Tells You About Building Defense Tech Companies | Trae Stephens
- 23:45 High valuations can make even successful startups poor investments 6 min
- 30:28 Anduril grew out of a search for software-led hardware 4 min
- 34:20 Anduril started with a deployable product, not its ultimate ambitions 5 min
- 39:18 Defense startups must expand beyond a single product category 3 min
- 12:01 Palantir took a decade to reach $1 billion in revenue 4 min
- 17:24 Twelve companies generated over 95% of Founders Fund's returns 6 min
- 2:50 Palantir's culture won him over by turning ideas into action 6 min
Moonshots · Sep 28, 2026 · 1 moment
Palmer Luckey: Autonomous Weapons Are Ancient and Why Anduril Won't Build Humanoids | EP #295
All-In · Apr 6, 2026 · 6 moments
The State of Modern War: Palantir & Anduril Execs on Drones, AI, and the End of Traditional Warfare
- 12:20 Modular factories can restore munitions production quickly 3 min
- 27:39 Defense startups can raise less at a lower price 3 min
- 47:08 Autonomous weapons still need human accountability 4 min
- 20:33 Palantir's field traction gave Anduril a faster path into defense 4 min
- 23:58 Trae founded Anduril after finding almost nothing to fund 4 min
- 55:44 Vietnam and social distance shaped Silicon Valley's defense divide 3 min
TBPN · Feb 20, 2026 · 6 moments
Palmer Luckey: Why I Started My Own Bank
- 0:45 Erebor is built for deep tech and always-on dollar settlement 3 min
- 7:20 A bank charter keeps key decisions under the company’s control 2 min
- 19:04 Vision Pro brought future display economics into the present 3 min
- 3:32 Erebor wants to prevent fraud through early agency cooperation 2 min
- 10:47 ModRetro is stockpiling the M64 before launch 2 min
- 16:41 Vibe coding lets hardware founders focus on their strengths 2 min
Show 4 more interviews
Sourcery · Dec 22, 2025 · 7 moments
Palmer Luckey on UFOs, Anduril, Invisibility Tech, & Moon Wars
- 4:28 Anduril treats failed tests as part of product development 3 min
- 14:18 Visible-spectrum invisibility is easy but often not useful 4 min
- 32:03 Design weapons for factories the country already has 3 min
- 2:00 Anduril's product-first model rewards speed over billable work 2 min
- 11:41 Spacecraft would be too fragile to armor in combat 3 min
- 17:53 Luckey's UAP theory favors the distant past over the future 4 min
- 22:06 Seabed Sentry filters ocean detections into useful alerts 3 min
TBPN · Oct 21, 2025 · 2 moments
🔴 Palmer, Armstrong, Chesky LIVE
The Shawn Ryan Show · Oct 16, 2025 · 1 moment
Trae Stephens – Anduril’s AI Weapons, Palantir Myths, Antichrist and War with China | SRS #245
The Shawn Ryan Show · Feb 14, 2025 · 1 moment
Palmer Luckey - EagleEye: Inside the Military's AI Powered Superhuman Helmet | SRS #171
People on Real Alpha
- Palmer Luckey, Founder, Anduril · 17 moments
- Trae Stephens, Co-founder & executive chairman, Anduril · 14 moments
Other companies in Robotics
Figure · Physical Intelligence · Bonsai Robotics · Waymo · Skild AI · Unitree · Wayve · 1X · Apptronik · Agility Robotics · Generalist AI · Dyna Robotics
How this page is sourced
Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it. Spotted something that's off? .
Last checked Nov 6, 2026