# Anduril revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/anduril/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

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.

Checked Nov 6, 2026

## 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](https://coincodex.com/article/94318/anduril-ipo).

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](https://finance.yahoo.com/markets/stocks/articles/anduril-employees-chance-cash-90-204919589.html) 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.

- Jul 2026 · about $100B · In talks · — · [Defense News (Reuters)](https://www.defensenews.com/industry/techwatch/2026/07/24/anduril-in-talks-to-raise-funding-at-about-100-billion-valuation/)
- May 2026 · $61B · $5B · Thrive Capital and Andreessen Horowitz · [Anduril](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)
- Jun 2025 · $30.5B · $2.5B · Founders Fund · [TechCrunch](https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/)
- Aug 2024 · $14B · $1.5B · Founders Fund and Sands Capital · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-5-billion-to-rebuild-the-arsenal-of-democracy)
- Dec 2022 · $8.48B · $1.48B · Valor Equity Partners · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-48-billion-in-series-e-funding)

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.

- May 2026 · $2.2B · Company · [Anduril](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)
- Jun 2025 · about $1B · Reported · [TechCrunch](https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/)

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](https://sacra.com/c/anduril/), 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](https://en.wikipedia.org/wiki/Anduril_Industries)
- **Software subscriptions.** Lattice, its core software, is sold to defense and security customers as a subscription, according to Sacra. · [Sacra](https://sacra.com/c/anduril/)
- **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](https://sacra.com/c/anduril/)

From Anduril's interviews

- [Anduril's product-first model rewards speed over billable work](https://realalpha.app/s/andurils-product-first-model-rewards-speed-over-billable/) · Palmer Luckey · Sourcery · Dec 22, 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](https://sacra.com/c/anduril/)
- **Fury** is a high-speed combat drone. Production began at Arsenal-1, its plant in Ohio, in March 2026, Sacra reports. · [Sacra](https://sacra.com/c/anduril/)
- **EagleEye** (unveiled October 2025). A modular mixed-reality helmet family for soldiers, built on Lattice. · [Sacra](https://sacra.com/c/anduril/)
- **Seabed Sentry.** Fiber-optic microphones and software that locate submarines, ships and divers, as Palmer Luckey describes it.
- **[Meta](https://realalpha.app/companies/#meta)** and Anduril are co-developing VR and AR devices for U.S. Army use, Sacra reports. · [Sacra](https://sacra.com/c/anduril/)
- **ExoAnalytic Solutions.** In March 2026 Anduril agreed to buy this space-sensing and missile-defense firm. Terms weren't disclosed. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/anduril-acquire-space-surveillance-firm-040330254.html)

From Anduril's interviews

- [Seabed Sentry filters ocean detections into useful alerts](https://realalpha.app/s/seabed-sentry-filters-ocean-detections-into-useful-alerts/) · Palmer Luckey · Sourcery · Dec 22, 2025
- [Visible-spectrum invisibility is easy but often not useful](https://realalpha.app/s/visible-spectrum-invisibility-is-easy-but-often-not-useful/) · Palmer Luckey · Sourcery · Dec 22, 2025
- [Design weapons for factories the country already has](https://realalpha.app/s/design-weapons-for-factories-the-country-already-has/) · Palmer Luckey · Sourcery · Dec 22, 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](https://techcrunch.com/2026/03/14/us-army-announces-contract-with-anduril-worth-up-to-20b/)
- **US Marine Corps.** Sacra puts a contract for AI anti-drone systems to protect military bases at $642M. · [Sacra](https://sacra.com/c/anduril/)
- **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

- [Anduril treats failed tests as part of product development](https://realalpha.app/s/anduril-treats-failed-tests-as-part-of-product-development/) · Palmer Luckey · Sourcery · Dec 22, 2025

## Leadership

Anduril had 7,000 employees in 2026, according to [Wikipedia](https://en.wikipedia.org/wiki/Anduril_Industries).

- **Brian Schimpf,** co-founder and CEO. · [Contrary Research](https://research.contrary.com/company/anduril)
- **Trae Stephens,** co-founder and executive chairman. · [Contrary Research](https://research.contrary.com/company/anduril)
- **[Palmer Luckey](https://realalpha.app/builders/palmer-luckey/),** co-founder. He created the Oculus Rift and isn't Anduril's CEO. · [Wikipedia](https://en.wikipedia.org/wiki/Anduril_Industries)
- **Christian Brose,** president since January 2025. He joined as chief strategy officer in November 2018. · [Contrary Research](https://research.contrary.com/company/anduril)
- **Matt Grimm,** co-founder and COO. · [Contrary Research](https://research.contrary.com/company/anduril)
- **Joe Chen,** co-founder. · [Wikipedia](https://en.wikipedia.org/wiki/Anduril_Industries)

From Anduril's interviews

- [Founders still own the decisions AI cannot take off their plate](https://realalpha.app/s/founders-still-own-the-decisions-ai-cannot-take-off-their/) · Palmer Luckey · Moonshots · Sep 28, 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](https://techcrunch.com/2026/05/13/anduril-raises-5b-doubles-valuation-to-61b/) 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](https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/)
- **Thrive Capital and Andreessen Horowitz** led the $5 billion Series H in May 2026. · [Anduril](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)
- **Sands Capital** co-led the August 2024 Series F with Founders Fund. · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-5-billion-to-rebuild-the-arsenal-of-democracy)
- **Valor Equity Partners** led the December 2022 Series E. · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-48-billion-in-series-e-funding)
- **Fidelity Management & Research Company and General Catalyst** are among its notable investors, per Sacra. · [Sacra](https://sacra.com/c/anduril/)

## Competitors

Anduril competes with newer defense startups, and some of its rivals are also its partners.

- **[Palantir](https://realalpha.app/companies/#palantir),** a frequent partner and sometime competitor. · [AndurilNews](https://www.andurilnews.com/compare/)
- **[Shield AI](https://realalpha.app/companies/shield-ai/),** both a competitor and a partner. Its software flew on Anduril's YFQ-44A. · [AndurilNews](https://www.andurilnews.com/compare/)
- **Helsing,** often called Europe's Anduril, which competes for European budgets. · [AndurilNews](https://www.andurilnews.com/compare/)
- **Saronic,** which competes in maritime autonomy, especially surface drones. · [AndurilNews](https://www.andurilnews.com/compare/)

## Timeline and latest news

- Oct 14, 2026 · Opened an employee tender at $94.80 a share, valuing it at about $90 billion. · [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/anduril-employees-chance-cash-90-204919589.html)
- Jul 24, 2026 · Reuters reported talks on a new round at about $100 billion. · [Defense News (Reuters)](https://www.defensenews.com/industry/techwatch/2026/07/24/anduril-in-talks-to-raise-funding-at-about-100-billion-valuation/)
- May 13, 2026 · Announced a $5 billion Series H at a $61 billion valuation. · [Anduril](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)
- May 13, 2026 · Said its 2025 revenue reached $2.2B. · [Anduril](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)
- Mar 13, 2026 · The US Army signed a 10-year contract worth up to $20 billion. · [TechCrunch](https://techcrunch.com/2026/03/14/us-army-announces-contract-with-anduril-worth-up-to-20b/)
- Mar 11, 2026 · Agreed to buy space-sensing firm ExoAnalytic Solutions. · [Reuters (via Yahoo Finance)](https://finance.yahoo.com/news/anduril-acquire-space-surveillance-firm-040330254.html)
- Mar 3, 2026 · Reuters reported it was seeking about $4 billion from Thrive Capital and Andreessen Horowitz. · [Reuters via Yahoo Finance](https://finance.yahoo.com/news/anduril-set-double-valuation-4-192755828.html)
- Mar 2026 · Began producing the Fury combat drone at Arsenal-1. · [Sacra](https://sacra.com/c/anduril/)
- Oct 2025 · Unveiled EagleEye, a mixed-reality helmet family for soldiers. · [Sacra](https://sacra.com/c/anduril/)
- Jun 5, 2025 · Raised $2.5 billion at a $30.5 billion valuation, led by Founders Fund. · [TechCrunch](https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/)
- Jan 2025 · Christian Brose was made president. · [Contrary Research](https://research.contrary.com/company/anduril)
- Sep 9, 2024 · A federal court entered judgment for Anduril in Alley v. Anduril. · [Midpage (court judgment)](https://app.midpage.ai/document/nicholas-alley-v-anduril-industries-1000411418939)
- Aug 7, 2024 · Raised $1.5 billion at a $14 billion valuation. · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-5-billion-to-rebuild-the-arsenal-of-democracy)
- Dec 2, 2022 · Raised $1.48 billion at an $8.48 billion valuation, led by Valor Equity Partners. · [Anduril](https://www.anduril.com/news/anduril-raises-usd1-48-billion-in-series-e-funding)
- Apr 20, 2017 · Incorporated as Anduril Industries. · [Wikipedia](https://en.wikipedia.org/wiki/Anduril_Industries)

## Legal matters

A federal court ruled for Anduril in a disability-law case in September 2024, according to the [court judgment](https://app.midpage.ai/document/nicholas-alley-v-anduril-industries-1000411418939).

- **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)](https://app.midpage.ai/document/nicholas-alley-v-anduril-industries-1000411418939)

## In their own words, and what followed

- [Design weapons for factories the country already has](https://realalpha.app/s/design-weapons-for-factories-the-country-already-has/) · Palmer Luckey · Sourcery · Dec 22, 2025
  > “We've mostly, as a country, been building weapon systems that require highly specialized workforces, highly specialized factories.”
  Reported after · Production of the Fury combat drone began at Arsenal-1, Anduril's plant in Ohio, in March 2026. · [Sacra](https://sacra.com/c/anduril/)

- [Anduril treats failed tests as part of product development](https://realalpha.app/s/anduril-treats-failed-tests-as-part-of-product-development/) · Palmer Luckey · Sourcery · Dec 22, 2025
  > “This is how you actually make functional products. You test them to fail you. You push the limits.”
  Reported after · In March 2026 the US Army signed a 10-year contract with Anduril worth up to $20 billion. · [TechCrunch](https://techcrunch.com/2026/03/14/us-army-announces-contract-with-anduril-worth-up-to-20b/)

- [Defense startups can raise less at a lower price](https://realalpha.app/s/defense-startups-can-raise-less-at-a-lower-price/) · Trae Stephens · All-In · Apr 6, 2026
  > “But you can also 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](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise)

## What others say about Anduril

- [Anduril started with a deployable product, not its ultimate ambitions](https://realalpha.app/s/anduril-started-with-a-deployable-product-not-its-ultimate/) · 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.”
- [Palantir's field traction gave Anduril a faster path into defense](https://realalpha.app/s/palantirs-field-traction-gave-anduril-a-faster-path-into/) · 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.”
- [Anduril built one software stack for many autonomous systems](https://realalpha.app/s/anduril-built-one-software-stack-for-many-autonomous-systems/) · Trae Stephens · The Shawn Ryan Show · Oct 16, 2025
  > “the exact same backend that we used for every subsequent product.”
- [Modular factories can restore munitions production quickly](https://realalpha.app/s/modular-factories-can-restore-munitions-production-quickly/) · Trae Stephens · All-In · Apr 6, 2026

## 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](https://coincodex.com/article/94318/anduril-ipo).

### 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](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise). An October 2026 employee tender valued it at about $90B, as [Yahoo Finance](https://finance.yahoo.com/markets/stocks/articles/anduril-employees-chance-cash-90-204919589.html) 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](https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise).

### Is Anduril profitable?

It doesn't publish results. [Sacra](https://sacra.com/c/anduril/), 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.

### 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](https://techcrunch.com/2026/03/14/us-army-announces-contract-with-anduril-worth-up-to-20b/) 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](https://www.andurilnews.com/compare/).

## Every moment from Anduril's people

### What Nobody Tells You About Building Defense Tech Companies | Trae Stephens
Minus One · Nov 5, 2026

- [High valuations can make even successful startups poor investments](https://realalpha.app/s/high-valuations-can-make-even-successful-startups-poor/) · 6 min
- [Anduril grew out of a search for software-led hardware](https://realalpha.app/s/anduril-grew-out-of-a-search-for-software-led-hardware/) · 4 min
- [Anduril started with a deployable product, not its ultimate ambitions](https://realalpha.app/s/anduril-started-with-a-deployable-product-not-its-ultimate/) · 5 min
- [Defense startups must expand beyond a single product category](https://realalpha.app/s/defense-startups-must-expand-beyond-a-single-product/) · 3 min
- [Palantir took a decade to reach $1 billion in revenue](https://realalpha.app/s/palantir-took-a-decade-to-reach-1-billion-in-revenue/) · 4 min
- [Twelve companies generated over 95% of Founders Fund's returns](https://realalpha.app/s/twelve-companies-generated-over-95-of-founders-funds-returns/) · 6 min
- [Palantir's culture won him over by turning ideas into action](https://realalpha.app/s/palantirs-culture-won-him-over-by-turning-ideas-into-action/) · 6 min

### Palmer Luckey: Autonomous Weapons Are Ancient and Why Anduril Won't Build Humanoids | EP #295
Moonshots · Sep 28, 2026

- [Founders still own the decisions AI cannot take off their plate](https://realalpha.app/s/founders-still-own-the-decisions-ai-cannot-take-off-their/) · 6 min

### The State of Modern War: Palantir & Anduril Execs on Drones, AI, and the End of Traditional Warfare
All-In · Apr 6, 2026

- [Modular factories can restore munitions production quickly](https://realalpha.app/s/modular-factories-can-restore-munitions-production-quickly/) · 3 min
- [Defense startups can raise less at a lower price](https://realalpha.app/s/defense-startups-can-raise-less-at-a-lower-price/) · 3 min
- [Autonomous weapons still need human accountability](https://realalpha.app/s/autonomous-weapons-still-need-human-accountability/) · 4 min
- [Palantir's field traction gave Anduril a faster path into defense](https://realalpha.app/s/palantirs-field-traction-gave-anduril-a-faster-path-into/) · 4 min
- [Trae founded Anduril after finding almost nothing to fund](https://realalpha.app/s/trae-founded-anduril-after-finding-almost-nothing-to-fund/) · 4 min
- [Vietnam and social distance shaped Silicon Valley's defense divide](https://realalpha.app/s/vietnam-and-social-distance-shaped-silicon-valleys-defense/) · 3 min

### Palmer Luckey: Why I Started My Own Bank
TBPN · Feb 20, 2026

- [Erebor is built for deep tech and always-on dollar settlement](https://realalpha.app/s/erebor-is-built-for-deep-tech-and-always-on-dollar/) · 3 min
- [A bank charter keeps key decisions under the company’s control](https://realalpha.app/s/a-bank-charter-keeps-key-decisions-under-the-companys/) · 2 min
- [Vision Pro brought future display economics into the present](https://realalpha.app/s/vision-pro-brought-future-display-economics-into-the-present/) · 3 min
- [Erebor wants to prevent fraud through early agency cooperation](https://realalpha.app/s/erebor-wants-to-prevent-fraud-through-early-agency/) · 2 min
- [ModRetro is stockpiling the M64 before launch](https://realalpha.app/s/modretro-is-stockpiling-the-m64-before-launch/) · 2 min
- [Vibe coding lets hardware founders focus on their strengths](https://realalpha.app/s/vibe-coding-lets-hardware-founders-focus-on-their-strengths/) · 2 min

### Palmer Luckey on UFOs, Anduril, Invisibility Tech, & Moon Wars
Sourcery · Dec 22, 2025

- [Anduril treats failed tests as part of product development](https://realalpha.app/s/anduril-treats-failed-tests-as-part-of-product-development/) · 3 min
- [Visible-spectrum invisibility is easy but often not useful](https://realalpha.app/s/visible-spectrum-invisibility-is-easy-but-often-not-useful/) · 4 min
- [Design weapons for factories the country already has](https://realalpha.app/s/design-weapons-for-factories-the-country-already-has/) · 3 min
- [Anduril's product-first model rewards speed over billable work](https://realalpha.app/s/andurils-product-first-model-rewards-speed-over-billable/) · 2 min
- [Spacecraft would be too fragile to armor in combat](https://realalpha.app/s/spacecraft-would-be-too-fragile-to-armor-in-combat/) · 3 min
- [Luckey's UAP theory favors the distant past over the future](https://realalpha.app/s/luckeys-uap-theory-favors-the-distant-past-over-the-future/) · 4 min
- [Seabed Sentry filters ocean detections into useful alerts](https://realalpha.app/s/seabed-sentry-filters-ocean-detections-into-useful-alerts/) · 3 min

### 🔴 Palmer, Armstrong, Chesky LIVE
TBPN · Oct 21, 2025

- [Erebor is designed to avoid the risks that sank SVB](https://realalpha.app/s/erebor-is-designed-to-avoid-the-risks-that-sank-svb/) · 5 min
- [Platform owners may avoid bundling games to protect revenue](https://realalpha.app/s/platform-owners-may-avoid-bundling-games-to-protect-revenue/) · 3 min

### Trae Stephens – Anduril’s AI Weapons, Palantir Myths, Antichrist and War with China | SRS #245
The Shawn Ryan Show · Oct 16, 2025

- [Anduril built one software stack for many autonomous systems](https://realalpha.app/s/anduril-built-one-software-stack-for-many-autonomous-systems/) · 7 min

### Palmer Luckey  - EagleEye: Inside the Military's AI Powered Superhuman Helmet | SRS #171
The Shawn Ryan Show · Feb 14, 2025

- [Anduril took over the Army’s soldier-vision program](https://realalpha.app/s/anduril-took-over-the-armys-soldier-vision-program/) · 7 min

## People on Real Alpha

- [Palmer Luckey](https://realalpha.app/builders/palmer-luckey/), Founder, Anduril
- [Trae Stephens](https://realalpha.app/builders/trae-stephens/), Co-founder & executive chairman, Anduril

## 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.