Anduril in Talks for $100B Round Two Months After $61B Deal

A defense-tech private company reportedly in talks at roughly $100 billion, two months after being marked at $61 billion, is the kind of tape that makes even the venture people who welcomed it blink. Reuters first reported that Anduril is in discussions with investors on a new round at about a $100 billion valuation, though the size of the raise has not been determined and the terms remain fluid. An Anduril spokesperson said no decisions have been made about any future financing.

The reference point is the May 2026 Series H, which raised $5 billion led by Thrive Capital and Andreessen Horowitz at a $61 billion post-money, as CNBC covered at the time. A $100 billion mark barely two months later would be one of the faster valuation step-ups in recent private-company memory. Reuters describes one structure under consideration as a two-stage financing, where investors commit upfront to a second tranche at a higher valuation potentially within a year, with that follow-on round tied to Anduril hitting certain financial targets. That is a useful tell. It says at least some investors want the higher mark contingent on numbers rather than on narrative.

Why this matters beyond the cap table is the multiple. Anduril reported roughly $2.2 billion in 2025 revenue, so a $100 billion valuation implies something in the neighborhood of 45 times trailing revenue for a private defense contractor, at a moment when the listed primes it aspires to displace, Lockheed Martin, Northrop Grumman and RTX, trade at low single-digit revenue multiples. A valuation near $100 billion would put Anduril close to Lockheed Martin on price. That is a bet that autonomy and drone systems, including hardware like the Thunder drone Anduril unveiled at the Farnborough Air Show, are a different business than legacy platform primes, and priced accordingly.

The honest caveat is that this is a single scoop, no lead investor is named in the reporting I can see, and Anduril itself has said nothing is decided. The specific financial hurdles that would unlock the second tranche are not disclosed, and neither is the primary-versus-secondary split, which matters a lot for whether this would be real growth capital or an insider liquidity event dressed as one.

If it closes anywhere near the reported terms, the read-through is less about Anduril than about the ceiling on private defense-tech in this cycle. Thrive and Andreessen Horowitz get an immediate paper markup, the legacy primes get a very public benchmark of what private markets will pay for a modern defense pure-play, and everyone else building in the category gets fresh cover to raise their own next round.