Anduril Opens $1.3B Employee Tender, Values Firm at $90B

Anduril priced its new employee tender offer at $94.80 a share, valuing the defense-AI company at roughly $90 billion and capping the total offer at about $1.3 billion, according to Bloomberg and CNBC. The window "opened on Oct. 13 and closes Nov. 9," CNBC reported.

What is different this time is the eligibility list. "The latest tender marks the first time Anduril made such an offer available to employees in 16 countries," CNBC wrote; previous tenders limited participation to employees in the U.S., U.K. and Australia. For engineers hired overseas, this is the first clean path to selling vested stock.

The $90 billion mark would land about five months after a May primary round that raised $5 billion and doubled the company's valuation to $61 billion. Palmer Luckey, who co-founded Anduril in 2017, is now, per CNBC, "among a growing group of defense tech leaders taking on advisory roles in Washington as they compete for key Department of Defense contracts." The product line Anduril is being priced on, which includes unmanned fighter aircraft, autonomy software, surveillance tools and augmented reality helmets, is what the Pentagon buys from it today. The week before the tender launched, the company booked a $2.9B Navy shipyard contract.

The structure is a secondary, not a primary, so none of the $1.3 billion flows into Anduril's balance sheet. Investors are buying insider liquidity at $94.80, and employees across the 16-country footprint choose whether to sell. Neither Bloomberg nor CNBC named the buyers.