Anduril eyes $90B valuation in $1.3B employee share sale
What's the deal? Anduril Industries is offering current and former employees the chance to sell shares in a secondary transaction that could value the defense technology company at roughly $90 billion, BloombergDealroom has a profile for this one. Try Dealroom → reported. Eligible shareholders can sell stock at $94.80 a share, with total purchases capped at about $1.3 billion.
Why now? The tender offer, which began October 13 and runs through November 9, provides liquidity to employees without requiring Anduril to pursue an initial public offering. The company has periodically arranged such sales while remaining privately owned.
By the numbers: The proposed valuation marks a roughly 48% jump from the $61 billion Anduril commanded in May, when it raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz. Anduril generated $2.2 billion in revenue in 2025.
What's the endgame? Founded in 2017 by Palmer Luckey and others, Anduril develops unmanned aircraft, autonomous defense systems, surveillance equipment, and augmented reality technology for military use. It has expanded into underwater vehicles and missile systems as it competes with traditional contractors, with the US Defense Department among its largest customers.
The latest offer extends eligibility to employees in 16 countries, up from previous transactions limited to the US, UK, and Australia. Other investors include Founders Fund. Anduril declined to comment.
What could go wrong? The rising valuation raises questions about how much future revenue growth is already priced into Anduril's shares.
The signal: Among all-time secondary rounds in US machine learning, this $1.3 billion transaction ranks in the top 1% by size across 64 comparable deals. It reflects growing investor appetite for privately held defense technology firms as governments increase spending on autonomous weapons, AI, and military modernization — and signals those startups' potential to challenge established contractors for a larger share of government budgets.
Read more: msn.com
Image credit: Don McCullough
