Anduril Industries said on May 13, 2026 that it had closed a $5 billion Series H financing at a $61 billion post-money valuation, with <cite index="1-1">returning investors Thrive Capital and Andreessen Horowitz leading the round</cite>. <cite index="1-4">The valuation is more than double the $30.5 billion mark Anduril reached just under a year ago, when it raised $2.5 billion in a round led by Founders Fund</cite>. <cite index="1-14">The company has now raised more than $11 billion from investors in total</cite>.
In a letter accompanying the announcement, Chief Executive Brian Schimpf framed the raise as a response to accelerating demand for autonomous defense systems. <cite index="4-3">Schimpf wrote that Anduril will invest "aggressively" in manufacturing capacity, research and development, and infrastructure</cite>. <cite index="5-7">According to the letter, Anduril is investing across autonomous aircraft, drones, missile systems, targeting software, integrated air defense and autonomous command-and-control infrastructure through its Lattice software platform</cite>.
Revenue and operations
<cite index="9-19">A memo to investors disclosed alongside the funding showed that company revenue doubled to $2.25 billion in 2025</cite>. <cite index="3-22,3-23">The company also said it nearly doubled its workforce over the past year, won and delivered on its first international program of record to the Royal Australian Navy and demonstrated autonomous flight on a U.S. Air Force unmanned combat aircraft program</cite>.
A significant share of new capital is earmarked for production. <cite index="9-21,9-22">In March, Anduril inaugurated a plant dubbed Arsenal-1 with more than 5 million square feet of production space; the $900 million Ohio factory is one of the largest industrial facilities in the state</cite>. The company has also continued to expand via acquisition: <cite index="9-24,9-25">Anduril has made more than a half-dozen acquisitions since launch, most recently agreeing in March to buy space observation firm ExoAnalytic Solutions, which operates more than 400 telescopes worldwide</cite>.
Program wins
The financing follows a series of large U.S. contract awards. <cite index="2-7">Anduril recently secured a position on the U.S. Air Force's $1.8 billion Andromeda contract for space domain awareness, supporting the Geosynchronous Reconnaissance & Surveillance Constellation</cite>. <cite index="2-8">It also secured a potential 10-year, $20 billion contract vehicle designed to streamline procurement of its commercial IT platforms for military and government customers</cite>. <cite index="10-23">Earlier in May, the company said it was teaming with K2 Space and Voyager Technologies on a space-based missile interception initiative aligned with the federal government's Golden Dome for America program</cite>.
Defense tech as a venture category
The Anduril round is the largest data point in a broader reallocation of venture capital toward defense. <cite index="1-11,1-12,1-13">In March, Shield AI raised $1.5 billion in Series G funding at a $12.7 billion valuation; hypersonic unmanned aircraft maker Hermeus raised $350 million at a $1 billion+ valuation led by Khosla Ventures; and European defense firm Helsing is reportedly close to a new $1.2 billion round at roughly an $18 billion valuation, led by Dragoneer and Lightspeed</cite>.
Anduril remains privately held. <cite index="3-17,3-18">The California-based company has not announced an official IPO plan, though the latest financing comes amid market speculation about a possible public listing in the next year</cite>. <cite index="10-13">Founder Palmer Luckey told CNBC in an interview last year that he would "definitely" take the company public</cite>.