Defense technology firm Anduril Industries announced on May 13, 2026 that it has closed a $5 billion Series H financing round at a $61 billion valuation, co-led by returning investors Thrive Capital and Andreessen Horowitz (a16z). <cite index="1-3,1-4">The round is more than double the valuation it landed just under a year ago, when it raised $2.5 billion at a $30.5 billion valuation led by Founders Fund.</cite>
<cite index="4-7">The Series H brings the Costa Mesa, California-based company's total raised to date to $11.4 billion, per Crunchbase.</cite> According to reporting by Tectonic Defense, <cite index="6-12">the raise came in about $1 billion higher than expected—a $4 billion raise at a $60 billion valuation was first rumored earlier this spring</cite>, and it ranks among the largest private financings of the year so far.
Financials and operations
In a letter to investors published alongside the raise, Anduril chief executive Brian Schimpf disclosed that <cite index="1-6">the nine-year-old defense tech company doubled revenue in 2025 to $2.2 billion</cite>. <cite index="7-10,7-11">The company has also nearly doubled its workforce during this period.</cite>
The company indicated the proceeds will fund manufacturing and research expansion. <cite index="2-3">The raise will allow Anduril to expand manufacturing capacity, research and development, and infrastructure to field advanced defense systems at scale.</cite> <cite index="3-23,3-24">In March, Anduril inaugurated a plant dubbed Arsenal-1 that has more than 5 million square feet of production space. The company says that the $900 million factory is one of the largest industrial facilities in Ohio.</cite>
Anduril's product portfolio spans hardware and software. <cite index="3-10,3-11">Its flagship software product, Lattice, can visualize data from thousands of sensors in a real-time map. Built-in artificial intelligence (AI) models analyze the information to generate decision recommendations.</cite> The company also produces drones, radar systems, ruggedized networking equipment under the Voyager brand, and the EagleEye family of augmented reality headsets.
Contracts and acquisitions
The financing follows a string of major program wins. <cite index="4-15,4-16">In March, Anduril signed a $20 billion, 10-year contract with the US Army to supply software and weapons. It also announced that it was part of a group of companies building the $185 billion Golden Dome missile defense system for the U.S. government.</cite> <cite index="2-6">The company 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, a planned network of satellites operating in geosynchronous orbit.</cite>
On mergers and acquisitions, <cite index="3-27">a March deal saw Anduril buy a space observation company called ExoAnalytic Solutions that operates more than 400 telescopes around the world.</cite>
Market context
The round arrives amid a broader surge in defense-technology venture investment. <cite index="4-9,4-10">Just through mid-May, defense-related startups—defined by Crunchbase as the industries of military, national security and law enforcement—have raised nearly $13.6 billion this year, per Crunchbase data. That puts them on track to more than double the already record-breaking total of $8.8 billion raised in 2025, when Anduril was by far the sector's largest venture capital recipient.</cite> <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. Last month, Hermeus, maker of hypersonic unmanned fighter jets, raised $350 million at a $1 billion+ valuation, led by Khosla Ventures. And European defense tech darling Helsing is reportedly close to raising a new $1.2 billion round at about an $18 billion valuation, led by Dragoneer and earlier Helsing investor Lightspeed.</cite>
On the question of a public listing, Anduril told Tectonic Defense that <cite index="6-6,6-7">the goal remains to IPO—but that a listing is not imminent. The business as a whole needs to be profitable (or close to it) first—currently, some business lines are, but not the whole shebang.</cite>