Anduril Valuation History: Every Funding Round from 2017 to 2026

Anduril Industries is valued at $61 billion after a $5 billion Series H announced on May 13, 2026, led by Thrive Capital and Andreessen Horowitz. That is the latest priced round as of November 14, 2026. Reuters reported in July that Anduril was in talks at about $100 billion, but no new round has been announced.

Nine years earlier the Costa Mesa, California company was a seed-stage startup backed by Founders Fund. Its valuation passed $1 billion in 2019, $10 billion in 2024 and $50 billion in 2026. This page lists every round from 2017 to 2026 with the amount, the valuation, the lead investors and the source for each number, and flags where reports disagree.

Anduril funding rounds at a glance

Anduril has announced most rounds itself since 2020, but it rarely publishes its valuation. The figures below come from the company where it gave them and from established outlets otherwise. Valuations are post-money unless noted.

Not in the table: the about $100 billion valuation reported by Reuters on July 24, 2026. It describes talks, not a closed round, and is covered below.

How much is Anduril worth in 2026?

The only confirmed number is $61 billion, set by the Series H in May 2026. Anduril's law firm on the deal, Gunderson Dettmer, confirmed the $5 billion size and the $61 billion valuation, and Tectonic Defense reported that an Anduril spokesperson called the round oversubscribed. It came in about $1 billion larger than the $4 billion raise at a $60 billion valuation that Axios first reported in March 2026.

Higher figures you may see on aggregator and secondary-market sites are estimates. They are not set by a priced round and they do not come from the company, so we leave them out of the history. Our Anduril profile in the directory is updated when a new round is announced.

Anduril valuation over time: what changed at each step

2017 to 2020: from border towers to $1.9 billion

Anduril was incorporated in 2017 by Palmer Luckey, Trae Stephens, Matt Grimm, Joe Chen and Brian Schimpf, who later became chief executive. Founders Fund led the seed in August 2017 and the Series A. By September 2019, Crunchbase counted $41 million of known venture funding, and CNBC reported that a new round valued the company at about $1 billion post-money.

In July 2020, Andreessen Horowitz led a roughly $200 million Series C at about $1.9 billion, nearly double the 2019 valuation, according to Fortune. 8VC, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lux Capital and Valor Equity Partners also invested.

2021 to 2022: the first billion-dollar round

The $450 million Series D in June 2021 was led by angel investor Elad Gil and valued Anduril at $4.6 billion, more than double the July 2020 mark. Eighteen months later, Valor Equity Partners led a $1.48 billion Series E at $8.48 billion, which Washington Technology reported had been in the works since May 2022. Thrive Capital, Lightspeed and Thomas Tull's US Innovative Technology Fund were among the participants.

2024 to 2026: doubling every round

From the Series F onward, each round has roughly doubled the valuation. Founders Fund and Sands Capital co-led $1.5 billion at $14 billion in August 2024, with Fidelity and Baillie Gifford joining. Founders Fund then wrote a $1 billion check, its largest ever, in the $2.5 billion Series G at $30.5 billion in June 2025. The Series H doubled that again to $61 billion.

How much has Anduril raised?

Anduril has raised more than $11 billion from investors, according to TechCrunch citing Tracxn, and Tectonic Defense put the total at over $11 billion across eight rounds. Adding the amounts in the table, including the reported 2019 figure and the $41 million counted before it, gives about $11.3 billion. The company has not published an official cumulative figure.

More than three quarters of that money arrived in the last three rounds: $9 billion between August 2024 and May 2026.

Anduril revenue in 2025 and 2026

Anduril does not publish audited financials, but it has disclosed headline revenue for the last two years, and earlier figures were reported by the press.

Set against revenue, the valuation multiple has been steady. TechCrunch calculated about 28 times 2023 revenue at the 2024 round. By our arithmetic, the Series G priced Anduril at about 30 times 2024 revenue and the Series H at about 28 times 2025 revenue. A spokesperson told Tectonic Defense that 50% to 60% of revenue goes to research and development.

Who are Anduril's biggest investors?

Founders Fund has been present from the start: it led the seed and Series A, co-led the Series F and led the Series G. Andreessen Horowitz led the Series C and co-led the Series H. Other round leaders were Elad Gil (Series D), Valor Equity Partners (Series E), Sands Capital (Series F) and Thrive Capital (Series H).

Repeat participants named in round coverage include 8VC, General Catalyst and Lux Capital. Ownership stakes are not public. For the wider investor landscape across the sector, see our ranking of US defense tech unicorns.

Where the reported numbers disagree

• 2019 round size: Anduril did not disclose it. About $120 million is the figure used by Wikipedia and funding databases; CNBC reported the roughly $1 billion valuation.
• 2020 valuation: Fortune reported about $1.9 billion; a company representative put it at about $2 billion, according to Wikipedia.
• Series E: $8.48 billion is the reported figure; some later coverage rounds it to $8.5 billion.
• Series G size: the round was $2.5 billion. The $1 billion figure sometimes quoted is the Founders Fund portion.
• Series H: the March 2026 rumor ($4 billion at $60 billion) differs from the final terms ($5 billion at $61 billion).

The reported $100 billion talks

On July 24, 2026, Reuters reported that Anduril was in talks with investors on a round that could value it at about $100 billion, citing two sources who called the figures "still fluid" (Defense News). The structure under discussion had two stages: investors would commit to a second round at a higher valuation, possibly within a year, which could depend on Anduril meeting financial benchmarks. Reuters could not determine the size of the raise.

Anduril told TechCrunch that "no decisions have been made about any future financing" and that, as a private company, it regularly evaluates ways to fund its growth. As of November 14, 2026, no round at that level had been announced.

What the money pays for

Anduril says the Series H funds manufacturing capacity, research and infrastructure to build and field systems at scale. The largest project is Arsenal-1 near Columbus, Ohio, a $1 billion factory with more than 5 million square feet of production space. Tectonic Defense reported headcount of about 8,500 and about 20 production facilities, plus an Army enterprise agreement worth up to $20 billion with the Department of Defense (DoD), which has also styled itself the Department of War since September 2025.

Anduril sits in the autonomy and AI software sector of our directory and appears in our list of California defense tech companies. For the question of when, or whether, the company will list its shares, read Anduril stock and IPO: can you buy it?. Its closest private peer by valuation is covered in our Shield AI valuation history.

This article is for information only and is not investment advice.