Anduril company profile: valuation, funding & revenue

This Anduril company profile covers the company's valuation, revenue, funding rounds, investors and history. Anduril works in defense technology, with a focus on autonomous systems and software. It was founded in 2017 and is headquartered in Costa Mesa, California, United States. Its latest valuation on record is US$61 billion (May 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

US$2.2 billion, roughly double the prior year — Annual revenue, 2025 (stated by CEO Brian Schimpf), as of 2025. Source: TechCrunch.

Funding history

Anduril timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2017 — Anduril is founded in Costa Mesa by Palmer Luckey, Brian Schimpf (CEO), Trae Stephens, Matt Grimm and Joe Chen.
• Aug 2024 — Series F: US$1.5B.
• Jun 2025 — Series G: US$2.5B, valuing the company at US$30.5B. Investors: Founders Fund (lead, US$1B).
• May 2026 — Series H: US$5B, valuing the company at US$61B. Investors: Thrive Capital and Andreessen Horowitz (co-leads).
• May 2026 — Total equity raised: More than US$11 billion.
• May 2026 — Valuation step-up: From US$30.5B (June 2025) to US$61B (May 2026).

Investors

Overview

Anduril Industries builds defense products for the United States and its allies: autonomous drones and aircraft, counter-drone systems, surveillance towers, underwater vehicles, missiles and rocket motors, all tied together by a software platform called Lattice. Where traditional defense contractors usually build to a government specification and get paid for their costs plus a margin, Anduril designs products with its own money first and then sells them, much like a commercial technology company. That approach, and the speed it allows, is what investors have been paying for.

The company was founded in 2017 by Palmer Luckey, who had earlier founded the virtual reality company Oculus and sold it to Facebook, together with Brian Schimpf, Trae Stephens, Matt Grimm and Joe Chen. Several of the founding team came from the data analytics company Palantir. Schimpf is the CEO. Anduril is headquartered in Costa Mesa, California, and has grown into the most valuable of the new generation of venture-backed defense companies.

What Anduril sells

Anduril's catalogue has widened quickly. The main product lines are:

• Lattice: the operating software that fuses data from sensors, cameras, radars and drones into one picture and helps operators direct autonomous systems. Lattice is also sold on its own; the US Army has contracted Anduril for battle manager software built on it.
• Air systems: small and large drones, loitering munitions, and the Fury autonomous aircraft, designed to fly alongside crewed fighter jets.
• Counter-drone systems: sensors and interceptors that detect and bring down hostile drones, a fast-growing need since the war in Ukraine.
• Border and base security: autonomous sentry towers that watch large areas and flag movement.
• Maritime: large autonomous underwater vehicles, developed in part with Australia.
• Weapons and propulsion: solid rocket motors and missiles, an area where the US has had very few suppliers.

The common thread is autonomy at scale: many cheaper systems, coordinated by software, rather than a small number of very expensive platforms.

How Anduril makes money

Most of Anduril's revenue comes from governments, chiefly the US Department of Defense, along with allied governments such as the United Kingdom, Australia and, more recently, the Netherlands. It earns money by selling hardware, licensing software, and providing support and upgrades. Because it funds much of its own product development, Anduril takes more risk up front than a traditional contractor, but it can also earn higher margins when a product wins a large order, and it can sell the same product to several customers.

Defense revenue tends to arrive in large, lumpy contracts, often after long testing and procurement cycles. A single programme win can add hundreds of millions of dollars over several years, while a lost competition can leave a product line without a major buyer.

Revenue

Anduril doesn't publish audited accounts, but its leadership has shared headline figures. In a blog post cited by TechCrunch, CEO Brian Schimpf said 2025 revenue roughly doubled to about US$2.2 billion. That is a rare level of disclosure for a private company, and it makes Anduril one of the few venture-backed hardware businesses with revenue in the billions. Anduril has not publicly confirmed its profitability; building factories and developing new weapons is expensive, and reports suggest it remains loss-making as it invests.

Funding history

Anduril has raised more than US$11 billion in equity, according to TechCrunch. The recent rounds show how quickly its valuation has climbed:

• August 2024, Series F: US$1.5 billion, which the company said would help it scale up defense production.
• June 2025, Series G: US$2.5 billion at a US$30.5 billion valuation, led by Founders Fund, which put in US$1 billion, its largest single investment ever.
• May 2026, Series H: US$5 billion at a US$61 billion valuation, co-led by Thrive Capital and Andreessen Horowitz, roughly doubling its value in less than a year.

Later reports said Anduril had discussed raising at a far higher valuation. The company said no decisions had been made, so we only record the closed Series H figure.

Manufacturing: Arsenal-1

A large part of Anduril's spending goes into manufacturing. The company has been building a very large factory in Ohio, known as Arsenal-1, intended to produce weapons and autonomous systems in high volume. The idea is to apply the methods of modern consumer hardware and car manufacturing to defense, where production has traditionally been slow and expensive. Ramping a factory of that size is a major execution risk, but if it works it gives Anduril something many startups lack: the ability to deliver in quantity.

Competitive landscape

Anduril competes with the established prime contractors, such as Lockheed Martin, Northrop Grumman, RTX, General Dynamics and Boeing, and with a growing field of venture-backed defense startups. In 2026 Shield AI raised US$1.5 billion at a US$12.7 billion valuation, and European rival Helsing was reported to be raising at around US$18 billion. Anduril also works alongside the primes, partnering on some programmes and competing on others. It is part of a team developing space-based interceptors for the Space Force's Golden Dome missile defense programme. On the Air Force's collaborative combat aircraft programme, it builds the Fury airframe, while Shield AI was chosen for some of the autonomy software.

Key risks

• Customer concentration: the US government is by far the largest buyer, so budget fights, continuing resolutions and shifts in priorities hit revenue directly.
• Programme risk: losing a large competition can strand years of self-funded development.
• Execution: moving from prototypes to mass production is hard, especially for missiles and rocket motors.
• Valuation: at US$61 billion, investors are pricing in years of rapid growth; any slowdown would make the next round or an IPO harder to price.
• Ethics and politics: autonomous weapons draw scrutiny from employees, governments and the public, which can affect hiring and export approvals.

The IPO question

Anduril's founders have spoken openly about eventually going public, and its size makes it one of the most anticipated defense IPOs. For now, it has been able to raise very large private rounds, which removes any pressure to list. Investors who want exposure before an IPO sometimes buy shares on the secondary market, but those prices are indications only, not official valuations.

What to watch next

Watch whether 2026 revenue keeps pace with the company's growth plans, the ramp-up at Arsenal-1, large programme decisions in the US and allied countries, export approvals, any new funding round or tender offer, and signs of IPO preparation such as the hiring of a public-company finance team.

Key facts at a glance

Anduril is a Costa Mesa defense technology company founded in 2017 by Palmer Luckey, Brian Schimpf, Trae Stephens, Matt Grimm and Joe Chen. It builds autonomous systems, weapons and the Lattice software platform. It reported about US$2.2 billion in 2025 revenue, has raised more than US$11 billion, and was valued at US$61 billion after a US$5 billion Series H co-led by Thrive Capital and Andreessen Horowitz in May 2026.

Why investors changed their minds about defense

For most of the last two decades, many venture investors avoided defense. Sales cycles were long, the customer was a single government, and some limited partners didn't want to own weapons makers. Several things changed that view. The war in Ukraine showed how cheap drones and fast software updates could reshape a battlefield. Governments in Europe and Asia raised defense budgets sharply. And companies like Anduril showed that a startup could win large programmes rather than just small research contracts. The result has been a wave of capital into defense technology, with Anduril as the reference point for the whole sector.

That shift also changed how defense startups are valued. Investors increasingly compare them with software and hardware platforms rather than with traditional contractors, which typically trade at much lower multiples of revenue. Whether those higher multiples hold up will depend on whether companies like Anduril can keep growing quickly while moving towards profitability.

Questions to ask about any defense technology company

• How much revenue comes from production contracts, rather than prototypes and research awards?
• How dependent is the company on one government, one agency or one programme?
• Does it own its manufacturing, and can it deliver in volume?
• Which allied governments buy from it, and what export approvals does it need?
• How much of its product development is self-funded, and what happens if a major bid is lost?

The same questions work for any company in the sector, from early-stage drone makers to the largest private players. Our guide to researching a private company covers where to find contract awards and other public data.

What this means if you're…

A defense supplier or subcontractor: Anduril's push into mass production creates demand for components, machining, electronics and logistics partners.

A founder: Anduril shows that self-funding products and selling them like a commercial company can work even in a government market, but it takes very large amounts of capital.

An investor: compare its valuation with its disclosed revenue and growth rate, and weigh the concentration on government budgets.

Latest developments (October 2026)

Anduril's May 2026 Series H, which raised about US$5 billion at a US$61 billion valuation, remains its latest round as of October 2026. Trackers put its latest annual revenue at roughly US$2.2 billion. The company continues to win large defence contracts for autonomous systems, counter-drone technology and its Lattice software, and is building its Arsenal manufacturing campus in Ohio. It has not announced IPO plans. See our defence tech guide for peers.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. TechCrunch
2. CNBC
3. TechCrunch