Thrive Capital and Andreessen Horowitz led the round on the back of $2bn+ in 2025 revenue and a $20bn Pentagon enterprise agreement signed in March.
Anduril Industries has raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz, doubling its valuation to $61 billion eleven months after its previous mark. The Costa Mesa defence-tech company confirmed the round on Wednesday.
The valuation puts Anduril above Lockheed Martin’s market capitalisation by some measures and ahead of every other US private defence company.
The June 2025 round at $30.5 billion, led by Founders Fund, has effectively been re-priced within a year.
Reuters first reported in March that Anduril was sounding out a $4 billion raise at a $60 billion valuation; the final round came in slightly above both numbers.
Revenue growth is the proximate justification. The company has told investors it brought in more than $2 billion in 2025, roughly double 2024’s figure, and has nearly doubled headcount over the same period.
The Pentagon awarded Anduril an enterprise agreement in March worth up to $20 billion over 10 years, by far the largest contract in the company’s history, and one of the largest single awards to a non-incumbent defence firm in the post-9/11 era.
The product mix has broadened from the original surveillance-tower business. Roadrunner-M, the vertical-takeoff interceptor drone Anduril designed to shoot down other drones and then land for re-use, has booked more than $350 million in orders, including a $250 million package for 500-plus units bundled with Pulsar electronic-warfare systems.
EagleEye, its augmented-reality headset for soldiers, is in active fielding. The company tested an autonomous fighter jet in February, and is building Arsenal-1, a $1 billion manufacturing plant in Ohio that is meant to industrialise the company’s hardware lines on something closer to a consumer-electronics cadence than a prime-style production timeline.
The investor list reflects how defence has stopped being a venture-capital edge case. Thrive Capital, the firm built by Joshua Kushner, and Andreessen Horowitz, between them have led or co-led many of the largest AI-platform rounds of the past three years.
Their joint lead here puts defence tech inside the same capital pool that has been backing foundation-model companies.
Founders Fund, Sands Capital, and Counterpoint Global have been existing backers across earlier rounds.
Europe’s defence-tech surge runs in parallel. Munich-based Helsing is in the process of raising $1.2 billion at an $18 billion valuation, a round disclosed last week that would make it one of the five most valuable private technology companies on the continent.
Quantum Systems became Germany’s first defence-tech unicorn last year, and the broader European defence-tech category has been pulling in record funding, with German startups taking roughly 90% of the H1 2025 total.
What is not yet on the table is an IPO. Anduril chief executive Brian Schimpf and founder Palmer Luckey have repeatedly said the company will go public when the timing is right, and the new $5 billion is meant to fund Arsenal-1, further R&D, and continued contract execution rather than pre-IPO balance-sheet engineering.
The size of the round, and the lead-investor profile, has been read in market circles as a private-market alternative to a near-term listing.
