Anduril in talks to raise funding at $100B valuation, signaling defense tech’s gravitational pull on venture capital

Anduril Industries is reportedly in early discussions to raise a new funding round at a valuation of approximately $100 billion, according to Reuters. If the deal materializes, it would mark one of the fastest valuation jumps in private company history, nearly doubling the $61 billion figure the company achieved just two months ago. For context, $100 billion is roughly where AMD trades publicly. Anduril builds AI-powered autonomous defense systems. It was founded in 2017. ## The valuation staircase In June 2025, the company raised $2.5 billion at a $30.5 billion valuation, with Founders Fund contributing its largest-ever single investment of $1 billion. Then in May 2026, Anduril closed a $5 billion Series H led by Thrive Capital and a16z, pushing the post-money valuation to $61 billion. That round alone more than doubled the previous price tag. Now, barely eight weeks later, the company is apparently back at the table looking for more capital at a figure that would represent roughly a 64% premium over the Series H. The company has raised over $6.8 billion in total funding across its various rounds. The size, timing, and lead investors for this potential new round remain unclear. ##...