Anduril raises $5 billion at $61 billion valuation

Defense technology company Anduril announced Wednesday that it has closed a $5 billion Series H round—a late-stage venture capital funding round—at a $61 billion valuation. The round, which was rumored to be in process in March, was led by returning investors Thrive Capital and Andreessen Horowitz. This transaction more than doubles the $30.5 billion valuation Anduril secured under a year ago, when it raised $2.5 billion in a round led by Founders Fund. Founders Fund contributed a $1 billion check to that previous round, which it noted was the largest check it has ever written. With this latest raise, Anduril has now raised more than $11 billion from investors altogether.

The company, which was founded in 2017, doubled its revenue in 2025 to $2.2 billion. “When we founded Anduril in 2017, defense was not a category that attracted significant venture investment. That has changed meaningfully over the last several years,” said CEO Brian Schimpf.

While Anduril has secured significant capital, the Department of Defense is signaling that it will not lock itself into any single rising-star startup. For example, the Air Force selected software from U.S. drone company Shield AI to operate with Anduril’s “Fury” autonomous fighter jet, splitting the hardware and software components rather than awarding a single combined contract to either firm. Despite this shared approach, Anduril continues to expand its contract portfolio both inside and outside the U.S. In May, the company announced its participation in a contract to develop a space-based “golden dome” missile defense shield system designed to protect the continental U.S. Anduril also announced a contract win from the Dutch Ministry of Defence, alongside a U.S. Army contract for battle manager software. This software contract uses Lattice—Anduril’s software platform for data analysis—to analyze data from joint missile defense systems.

This momentum reflects a broader funding surge across the defense tech sector. Recent investment rounds for Anduril’s peers include:

• Shield AI: Raised $1.5 billion in Series G funding at a $12.7 billion valuation in March.
• Hermeus: The developer of hypersonic unmanned fighter jets raised $350 million at a valuation of $1 billion+ last month, led by Khosla Ventures.
• Helsing: The European defense tech company is reportedly close to raising a new $1.2 billion round at about an $18 billion valuation, led by Dragoneer and earlier investor Lightspeed.

Why it matters

Anduril’s massive valuation reflects a structural shift in defense spending, where venture-backed startups are increasingly competing for and winning major government contracts alongside traditional defense primes.