“Pioneering solutions for the software-defined conflicts of tomorrow.”

Anduril, established in 2017 by Palmer Luckey, Trae Stephens, Matt Grimm, and Brian Schimpf, is a defense technology firm that prioritizes AI, transforming the construction and implementation of military systems. In contrast to traditional defense contractors, Anduril provides software-defined, autonomous solutions that are swiftly developed, tested in the field, and continually enhanced. Central to its capabilities is Lattice, an AI-driven platform that combines sensors, drones, and autonomous systems to deliver real-time intelligence and decision support on the battlefield. Engineered to keep pace with emerging threats, Anduril provides the U.S. and its allies with flexible, scalable technologies that maintain a strategic edge in a new defense landscape.

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‍Business Model

Anduril departs from conventional practices in the defense sector by adopting a product-first strategy rather than waiting for comprehensive government requirements. The company finances and develops its technologies independently from the start, then presents complete solutions that address actual mission demands. Rather than being compensated for building according to contract specifications, Anduril earns revenue based on the effectiveness and influence of its technology in operational settings. This "build for the mission, not for specifications" strategy enables Anduril to innovate more swiftly, implement solutions more quickly, and perpetually enhance systems through software-defined platforms like Lattice, providing the military with adaptable and contemporary capabilities at an extensive scale.

Competitive Edge

Anduril is transforming the defense sector by merging Silicon Valley creativity with mission-centric values. In contrast to conventional contractors, Anduril independently finances and quickly develops AI-driven systems such as its Lattice platform that cater to genuine military requirements, rather than sluggish, specification-based agreements. Its software-driven, self-operating technologies provide immediate insights, quicker decision processes, and ongoing upgrades. By emphasizing speed, flexibility, and operational effectiveness, Anduril is establishing a fresh benchmark for contemporary defense in a world influenced by AI.

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Targeted Impact

Anduril aims to revolutionize defense technology by providing advanced, rapidly deployable solutions that enhance military capabilities.

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What Comes Next?

Anduril plans to continue expanding its product offerings and enhancing its AI and autonomous systems to meet evolving defense needs.

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Who will benefit?

U.S. and allied military forces will benefit from Anduril's innovative defense technologies and solutions.

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Anduril's Timeline

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Prominent News

Anduril Partners To Explore UK Opportunities With Archer Midnight,  May 20, 2025 - Anduril has revealed intentions to strengthen its collaboration with Archer by investigating market possibilities for the hybrid iteration of the Midnight eVTOL in the UK.  Click here to read more.

Anduril To Buy Edge Computing And Tactical Communications Company Klas, May 8, 2025 -  Anduril Industries declared that it had finalized a deal to buy Klas, a pioneer in tactical communications and edge computing.  Click here to read more.

Anduril Industries IPO: Valuation Soars to $28B, March 24, 2025 - Anduril recently completed a funding round that valued the company at $28 billion, with significant backing from Peter Thiel’s Founders Fund. Click here to read more.

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Revenue

Anduril's revenue is up 138% in 2024 from $420M in 2023.

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Return on Investment (ROI)

ROI computed as of May 26, 2025.

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Funding Round in USD

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Series G Valuation

<span class="date">2025-03-20</span>
<span class="value">$28.00B</span>

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Implied Valuation

<span class="date">2025-05-26</span>
<span class="value">$35.7B<span>

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Change Since Last Round

<span class="date">2025-03-20 → 2025-05-26</span>

<span class="value green">+27.5%</span>

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Anduril's VC/Strategic Investors

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Series A

• SV Angel
• Human Capital
• General Catalyst
• Founders Fund
• 8VC

‍Series B

• Andreessen Horowitz

‍Series C

• Andreessen Horowitz

Series D

• Angel investor
• Elad Gil
• Andreessen Horowitz
• Founders Fund
• 8VC
• General Catalyst
• Lux Capital
• Valor Equity Partners
• D1 Capital Partners

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‍Series E

• Valor Equity Partners
• Andreessen Horowitz
• Founders Fund
• 8VC
• General Catalyst
• Lux Capital

Series F

• Founders Fund
• Sands Capital
• Fidelity Management & Research Company
• Counterpoint Global
• Baillie Gifford
• Altimeter
• Franklin Venture Partners

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Series G

• Founders Fund
• Sands Capital
• Andreessen Horowitz (a16z)
• 8VC
• General Catalyst
• Valor Equity Partners
• Baillie Gifford
• Altimeter Capital
• Fidelity
• Counterpoint Global

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Quarterly Bid:Ask Volume Ratio

PM Insights highlights the quarterly bid:ask volume ratio where there were at least three institutionally-sized broker contributions within that period.

During Q4 2024, Anduril recorded its highest combined bid and ask volume at $1B. In Q1 2023, Anduril's volume was mostly driven by the ask side, whereas in Q3 2024, 60% of the volume shifted to the bid side.

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Quarterly Bid to Ask Spread

The plot below illustrates the quarterly average bid-to-ask spread. Anduril's bid-ask spread reached its highest point at 16.87% in Q3 2024, while it recorded its lowest spread at 4.85% in Q1 2023.

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