Anduril, the American defense-tech upstart, is in talks for a new fundraising round that could push its valuation toward $100 billion, potentially placing it near the size of Lockheed Martin.

The proposed raise would be a two-stage process, with a second tranche potentially closing within about a year at a higher valuation if financial targets are met.

If the deal comes together, Anduril’s valuation would mark rapid growth from last year, underscoring rising investor interest in private defense tech startups.

In tandem with fundraising talks, Anduril unveiled Thunder, a new autonomous attack rotorcraft intended to boost combat power and survivability for current and next‑gen aircraft.

The company faces local opposition, including protest flyers at Seattle offices criticizing its AI-driven warfare work, though Anduril defends its right to support military personnel and democratic expression.

Industry trend lines show fast-growing startups leveraging market power and negotiating favorable investor concessions, parallels drawn to SpaceX’s private fundraising.

Anduril has benefited from robust military demand and investor interest in its drones, software, and missiles amid heightened U.S.-Iran tensions.

The defense tech sector is witnessing a revival driven by drones, autonomous systems, and AI-enabled warfare, with venture funding in the first half of this year surpassing all of 2025.

Anduril is expanding rapidly in the Seattle area, developing technologies such as the Lattice AI-powered battle management platform and autonomous naval vessels at Foss Maritime’s shipyard along Lake Washington Ship Canal.

The company has secured major Pentagon and allied contracts and is pursuing international expansion, with potential work in Israel and collaborations with Israeli defense firms.

Anduril’s contract footprint spans the U.S. Department of Defense, U.S. Air Force, U.S. Army, the Dutch Ministry of Defence, NATO, the U.K. Defence Ministry, Poland, and others.

Investors backing Anduril include Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital, and U.S. Vice President JD Vance, according to PitchBook.