Anduril Industries

Anduril Industries is a US defense technology company, specialized in advanced autonomous systems. The company defines its mission as “transforming U.S. and allied military capabilities with advanced technology”. Since its inception in 2017, the company has been disrupting the multi-billion defense industry. Renowned for its innovation and rapid development of new weapons, Anduril is sometimes referred to as the Space X of the defense industry. It is both a hardware and a software company that builds unmanned aerial systems (drones), high-tech surveillance equipment, rockets and propulsion systems, as well as underwater drones. Anduril has already raised a total of USD 2.26B over 4 rounds from more than 50 investors since its inception, and counts among others Andreessen Horowitz and the Founders Fund as shareholders.

We have participated in two previous financing rounds: the first one in April 2022 at a USD 7.5B pre-money valuation and the second one in November 2022 at USD 8.5B pre-money valuation. Anduril is expected to raise between USD 1B and 2B over the summer, with a pre-money valuation likely to be between USD 11B and 12B. Palmer Luckey, the 28-year-old founder, has indicated Anduril’s intention to go public in the near future. Given the substantial business the company conducts with the US government, we believe an IPO is highly probable in 2025. We would expect a valuation that will be then at least twice the upcoming financing round.