# Anduril doubles to $61bn valuation in $5bn Series H
> Thrive Capital and a16z lead the largest-ever defense-tech private round; revenue doubled to $2.2bn in 2025 and the Army's $20bn Lattice counter-drone contract underpins the raise

**Meta:** type: event · date: 2026-05-13 · heads: أموال من, اللعبة الطويلة · 6 takes · 2 lenses · 2 regions

## Summary

[Defense Tech](/ar/entity/defense-tech) startup Anduril Industries closed a $5bn Series H on 13 May 2026 at a $61bn post-money valuation, led by returning backers [Thrive Capital](/ar/entity/thrive-capital) and [A16z](/ar/entity/a16z). The valuation more than doubles the $30.5bn it fetched in a Founders Fund-led Series G in mid-2025. The company had raised over $11bn total by close. Revenue doubled in 2025 to $2.2bn, with the US Army's 10-year, up to $20bn contract to deploy Anduril's Lattice counter-drone platform across service operations as the most tangible revenue anchor. Palmer Luckey has pitched Anduril as a "defense prime of the future," and analyst commentary consistently cites it as the sector's most likely IPO candidate. [The broader defense-tech sector set an annual record](/ar/n/defense-tech-funding-record-2026) of $14.6bn raised by mid-2026, roughly half of which Anduril, Shield AI and Saronic account for.

## The split

US outlets, government-contracting publications and defense-focused European press uniformly treat the raise as confirmation that private capital has permanently re-entered defense. The Pentagon's explicit encouragement of VC participation (Washington Times, June 18) gives the trend institutional legitimacy. No significant critical take exists; the main skeptical thread is whether valuations outpace the Pentagon's slow procurement pace.

## By the numbers

- $5bn, Series H size.
- $61bn, post-money valuation.
- $30.5bn, prior valuation (Series G, mid-2025).
- $2.2bn, Anduril revenue in 2025, up from ~$1.1bn in 2024.
- $11bn+, total capital raised.
- $20bn, Army Lattice counter-drone contract ceiling over 10 years.

## Why it matters

Anduril's raise sets the price for defense-tech at a scale that previously belonged only to traditional primes. With Pentagon backing and a dedicated counter-drone contract now funded by Congress, Anduril is transitioning from startup to platform company, acquiring smaller players and positioning for a public listing that would be the first major test of defense-tech valuations on public markets.

## What to watch

- IPO filing timeline; whether Anduril files a confidential S-1 in H2 2026.
- Lattice deployment pace against the Army contract milestones.
- Competitor response: Shield AI ($12.7bn), Saronic ($9.25bn) and whether either seeks an earlier exit.
- Whether a16z's American Dynamism fund makes additional bets in the same space.

## Regional takes (batched by bias / lens)

### unlabelled
- **Anduril Industries (Series H announcement)** (United States, en) — Anduril's own release on closing a $5bn Series H led by returning investors Thrive Capital and Andreessen Horowitz. States the capital will expand manufacturing capacity, R&D and infrastructure to field advanced defense systems at scale. Notes Anduril has now raised more than $11bn total.
  Source: https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise
- **Bloomberg** (United States, en) — 
  Source: https://www.bloomberg.com/news/articles/2026-05-13/anduril-valued-at-61-billion-in-round-led-by-thrive-andreessen
- **Gunderson Dettmer (legal counsel note)** (United States, en) — 
  Source: https://www.gunder.com/en/news-insights/client-news/anduril-raises-5-billion-usd-series-h-at-61-billion-usd-valuation
- **Govcon Wire** (United States, en) — 
  Source: https://www.govconwire.com/articles/anduril-5b-series-h-funding-round
- **defence-industry.eu** (Europe, en) — 
  Source: https://defence-industry.eu/anduril-raises-5-billion-in-series-h-funding-round-reaching-61-billion-valuation/

### tech / venture
- **TechCrunch** (United States, en) — Frames the raise as doubling the $30.5bn valuation Anduril landed less than a year ago in a Founders Fund-led Series G, and as confirming Anduril as the most likely defense-tech candidate for an IPO. Notes revenue doubled in 2025 to $2.2bn and the Army's 10-year, up to $20bn Lattice counter-drone contract signed in March as the revenue anchor.
  > "Anduril raises $5B and doubles its valuation to $61B in under a year, after revenue doubled to $2.2B in 2025."
  Source: https://techcrunch.com/2026/05/13/anduril-raises-5b-doubles-valuation-to-61b/

## Across the graph
- Related: [[defense-tech-funding-record-2026]]
- Entities: Defense Tech, Mega Rounds, Thrive Capital, A16z

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Canonical: https://rbtfl.xyz/ar/n/anduril-series-h-2026