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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

Startups·Defence· active Whose Money·The Long Game ·6 takes · ·rbtfl upd Jun 25, 2026

Summary

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 and 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 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.