Anduril Industries is a defense technology powerhouse founded in 2017 by Palmer Luckey and other veterans of Palantir and SpaceX, headquartered in Costa Mesa, California. Its core business centers on transforming national security through autonomous systems and software-defined weaponry—led by the Lattice OS AI platform, which provides integrated command and control across land, sea, and air. Anduril surpassed $1 billion in revenue in 2024 and is on a trajectory to reach $2 billion in 2026, driven by major contract wins in autonomous combat aircraft (CCA) and the Pentagon’s Replicator program.
A central engine of its recent growth is Arsenal-1, a massive "hyperscale" manufacturing facility in Ohio. The site is designed to bring software-driven mass production to the defense sector, with its first autonomous fighter jet—the YFQ-44A "Fury"—slated to begin production in Q2 2026. This expansion is complemented by the high-volume production of the Bolt-M loitering munition, following a $23.9 million contract with the U.S. Marine Corps to deliver over 600 units starting in February 2026. These systems reflect Anduril’s shift from high-end prototyping to being a primary merchant supplier of autonomous "affordable mass" for the U.S. and its allies.
Financially, Anduril remains one of the most valuable private defense firms in history, following a $2.5 billion Series G round in mid-2025 led by Founders Fund. As of February 2026, secondary market activity and recent funding tranches imply a valuation of approximately $38 billion to $40 billion. The company has raised over $7 billion in total equity, backed by institutional giants like Fidelity, Andreessen Horowitz, and Sands Capital. Discussions regarding a potential IPO are intensifying, with analysts projecting a public market debut could target a valuation between $50 billion and $60 billion.
The company continues to aggressively expand its technological moat through strategic acquisitions, such as the October 2025 purchase of American Infrared Solutions (AIRS) to vertically integrate high-performance sensing hardware. With deep-rooted partnerships—including a $22 billion IVAS contract collaboration with Microsoft—and a growing presence in the Asia-Pacific region through new offices in Japan and South Korea, Anduril offers rare exposure to the "Silicon Valley" approach to warfare: high-speed iteration, software-native architectures, and large-scale autonomous infrastructure.
Investment Memo – Detailed thesis and strategic deep dive.
Terms:
8% upfront, 2% management, 0.4% annual admin, 25% carry
Management capped at 3 years, first year collected upfront and subsequent held in expense holdback and returned to investors if the company exits before then.