Defense tech startup Anduril Industries has raised $2.5 billion in a Series G round of funding, more than doubling its valuation to $30.5 billion post-money, the company’s chairman, Trae Stephens, told Bloomberg TV on Thursday.
Founders Fund, a venture firm where Stephens is also a partner, led the financing.
Stephens told Bloomberg TV that as Anduril continued to grow, it was “really important to shore up the balance sheet and make sure” it had “the ability to deploy capital into these manufacturing and production problem sets that we’re working on.”
Since its 2017 inception, Costa Mesa, California-based Anduril has raised more than $6 billion in funding, per Crunchbase data. Other investors include General Catalyst, Andreessen Horowitz, Valor Equity Partners, BlackRock and Lightspeed Venture Partners.
Founders Fund, which co-led Anduril’s $1.5 billion Series F in July 2024, contributed $1 billion to the latest financing, according to Stephens. He noted that it was the largest check the firm had ever written.
Palmer Luckey co-founded Anduril after being fired from Meta, the company to whom he’d sold his previous startup, Oculus. The two companies have since buried the hatchet, it seems, with Anduril announcing on May 29 that they are working together to build extended reality devices for the U.S. military.
Funding to VC-backed startups in defense — defined here as the industries of military, national security and law enforcement — hit $3 billion in 102 deals last year, per Crunchbase data. That’s only an 11% uptick from 2023, which saw $2.7 billion raised in 100 announced rounds.
With this latest Anduril round alone totaling almost all of last year’s funding to the sector, expect this year to see a significant bump.
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Illustration: Dom Guzman
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