Analysis
Anduril Industries remains in talks with investors for a funding round that could value the drone-and-missile maker at roughly $100 billion, according to TechCrunch — a mark that would land the nine-year-old company within reach of Lockheed Martin's roughly $130 billion market cap, just eight weeks after Anduril doubled its own valuation to $61 billion in a $5 billion round led by Thrive Capital and Andreessen Horowitz. No decision has been made, according to an Anduril spokesperson, and the exact amount the company plans to raise is still undetermined.
The talks landed in the same window Hadrian closed its own defense-adjacent round: $1.37 billion at a $7.87 billion valuation, roughly five times its prior mark, to automate precision manufacturing for the same defense-industrial base Anduril and SpaceX draw parts from.
Two rounds don't make a sector-wide repricing, but the pace is notable: Anduril's prior round closed in May, this one is being discussed in July, and Hadrian's own valuation has moved 5x in a matter of months. The challenge for anyone diligencing either mark is that neither step-up is anchored to a disclosed change in contract backlog — both are priced on trajectory and geopolitical tailwind, which is a harder number to underwrite than trailing revenue.
