Defense technology firm Anduril Industries is reportedly on track to secure up to $2.5 billion in new funding through a term sheet agreement, according to a CNBC report released on Friday. This new capital infusion could potentially raise the company’s valuation to as much as $28 billion, a considerable jump from its August 2024 valuation of $14 million, sources familiar with the matter revealed.
This announcement follows Anduril’s June 2024 declaration of plans to raise $1.5 billion in fresh investments. The raised capital is earmarked to fuel the company’s research and development efforts, expand its manufacturing capabilities, and support future acquisitions.
Anduril has gained attention for its strategy of upending traditional defense contractors. The firm achieves this by designing and producing its own cutting-edge products tailored to the specific requirements of its clients, thereby circumventing the conventional military contracting model. In a strategic move last December, Anduril partnered with the artificial intelligence startup OpenAI. This collaboration aims to facilitate the deployment of advanced AI systems intended for critical national security missions.
Anduril’s founder, Palmer Luckey, has been vocal about his political views and his backing for the company’s mission. Luckey, a known supporter of former President Donald Trump, stated, “I’ve been on the tech-for-Trump train for longer than just about anyone. The idea that we need to be the strongest military in the world is really non-partisan.”
