Anduril in talks at $100 billion, two months after its $61 billion round

Reuters says investors are weighing a two-stage deal that would price the nine-year-old drone maker near Lockheed Martin's market value, a day after Bloomberg reported its Rheinmetall partnership shrank.

Anduril Industries is discussing a new funding round that could value it at roughly $100 billion, Reuters reported Friday, citing two sources familiar with the matter. Both the round and the valuation are still fluid, the sources said, and Reuters could not determine how much the company wants to raise.

One structure floated is a two-stage deal. Investors would fund the company now, then commit to buying more shares at a higher valuation within a year, with that second price tied to Anduril hitting financial benchmarks, per the wire. Reuters framed the setup as startups wielding market power to extract unusual concessions, pointing to the conditions SpaceX imposed on backers before its June listing.

The jump would be steep. Anduril raised $5 billion at a $61 billion valuation in May, led by Thrive Capital and Andreessen Horowitz, and reported $2.2 billion of revenue for 2025 while doubling its workforce, CTech wrote. At $100 billion, the company founded in 2017 would sit just below Lockheed Martin, which Reuters put at $130 billion, and well above Northrop Grumman, valued near $77 billion, GeekWire noted. CryptoBriefing put the implied multiple near 45 times trailing revenue; the public primes trade at low single-digit multiples.

An Anduril spokesperson told Reuters no decisions had been made: "As a private company, we regularly evaluate opportunities to fund the growth of the business."

The talks surfaced a day after Bloomberg reported that Anduril's year-old partnership with Rheinmetall, struck at the June 2025 Paris Air Show to build European variants of the Barracuda cruise missile and Fury drone, has been significantly scaled back, with portions suspended. Neither company has said why.

The structure carries the market signal. A benchmark-gated second tranche lets investors underwrite a $100 billion headline number while paying today's price first, insurance in case a $2.2 billion revenue company grows into the figure more slowly than promised, and just as its flagship European industrial channel narrows. Reuters said the terms remain in flux; the second stage, if agreed, would come due within a year.