Anduril Industries
Anduril builds AI-autonomous weapons, interceptors, and the Lattice C2 platform for U.S. and allied militaries.
Background
Anduril Industries was founded in 2017 by Palmer Luckey — the Oculus Rift creator — alongside co-founder and CEO Brian Schimpf and several alumni of defense and technology firms.
Luckey's pitch was to build a software-first defense contractor that could out-iterate legacy primes on hardware-software integration.
The core product stack centers on the Lattice AI command-and-control platform, which fuses sensor data for autonomous decision-making and battle management.
Around it sit: Roadrunner and Roadrunner-M, a reusable turbojet interceptor; Bolt-M and Altius 600M-V loitering munitions; the Fury Collaborative Combat Aircraft; Ghost Shark XL-AUV for undersea operations; and Pulsar electronic-warfare systems. Arsenal-1, a roughly $1 billion manufacturing facility in Ohio, is designed to scale production of these systems at volume.
Anduril sells direct to government customers under program-of-record contracts and rapid-acquisition vehicles. The workforce nearly doubled year-over-year through 2025–2026, reflecting simultaneous ramp-up across multiple programs.
Linked records
Wired to the rest of BattlePolicy — the systems it builds in the Lexicon and the contracts it wins in the Procurement Tracker. Every link below is a record in our own datasets.
- U.S. Special Operations Command — Roadrunner CUxS Hardware
- U.S. Special Operations Command — Roadrunner systems
- U.S. Department of Defense — Roadrunner-M interceptors
- U.S. Navy — Roadrunner-M
- U.S. Navy — Roadrunner-M
- US Marine Corps — OPF-L
- US Marine Corps — Bolt-M
- US Marine Corps — Switchblade 300 Block 20
- US Marine Corps — Rogue 1
- US Marine Corps — Bolt-M
- US Marine Corps — Rogue 1
- USAF (United States) — CCA Increment 1
- Australia — Ghost Shark XL-AUV
- United States — Dive-XL (CAMP)
- U.S. Army — IVAS headset
- Taiwan — ALTIUS 600M-V systems
- Kuwait — Anduril counter-UAS (Anvil-M etc., US FMS)
- Polish Armed Forces — Barracuda-500M
- US Pentagon — Barracuda-500M
- US Air Force — YFQ-44A Fury
- Lyntris's $1.78 Billion Debut Sets a Harder Defense-Tech Price
- Combined Resolve Exposed the Army's Slow Drone-Buying Cycle
- NATO's own C2 centre wants a cognitive-warfare unit. Its procurement arm bought one in February.
- Anduril's Fury Fired Its First Live AMRAAM. The Software That Ran the Shot Is the Real Contest.
- Airbus Bought Into a German Drone Unicorn and Ukraine's Front Line on the Same Day
- Anduril wants to rewrite the export rules. The drone war's real front is the control list.
- Record Defense-Tech Funding Is a Bet on Ukraine's Cheap-Drone Lesson
- Anduril joins Elbit's bid for the Army's next howitzer
Financial footing
- $5B Series H (May 2026) at $61B val
- Arsenal-1 Ohio (~$1B mfg)
- Barracuda-500M Army missile contract
- Backers: Founders Fund, Andreessen Horowitz, Thrive Capital
Anduril closed a $5 billion Series H on 13 May 2026 at a **$61 billion** post-money valuation, co-led by Thrive Capital and Andreessen Horowitz — roughly double the $30.5 billion set by the June 2025 Series G, and more than four times its 2023 mark.
Cumulative disclosed funding is about $11.4 billion across eight rounds, from a $17.5 million seed in 2017.
Reported 2025 revenue is approximately $2.2 billion with roughly $4 billion projected for 2026, against a contract pipeline the company and its backers put above $20 billion. Headcount is around 8,000.
Since July 2026 Anduril has been reported in talks for a round at or near a **$100 billion** valuation, with secondary-market pricing quoted higher still. Treat that as press reporting rather than a closed round — the last figure Anduril has confirmed over its CEO's signature remains the $61 billion Series H.
At $100 billion the nine-year-old company would sit within reach of Lockheed Martin's market capitalisation, which is the comparison that makes this the defining valuation question in defence tech.
Major customers & contracts
Joined live from the Procurement & Contracts Tracker — real award/announcement records.
| Customer | System | Scale / detail | Status |
|---|---|---|---|
| U.S. Special Operations Command | Roadrunner CUxS Hardware | 12500000 | signed |
| U.S. Special Operations Command | Roadrunner systems | FY2024 budget request | tender |
| U.S. Department of Defense | Roadrunner-M interceptors | Contract includes Roadrunner-M interceptors and Pulsar electronic-warfare systems; more than 500 rounds ordered; specific contracting authority and end-buyer service branches unconfirmed | signed |
| U.S. Navy | Roadrunner-M | 10-year programme-of-record for destroyer defence; Roadrunner-M specific value unconfirmed | framework |
| U.S. Navy | Roadrunner-M | Integration onto Arleigh Burke-class destroyers; initial ship-set quantities and procurement mechanism unconfirmed | framework |
| US Marine Corps | OPF-L | IDIQ ceiling for OPF-L program | framework |
| US Marine Corps | Bolt-M | smallest of three OPF-L evaluation awards | signed |
| US Marine Corps | Switchblade 300 Block 20 | OPF-L evaluation award | signed |
| US Marine Corps | Rogue 1 | OPF-L evaluation award | signed |
| US Marine Corps | Bolt-M | for 600+ systems plus ground control components, deliveries Feb 2026 – Apr 2027 | signed |
| US Marine Corps | Rogue 1 | for 600+ systems under OPF-L framework | signed |
| USAF (United States) | CCA Increment 1 | Contract values for the development phase remain unconfirmed. | signed |
| Australia | Ghost Shark XL-AUV | A$1.7 billion | signed |
| United States | Dive-XL (CAMP) | unconfirmed | signed |
| U.S. Army | IVAS headset | program value | signed |
| Taiwan | ALTIUS 600M-V systems | 300000000 | tender |
| Kuwait | Anduril counter-UAS (Anvil-M etc., US FMS) | potential | framework |
| Polish Armed Forces | Barracuda-500M | Thousands of rounds planned, with a growing share of Polish and European components in later phases. | tender |
| US Pentagon | Barracuda-500M | At least 3,000 surface-launched rounds over three years. | framework |
| US Air Force | YFQ-44A Fury | Production contracts cover at least 150 aircraft by 2030, against an eventual fleet of about 1,000 | delivered |
Further disclosed customers & programs (public reporting):
The U.S. Army is now the anchor. On **14 March 2026** Anduril was awarded a **$20 billion enterprise contract** — a ten-year vehicle, five-year base plus five-year option, consolidating more than 120 separate procurement actions into one instrument covering Lattice software, hardware, infrastructure and support services.
That is the largest single commercial commitment in the company's history and converts Lattice from a product into Army infrastructure.
Beyond it: a **$249.98 million** air-defence production contract for Roadrunner-M interceptors and Pulsar electronic-warfare systems, with deliveries running from Q4 2024 through end-2025; a signed $12.5 million U.S.
Special Operations Command award for Roadrunner counter-UAS hardware; and a Navy framework for Roadrunner-M integration onto Arleigh Burke-class destroyers, ship-set quantities undisclosed. The YFQ-44A Fury sits inside the Air Force Collaborative Combat Aircraft programme, and Arsenal-1 in Ohio is the production plant meant to carry all of it at rate.
Leadership & contact surface
Leadership: Brian Schimpf (CEO; founder Palmer Luckey)
Official site: https://anduril.com
Competitive position
Against Lockheed Martin and Raytheon Technologies, Anduril competes on software iteration speed and lower overhead — its Roadrunner-M entered program-of-record for destroyer defense faster than traditional acquisition timelines would allow legacy primes — but Anduril lacks the decades-long supply chains and congressional relationships those firms own. Against Shield AI, Anduril holds broader hardware depth across interceptors, UUVs, and loitering munitions, while Shield AI's focus remains narrower on autonomous pilot software.
Against AeroVironment, which dominates small UAS and loitering munitions with Switchblade, Anduril's Bolt-M and Altius 600M-V compete directly in the OPF-L evaluation — the Marine Corps awarded all three systems evaluation contracts, signaling no single winner yet. Against General Atomics in large autonomous aircraft, Anduril's Fury CCA competes for the same Air Force program-of-record dollars. The market is consolidating around two or three software-centric primes; Anduril's $61B valuation positions it to absorb smaller autonomy firms.
Battlefield relevance
Anduril's position is unusual and worth stating plainly: it is among the most highly valued weapons companies in the world with **no publicly confirmed combat employment of its own systems**.
What is established is fielding, not fighting. Roadrunner-M and Pulsar have been produced and delivered against a $249.98 million air-defence contract. Lattice is in service across U.S.
Army formations under the March 2026 enterprise vehicle and has been used for border and base surveillance since well before it. Ghost Shark XL-AUV is in Australian service development with the Royal Australian Navy. Bolt-M and Altius-series loitering munitions are in U.S. inventory.
What is absent is a documented engagement. No primary source confirms Anduril systems in combat use in Ukraine or elsewhere, and the company does not claim one.
That matters when the comparison set — Helsing, Stark, the Ukrainian manufacturers — is being judged on hit rates from the front. Anduril is being valued on programme capture and manufacturing capacity rather than on combat evidence, which is a different and so far untested basis.
Sources & verification
- Anduril raises $5B, doubles valuation to $61B — TechCrunch, May 2026
- Anduril valued at $61B in round led by Thrive, Andreessen — Bloomberg, May 2026
- Anduril Series H $5B funding — ANI News, May 2026
- Anduril $61B valuation signals defense industrial reset — Barchart, May 2026
- Anduril set to double valuation — Reuters, March 2026
- Anduril Roadrunner contracts — BattlePolicy
- Anduril Bolt-M / OPF-L contracts — BattlePolicy
- Anduril Fury CCA — BattlePolicy
- Anduril Ghost Shark — BattlePolicy
- Taiwan ALTIUS 600M-V FMS notification — Federal Register, Nov 2025
- CNBC Anduril valuation defense-tech funding — May 2026
- https://www.latimes.com/business/story/2026-05-14/anduril-doubles-valuation-amid-soaring-interest-in-defense-tech-companies
- https://techmarketbriefs.com/pre-ipo/anduril/
- https://www.bloomberg.com/news/articles/2026-02-14/anduril-in-talks-for-new-funding-st-60b-valuation-information
- https://techcrunch.com/2026/03/03/anduril-aims-at-60-billion-valuation-in-new-funding-round/
- https://www.ipo.club/deals/anduril
- https://www.axios.com/2026/03/04/anduril-palmer-luckey-valuation
- https://www.clay.com/dossier/anduril-industries-funding
- https://www.premieralts.com/companies/anduril-industries/valuation
- https://www.reddit.com/r/Anduril/comments/1l45vjt/anduril_clinches_new_funding_round_at_305_billion/
Analyst verdict Pro
The March 2026 Army enterprise contract is the fact that reframes Anduril. A $20 billion, ten-year vehicle that collapses 120 procurement actions into one is not a product win — it is the Army outsourcing an integration layer, and it makes Lattice extremely difficult to displace once embedded in a service's kill chain. That, not the drones, is the moat.
The execution risk is equally concentrated. Arsenal-1 must deliver Roadrunner-M, Bolt-M, Fury and Pulsar simultaneously at rate — a manufacturing problem no software-first defence firm has yet cleared at this complexity, and one that legacy primes are genuinely good at.
Revenue of roughly $2.2 billion against a $61 billion valuation, or a reported $100 billion, prices flawless execution.
The gap we would flag hardest is combat evidence. Anduril's European competitors are being assessed on documented hit rates in Ukraine, sometimes brutally; Anduril is being assessed on contracts. Both can be right, but only one has been tested.
Three things to watch: whether the ~$100 billion round actually closes or the reporting cools; whether the Navy formalises Roadrunner-M destroyer quantities and value; and whether any Anduril system produces a confirmed combat engagement — the first one will be worth more to the company's thesis than the next funding round.