Anduril, the Defense Start-Up, Is Now Worth $90 Billion

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War is the business of the moment, at least in private capital markets: Anduril, the American defense start-up, is valued at about $90 billion (about €80 billion) in a new share sale. Current and former employees can sell up to $1.3 billion (about €1.2 billion) worth of stock at $94.80 a share, Bloomberg reported. The offer runs until early November.

Valuation Tripled in 16 Months

The jump is enormous. In June 2025, Anduril was worth $30.5 billion (about €27 billion). In May, the company raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz, which doubled its valuation to $61 billion (about €54 billion). Since then, it has risen by nearly 50 percent. For the first time, employees in 16 countries can take part in such a tender offer; previously, it was limited to the United States, Britain and Australia.

Revenue is also growing fast: Anduril brought in $2.2 billion (about €2 billion) last year, according to Quartz, roughly double the year before.

From Drones to Fighter Jets

Anduril was founded in 2017 by Palmer Luckey, who had previously sold the virtual reality headset company Oculus to Facebook. The company builds surveillance systems, autonomy software, augmented reality helmets for soldiers and uncrewed combat aircraft. The U.S. Air Force recently took delivery of the first Fury autonomous wingman drones, which are designed to fly alongside piloted fighter jets. The U.S. Defense Department is among its largest customers.

Europe’s Defense Start-Ups Are Catching Up

In Europe, too, more money than ever is flowing into defense tech. According to Dealroom, European start-ups in the sector are heading for a record $10.5 billion in funding this year, with nearly half of it now coming from American investors. Valuations, however, remain well below Anduril’s. Helsing, the Munich-based A.I. defense company, was reportedly valued at about $18 billion in the spring, according to The Financial Times. The Portuguese-British drone start-up Tekever is worth about €5.5 billion after its latest round. In the United States, Anduril competes with established defense contractors such as Lockheed Martin and General Atomics, which supplies its own wingman drone, the Vengeance.