Anduril Industries closed a $5 billion Series H on May 13 at a $61 billion valuation, led by Thrive Capital and Andreessen Horowitz; a raise that reflects how dramatically the war economy has reshaped venture appetite for defense technology.
The company, founded by Palmer Luckey, builds autonomous systems, drones and software-defined warfare platforms for the US and allied militaries. Its order book has expanded through the Trump administration's procurement push and the surge in European defense spending since 2024.
Why Defense Is the Hottest Lane
The Iran war, which began February 28, accelerated demand for exactly the classes of systems Anduril sells: long-endurance drones, interceptor-adjacent technology and the software layers that coordinate them. Investors have rerated the entire sector on the thesis that defense budgets are now structurally higher.
The round places Anduril among the most valuable private companies in the country and sets a benchmark for the wave of defense startups raising into a market that, for the first time in a generation, treats war as a growth industry rather than a cost center.
