Anduril Industries is a defense technology company founded in 2017 by Palmer Luckey, valued at $60.0 billion (Series G, June 2025, Founders Fund) and currently raising $4 billion at a $60 billion valuation (Bloomberg, March 2026). The company generated $1 billion in 2024 revenue, doubling year-over-year (Sacra). Accredited investors can access Anduril pre-IPO shares through UpMarket, a FINRA-registered broker-dealer, with a $50,000 minimum investment.
Anduril Valuation History
Round
Date
Price/Share
Valuation
Seed
Jul 2017
$0.55
$88M
Series A
Jun 2018
$1.17
$250M
Series B
Sep 2019
$3.61
$1.04B
Series C
Jul 2020
$5.93
$1.9B
Series D
Jun 2021
$12.29
$4.6B
Series E
Dec 2022
$16.52
$8.48B
Series F
Aug 2024
$21.74
$14.0B
Series G
Jun 2025
$42.93
$60.0B
Growth (announced)
Feb 2026
TBD
~$60.0B
Source: Sacra (COI filings). Total funding: ~$7.8B.
Anduril Revenue and Growth
$4.8M
2018
$29M
2019
$67M
2020
$150M
2021
$236M
2022
$420M
2023
$1.0B
2024
$2.1B
2025E
$4.3B
2026E
138%
2024 YoY Growth
~110%
2025E Growth (Sacra)
40-45%
Mature Product Margins
Source: Sacra, Fortune, Bloomberg, The Information. Estimates not audited. 2026E loss: $1.2B (The Information, Mar 5, 2026).
Why Investors Are Watching Anduril
$886B
U.S. defense spending FY2024
$20B
Army contract (Mar 2026)
60%
IPO probability in 2026 (Forge)
78x
Share price growth (Seed to G)
Contract
$20 Billion U.S. Army Contract
Single enterprise contract consolidating 120+ procurement actions. AI-enabled counter-drone capabilities through Lattice platform.
TechCrunch, DefenseScoop · March 14, 2026
Fundraise
$4B Raise at $60B Valuation
Thrive Capital + a16z co-leading. Nearly doubles valuation in nine months.
Bloomberg, WSJ, Reuters · Mar 3, 2026
Acquisition
ExoAnalytic Solutions (Space)
Space surveillance firm. Positions for $175B "Golden Dome" missile defense.
CNBC, TechCrunch · Mar 11, 2026
Contract
$642M Navy Counter-Drone
Marine Corps AI anti-drone systems. Plus Microsoft $22B IVAS takeover.
GovConWire, Sacra
Expansion
$1B Long Beach Campus
1M sq ft, 5,500 jobs by mid-2027.
CA.gov · Jan 2026
Manufacturing
Arsenal-1 Ohio Factory
Fury combat aircraft production. 4,000 jobs by 2026.
Columbus Dispatch
Defense
$99.6M Army NGC2 Partnership
Next-gen command and control with Shift5.
PR Newswire · Feb 2026
Product
Fury Drone Advances
AIM-120 AMRAAM flight. Shield AI Hivemind integration. Mid-flight AI switching.
Air & Space Forces · Feb 2026
Private market investments carry meaningful risks, including illiquidity and possible total loss of capital.
PPM review, fee analysis, and portfolio-fit evaluation support.
5
Fund your investment
Minimum typically $50,000. Wire or ACH. Monitor via UpMarket portal.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
About UpMarket
UpMarket's mission is to unlock the private markets for individual investors.
We provide access to a range of asset classes and investment strategies that span private equity, hedge funds, crypto, real estate, and other alternative assets.
The problem
Historically, accessing private market investments had these challenges:
A large barrier to entry due to high investment minimums
Time-intensive because sourcing deals is a lot of work even if you've got a great network, and
Costly because of investment-related diligence costs, paperwork, and legal fees
The solution
UpMarket works to address these barriers for individual investors by:
Offering lower investment minimums
Sourcing and conducting diligence on opportunities for investors, empowering them to pick and choose from pre-screened opportunities
Making the investment process entirely digital, straightforward, and easy to manage from a single portal
UpMarket has brokered over $1 billion in alternative investments*
*Includes principal invested and appreciation of investments originated via the UpMarket platform based on historical trade volume and valuation estimates through December 31, 2025. Of the total, approximately $146 million is managed by UpMarket Management, with the remaining originated investments managed by affiliates. Past performance is not predictive of future results.
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We aim to offer our clients investments from disciplined managers that pursue unique strategies across an array of asset classes.
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Anduril Stock FAQ
Is Anduril publicly traded?
No. As of March 2026, Anduril is private. Palmer Luckey confirmed "definitely" going public (CNBC, June 2025). Forge Global estimates 60% IPO probability in 2026.
When is Anduril going public?
No official date. Luckey indicated after Arsenal-1 becomes operational (target mid-2026). The $4B raise at $60B is viewed by some as a pre-IPO capital raise.
What is Anduril's stock price?
Most recent primary: $42.93/share (Series G, Jan 2026 COI per Sacra). At the $109.80B estimate with ~250M shares assumed, approximately $439.20/share.
Who owns Anduril stock?
Founders (Palmer Luckey, Brian Schimpf, Trae Stephens, Matt Grimm, Joseph Chen), employees, and investors including Founders Fund (~$2B), Thrive Capital, a16z, General Catalyst, 8VC.
What does Anduril build?
Autonomous defense systems on Lattice OS: Roadrunner interceptor, Fury combat aircraft, Ghost submarines, Bolt-M munitions, counter-drone systems, and space surveillance (ExoAnalytic).
Illiquid, no guaranteed exit. Revenue depends on government contracts. No audited financials. Consult your own advisors before investing.
How do pre-IPO trades work?
Accredited investors purchase from existing shareholders through secondary platforms. Anduril does not issue new shares in these transactions.
How do I exit my investment?
Sell on secondary market or hold until IPO/acquisition. Timing is unpredictable.
What is the minimum investment in Anduril on UpMarket?
The minimum for most Anduril offerings is $50,000. May vary by offering and share class. No fees to create an account.
How does UpMarket estimate Anduril's valuation?
Proprietary model using funding round data (Caplight), revenue data (Sacra), secondary market pricing, and public company comparables. Current estimate: $109.80 billion. For informational purposes only.
What is Anduril's revenue?
$1 billion in 2024 (Fortune, Axios, CNBC). Sacra estimates $2.1 billion for 2025. CEO forecasts $4.3 billion for 2026 (The Information, March 2026).
How much funding has Anduril raised?
~$7.8 billion across all rounds (Sacra). Key investors: Founders Fund (~$2B), Thrive Capital, a16z, General Catalyst, 8VC. New $4B round at $60B in progress.
What is the Anduril Fury drone?
The YFQ-44A collaborative combat aircraft, designated a fighter jet by the Air Force. Flew with AIM-120 AMRAAM and Shield AI Hivemind autonomous pilot. Mid-flight AI switching demonstrated.
Who are Anduril's competitors?
Venture-backed: Shield AI ($267M rev 2024), Saronic ($200M rev 2025). Traditional: Lockheed Martin, Northrop, L3Harris. Analytics: Palantir (~$190B cap). Anduril is the software-first alternative.
~$190B market cap. Anduril co-founders are alumni.
Saronic
Autonomous Naval
$200M rev (2025, +1,500% YoY). "Anduril of the seas."
L3Harris (LHX)
Legacy Defense
Benchmark for Anduril's disruption thesis.
Kratos (KTOS)
Autonomous Drones
CCA competitor to Fury. Publicly traded.
Bottom Line: Anduril Stock
Anduril scaled from a 2017 startup to $1B in 2024 revenue, with CEO projections of $4.3B for 2026. Valuation reached $60.0B (Series G) and is set to double to $60B (Thrive + a16z).
In March 2026: $20B Army contract, ExoAnalytic acquisition for space defense, Fury combat aircraft advances. Palmer Luckey confirmed IPO plans. Forge Global: 60% chance of going public in 2026.
Accredited investors can access Anduril shares through UpMarket, a FINRA-registered broker-dealer. All private market investments involve risk, including potential loss of principal. Past performance is not indicative of future results.
Any financial forecasts or financial returns displayed on this website are for illustrative purposes only, and are not a guarantee of future results. Past performance is not indicative of future performance. Alternative investments possess a certain level of risk, and cannot guarantee investment objectives or return on capital. This website is only available to certain qualified investors.
The information on this website does not constitute investment advice. The sole basis for the purchase of any securities is the final base sale document. Investors should make their own independent evaluation and analysis, consult financial, tax, investment consultants, etc., and decide whether to invest.
Pro Forma forecasts have been deducted management fees, but may include other fees. Fund returns, dividends and other forecasts are for reference only. Investment returns may be impacted by many uncertain factors. Investors must be willing and able to withstand the risk of potential investment losses.
