Anduril reportedly in talks to raise funding at $100B valuation, more than 3x last year’s mark
Anduril reportedly in talks to raise funding at $100B valuation, more than 3x last year’s mark
据报道，Anduril 正商谈以 1000 亿美元估值进行融资，较去年增长超两倍
Defense tech company Anduril is said to be raising a new round of capital that may push its valuation up by a whopping $40 billion to about $100 billion, Reuters reported, citing anonymous sources. 据路透社援引匿名消息来源报道，国防科技公司 Anduril 据称正在进行新一轮融资，此举可能使其估值大幅提升 400 亿美元，达到约 1000 亿美元。
The company, which raised $5 billion in May at a $61 billion valuation — itself roughly double the $30.5 billion valuation it landed in its June 2025 Series G round — may be structuring the fundraise as a two-stage process, with the second stage bringing in investors at a higher valuation. Both tranches could be closed within the year, Reuters reported. 该公司曾在今年 5 月以 610 亿美元的估值筹集了 50 亿美元（这一估值约为其 2025 年 6 月 G 轮融资时 305 亿美元估值的两倍）。据路透社报道，该公司可能将此次融资设计为两阶段流程，第二阶段将以更高的估值引入投资者。这两笔融资均有望在年内完成。
The news comes as the defense tech industry experiences an unprecedented revival, spurred by demand for drones, autonomous craft, and AI’s role in warfare, as war rages both in the Middle East and Eastern Europe. In the first six months of the year, the sector saw venture funding more than double to over $12 billion, eclipsing the nearly $10 billion that startups in the space raised in all of 2025. 此消息传出之际，正值国防科技行业经历前所未有的复苏。受中东和东欧战事影响，市场对无人机、自主航行器以及人工智能在战争中应用的需求激增。今年上半年，该行业的风险投资额翻了一番多，超过 120 亿美元，超过了 2025 年全年该领域初创公司筹集的近 100 亿美元。
Anduril has benefited from this demand, signing contracts with the U.S. Department of Defense, Air Force, and Army; the Dutch Ministry of Defence; NATO; the U.K. Ministry of Defence; Poland; and more. The company said in May that it had more than doubled its revenue to $2.2 billion in 2025 compared to a year earlier. Anduril 受益于这一需求，已与美国国防部、空军和陆军、荷兰国防部、北约、英国国防部、波兰等机构签署了合同。该公司在 5 月份表示，其 2025 年的收入已翻了一番多，达到 22 亿美元。
Other startups have cashed in, too: Military aircraft maker Shield AI in March raised $1.5 billion, Mach Industries quadrupled its valuation to $1.8 billion last month, and Europe’s Helsing this month raised $1.8 billion at an $18 billion valuation. 其他初创公司也从中获益：军用飞机制造商 Shield AI 在 3 月份筹集了 15 亿美元，Mach Industries 上个月将其估值翻了两番至 18 亿美元，而欧洲的 Helsing 本月以 180 亿美元的估值筹集了 18 亿美元。
A common thread across these deals is a shift toward cheaper, more expendable hardware, often called “attritable” systems, rather than the expensive-to-replace equipment that’s defined defense contracting for decades. Mach CEO Ethan Thornton has said the startup is designing systems for the current era of warfare at significantly lower cost than traditional defense contractors, citing Ukraine’s use of autonomous drones as a model. 这些交易的共同点是转向更便宜、更具消耗性的硬件（通常被称为“可损耗”系统），而不是几十年来定义国防承包业务的昂贵且难以更换的设备。Mach 首席执行官 Ethan Thornton 表示，该公司正在为当前战争时代设计系统，其成本远低于传统国防承包商，并以乌克兰对自主无人机的使用为例。
Separately, both Mach and Anduril have also moved to secure their own propulsion supply. Mach acquired solid rocket motor maker Exquadrum for $50 million in May, while the Pentagon has funded Anduril’s efforts to expand domestic solid rocket motor manufacturing capacity — moves aimed at a supply bottleneck that predates and cuts across the low-cost-weapons trend. 此外，Mach 和 Anduril 也都在采取行动确保自身的推进系统供应。Mach 在 5 月以 5000 万美元收购了固体火箭发动机制造商 Exquadrum，而五角大楼则资助了 Anduril 扩大国内固体火箭发动机产能的努力——这些举措旨在解决一个早于且贯穿于低成本武器趋势的供应瓶颈问题。
Anduril’s investors include Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ, Flux Capital, Greycroft, Altimeter, 1789 Capital, and current U.S. Vice President JD Vance, according to PitchBook. 据 PitchBook 数据显示，Anduril 的投资者包括 Thrive Capital、Andreessen Horowitz、Founders Fund、ICONIQ、Flux Capital、Greycroft、Altimeter、1789 Capital 以及现任美国副总统 JD Vance。
“No decisions have been made about any future financing, and anyone claiming knowledge of its terms, structure, pricing, or timing is speculating or misinformed. As a private company, we regularly evaluate opportunities to fund the growth of the business,” Anduril said in an emailed statement. Anduril 在一份电子邮件声明中表示：“目前尚未就任何未来融资做出决定，任何声称了解其条款、结构、定价或时间安排的人都是在猜测或被误导。作为一家私营公司，我们定期评估为业务增长提供资金的机会。”
Note: This story was updated to add Anduril’s comment. 注：本文已更新，加入了 Anduril 的评论。