Anduril Industries, the US defence technology company, announced a $5bn Series H on 13 May 2026 that values it at $61bn. Thrive Capital and Andreessen Horowitz, both existing investors, led the round.
The valuation is about double the $30.5bn Anduril reached when it raised $2.5bn in its Series G just under a year earlier, TechCrunch reported. Anduril did not name other investors in the round.
In a note published with the announcement, chief executive Brian Schimpf said the financing would let the company keep investing in manufacturing capacity, research and development, and the infrastructure needed to build and field defence systems at scale.
“When we founded Anduril in 2017, defense was not a category that attracted significant venture investment. That has changed meaningfully over the last several years.”Brian Schimpf, Co-Founder and CEO, Anduril
What Anduril does
Anduril was founded in 2017 and builds autonomous military systems and the software that connects them. Its Lattice software platform is used in a US Army contract for battle manager software that analyses data from joint missile defence systems, according to TechCrunch. The company also makes the Fury autonomous fighter jet and is part of a team developing space-based interceptors for the US Space Force's Golden Dome missile defence programme.
In an investor letter from January 2026 that it published alongside the raise, Anduril said it more than doubled revenue to $2.2bn in 2025 and nearly doubled its workforce. The letter also said the company won and delivered its first international programme of record, for the Royal Australian Navy.
Tectonic Defense reported that Anduril has about 8,500 employees and plans to hire thousands more.
What the money is for
According to Tectonic Defense, most of the round will fund a continued build-up of production, including machinery, equipment, infrastructure and investment in suppliers. A large share will go to hiring, mainly engineers, and a significant amount to research and development. A company spokesperson told the publication that Anduril spends about 50-60% of its revenue on R&D, and that 2026 will focus mainly on production, with new products expected in 2027.
The company is building Arsenal-1, a factory in Ohio of more than 5m square feet. Tectonic Defense reported that the site was announced as a $1bn investment, that its first building is producing the YFQ-44A drone wingman for the US Air Force's Collaborative Combat Aircraft programme, and that it is expected to employ 4,000 people within the decade. Anduril also announced a campus of more than 1m square feet in Long Beach, California, in January.
Tectonic Defense said a stock market listing remains the goal but is not imminent.
The funding so far
Anduril has raised more than $11bn in total, according to TechCrunch, citing Tracxn. Tectonic Defense put the total at more than $11bn across eight rounds.
Its previous round, a $2.5bn Series G in June 2025, valued the company at $30.5bn. Founders Fund led that round with a $1bn cheque, its largest ever at the time, TechCrunch reported. Axios had reported in March 2026 that Anduril was raising $4bn at a $60bn valuation, according to Tectonic Defense; the final round came in about $1bn larger.
Investors move into defence
Schimpf said in his note that defence was not a category that attracted much venture investment when Anduril was founded, and that this had changed over the last several years as investors recognised the technological and industrial challenges facing the United States and its allies.
Tectonic Defense counted the Series H among the largest private rounds of the year, behind raises by OpenAI, xAI and Waymo.
Company website: anduril.com