Defense technology startup Anduril Industries Inc. is in discussions to secure $2.5 billion in new funding, which would raise its valuation to more than $28 billion, according to sources familiar with the matter. This marks a significant increase in the company’s valuation, which had raised $1.5 billion just a few months ago.
The funding round is being led by Founders Fund, the venture capital firm supported by billionaire Peter Thiel, as confirmed by an anonymous source. The firm, a long-time backer of defense technology ventures, has been a strong advocate for transforming the U.S. Pentagon’s procurement processes to incorporate more advanced technology.
Representatives from both Anduril and Founders Fund have declined to comment on the negotiations.
Anduril, which specializes in autonomous weapons systems, is also moving forward with plans to establish a new factory in Ohio, where it plans to invest nearly $1 billion. The facility is expected to span the size of about 87 football fields, further solidifying the company’s commitment to expanding its operations.
The $28 billion valuation does not yet account for the new funding, meaning the company’s post-money valuation—once the round is complete—will be even higher. Anduril’s chairman, Trae Stephens, who also serves as a partner at Founders Fund, has previously advised President Donald Trump on efforts to modernize the U.S. military.
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