Anduril Industries
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Investors
Founders
About
Anduril Industries is an American defense technology company founded in 2017 by Palmer Luckey (creator of Oculus VR), Trae Stephens (a partner at Founders Fund and former Palantir employee), Brian Schimpf (former Palantir engineering director), Matt Grimm, and Joseph Chen 11. Headquartered in Costa Mesa, California, the company develops autonomous systems, AI-powered sensors, drones, and software platforms for military and national security applications 1. Anduril generated approximately $1 billion in revenue in 2024 and secured approximately $1.5 billion in contracts that year 2. The company is building Arsenal-1, a 5+ million-square-foot manufacturing facility near Rickenbacker International Airport in Ohio designed to produce tens of thousands of autonomous military systems annually 23.
Funding History
Anduril has raised over $10 billion across eight rounds since its 2017 founding 245.
| Date | Round | Amount | Valuation | Lead | Co-investors |
|---|---|---|---|---|---|
| Aug 2017 | Seed | $17.5M | — | Founders Fund | — 1 |
| Jun 2018 | Series A | $41M | $250M post | Founders Fund | SV Angel, Human Capital 1 |
| Sep 2019 | Series B | $120M | $1B+ post | Founders Fund | Andreessen Horowitz, General Catalyst 6 |
| Jul 2020 | Series C | $200M | $1.9B post | Andreessen Horowitz | 8VC, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lux Capital, Valor Equity Partners 7 |
| Jun 2021 | Series D | $450M | $4.6B post | Elad Gil | Andreessen Horowitz, 8VC, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners, D1 Capital Partners 8 |
| Dec 2022 | Series E | $1.48B | $8.48B post | Valor Equity Partners | Founders Fund, Andreessen Horowitz, General Catalyst, 8VC, Lux Capital, Thrive Capital, DFJ Growth, Elad Gil, Lachy Groom, Human Capital, WCM Investment Management, MVP Ventures, Lightspeed Venture Partners, US Innovative Technology Fund (Thomas Tull) 910 |
| Aug 2024 | Series F | $1.5B | $14B post | Founders Fund, Sands Capital | Fidelity Management & Research, Counterpoint Global, Baillie Gifford, Altimeter Capital, Franklin Venture Partners 311 |
| Jun 2025 | Series G | $2.5B | $30.5B post | Founders Fund ($1B) | — 24 |
| Mar 2026 | Series H | ~$4B (reported) | ~$60B (reported) | Thrive Capital, Andreessen Horowitz | Founders Fund, Lux Capital 512 |
Note: The Series H round was reported in early March 2026 but had not been confirmed as closed at the time of research 5.
What Investors Say
Trae Stephens, Anduril co-founder and Founders Fund partner, said of the Series G that Founders Fund’s $1 billion contribution was “the largest check the firm had ever written” 2.
Stephens described the demand for the Series G: investor demand “outpaced available shares by a factor of eight to ten” 2.
What Founders Say
Palmer Luckey has described the company’s mission: “The purpose of Anduril is to build a next-generation defense company that fills the holes left by all the other people that should be filling it” 13.
Luckey has also distinguished Anduril’s approach: “The idea behind Anduril was to build not a defense contractor, but a defense products company” 13.
Trae Stephens on Anduril’s strategic positioning: “We will look more like Lockheed Martin than we will Palantir or SpaceX… we are going directly at these major defense acquisition programs, head to head against the traditional players in the industry” 14.
Sources
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Contrary Research, “Anduril Industries Business Breakdown & Founding Story,” accessed March 2026. https://research.contrary.com/company/anduril↩↩↩↩↩
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FNEX, “Anduril Secures $2.5B in Funding, Doubling Valuation to $30.5B,” accessed March 2026. https://fnex.com/anduril-secures-2-5b-in-funding-doubling-valuation-to-30-5b/↩↩↩↩↩↩
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Crunchbase News, “Anduril Industries Valued At $14B After $1.5B Series F,” accessed March 2026. https://news.crunchbase.com/ai/defense-tech-anduril-industries-series-f/↩↩
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TechCrunch, “Anduril raises $2.5B at $30.5B valuation led by Founders Fund,” June 5, 2025, accessed March 2026. https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/↩↩
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Bloomberg, “Josh Kushner’s Thrive Capital, Andreessen to Lead $4 Billion Anduril Round,” March 3, 2026, accessed March 2026. https://www.bloomberg.com/news/articles/2026-03-03/thrive-capital-andreessen-to-lead-4-billion-anduril-round↩↩↩
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Crunchbase News, “Defense Tech Unicorn Anduril Powers Up With $2.5B At $30.5B Valuation” (Series B reference), accessed March 2026. https://news.crunchbase.com/venture/defense-tech-unicorn-anduril-doubles-valuation/↩
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Fortune, “Controversial surveillance startup Anduril gets a $1.9 billion valuation,” July 2, 2020, accessed March 2026. https://fortune.com/2020/07/02/controversial-surveillance-startup-anduril-gets-a-1-9-billion-valuation/↩
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TechCrunch, “Anduril raises $450M as the defense tech company’s valuation soars to $4.6B,” June 17, 2021, accessed March 2026. https://techcrunch.com/2021/06/17/anduril-funding-series-d-valuation/↩
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Axios, “Defense startup Anduril raises $1.48 billion in Series E funding,” December 2, 2022, accessed March 2026. https://www.axios.com/2022/12/02/anduril-capital-raise-billion-defense-technology↩
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Built In LA, “Anduril Industries Raises $1.48B, Nearly Doubles Valuation,” December 5, 2022, accessed March 2026. https://www.builtinla.com/2022/12/05/anduril-raises-1b-8b-valuation↩
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Cooley LLP, “Founders Fund Co-Leads Anduril’s $1.5 Billion Series F,” August 7, 2024, accessed March 2026. https://www.cooley.com/news/coverage/2024/2024-08-07-founders-fund-co-leads-andurils-1-5-billion-series-f↩
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Axios, “Anduril raising $4 billion at a $60 billion valuation,” March 4, 2026, accessed March 2026. https://www.axios.com/2026/03/04/anduril-palmer-luckey-valuation↩
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Deciphr AI, “20VC Anduril Founder, Palmer Luckey” (podcast transcript), accessed March 2026. https://www.deciphr.ai/podcast/20vc-anduril-founder-palmer-luckey-i-am-here-to-build-a-50bn-company-how-palmer-evaluates-his-relationship-to-money-pre–post-oculus-23bn-exit–why-the-us-dod-needs-to-be-more-like-china-in-its-approach↩↩
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The Generalist, “How Anduril is reimagining the defense industry: Trae Stephens,” accessed March 2026. https://www.generalist.com/p/how-anduril-is-reimagining-the-defense-industry-trae-stephens↩