Anduril Industries Authorizes Series F Up Round

On June 26th, 2024, Anduril Industries, a Prime Unicorn Index and Prime Unicorn 30 component, filed an updated certificate of incorporation authorizing a new Series F round at $21.74 PPPS, a 31.6% increase from the Series E price of $16.52. The round will be co-led by The Founders Fund and Sands Capital, the former having participated in every previous round and planning to invest $400 million more in the Series F.

This fundraising effort follows a significant increase in revenue to about $500 million last year, which highlights Anduril’s rapid growth and success in securing major defense contracts. Anduril’s investors were informed that the company aims to reach $1 billion in annual revenue by 2026. Secondary trades have been completed at over a $10 billion valuation, and the company’s stated target of a $12.5 billion valuation for this Series F round would mark a 25x multiple of last year’s revenue. This is far above the valuation of more mature defense companies that are valued around two times last year’s sales, indicating potential risk for late-stage investors. 

Anduril is a defense technology company founded in 2017 by the creator of Oculus VR, Palmer Luckey. The company is focused on creating advanced surveillance and defense systems to enhance national security, including drones and artificial intelligence. They have developed Lattice OS, “an autonomous sensemaking and command and control platform”, to provide situational awareness for military and law enforcement in real time. Anduril aims to make defense technology more effective and cost efficient with solutions for battlefield operations, infrastructure protection, and border security.  Their partnerships include the US Department of Defense, the US Department of Homeland Security, the UK Ministry of Defense, and the Australian Defense Force, among others.

Anduril’s Series E round raised $1.48 billion with investments from Andreessen Horowitz, 8VC, Valor Equity Partners, The Founders Fund, General Catalyst Partners LLC, Lux Capital, US Innovative Technology Fund, and others. Their total venture investments amount to approximately $2.3 billion, and the company looks to raise another $1.5 billion this round, which would be one of the largest fundraising rounds of 2024. The new Series F price would imply a valuation of $11.32 billion based on Anduril’s previous valuation by the Prime Unicorn Index.