Anduril, a California-based defense tech company that sells autonomous drones, surveillance systems, and Lattice command-and-control software to US defense agencies, is discussing a funding round that could value it at about US$100 billion.

That would exceed Northrop Grumman’s market capitalization of about US$77.06 billion.

The plans are still fluid. One option under discussion is a two-stage structure in which investors commit to a later round at a higher valuation if Anduril meets financial targets.

An Anduril spokesperson said no decisions have been made on future financing.

The talks follow a US$5 billion round announced in May, led by Thrive Capital and Andreessen Horowitz, that doubled Anduril’s valuation to US$61 billion from US$30.5 billion in 2025.

In March, Anduril received a US Army contract vehicle worth up to US$20 billion through 2036.

The talks come as Anduril has posted strong military sales and drawn investor interest in its drones, software, and missiles amid the US conflict with Iran.

🔗 Source: Reuters