Anduril sets $90 billion valuation in employee share sale

# Anduril Offers Employee Share Sale at $90 Billion Valuation

Anduril Industries is offering current and former employees an opportunity to sell their company shares at $94.80 per share through a tender offer that values the defense technology company at approximately $90 billion. The transaction provides eligible shareholders with a way to access liquidity while the company remains privately held.

The offer opened on October 13 and is scheduled to close on November 9, with the total transaction capped at $1.3 billion. According to reports by Bloomberg, employees in 16 countries are eligible to participate in the share sale.

The proposed transaction marks a substantial increase in Anduril’s valuation from May, when the company completed a $5 billion funding round that valued it at $61 billion. The latest implied valuation of $90 billion represents an increase of approximately 48% in just a few months.

Founded in 2017 by Palmer Luckey and other entrepreneurs, Anduril develops advanced defense technologies for military and government customers. Its portfolio includes unmanned aircraft, autonomous systems software, surveillance equipment and augmented-reality headsets designed for military personnel.

The company works with the U.S. government and allied nations, with the U.S. Department of Defense among its major customers. According to figures cited in reports about the company, Anduril generated $2.2 billion in revenue last year as demand for defense technologies and autonomous systems continued to attract industry attention.

Unlike an initial public offering, the tender offer does not involve listing Anduril shares on a public stock exchange. Instead, it allows eligible current and former employees to sell some of their privately held shares at a specified price, subject to the terms and limits of the transaction.

The $1.3 billion cap represents the maximum size of the offer rather than a guarantee that the entire amount will be sold. Such private share transactions have become an important mechanism for employees of privately held companies to obtain liquidity before a potential public listing. They can also provide investors with a reference point for assessing a company’s valuation outside public markets.

Anduril’s latest valuation comes as the company expands its defense manufacturing operations and pursues larger government contracts. On October 6, the company announced plans to invest $3.7 billion in a new Maryland facility to manufacture components for Virginia-class submarines.

Separately, the U.S. Navy awarded Anduril a submarine-related production contract worth up to $2.9 billion, according to the company. Together, the announced investment and the contract represent a project valued at up to $6.6 billion. However, the contract’s maximum value does not guarantee immediate revenue, as payments are tied to production outcomes.

The manufacturing initiative reflects Anduril’s efforts to extend its role beyond software and autonomous defense systems into additional areas of military production. The company’s growing involvement in submarine-related manufacturing also places it within a broader effort to expand industrial capacity supporting U.S. defense programs.

Luckey, who previously founded virtual reality company Oculus, has also been named a co-director of Project Meridian, a Pentagon initiative focused on developing and scaling military capabilities. SpaceX Chief Executive Officer Elon Musk has joined the initiative as well.

Anduril has also pursued partnerships in military technology beyond its core defense manufacturing business. In May 2025, the company joined forces with Meta to develop extended-reality technologies for the U.S. military, building on its work in augmented-reality systems and related applications.

The tender offer places Anduril’s rising private-market valuation in focus as it expands its product portfolio, manufacturing footprint and government business. For eligible employees and former employees, the transaction creates an opportunity to sell shares at a predetermined price. For Anduril, it provides a mechanism for facilitating shareholder liquidity without requiring the company to go public.

Although the $90 billion valuation represents a significant increase from the company’s previous funding-round valuation, it reflects the terms of this private transaction rather than a price established through public stock-market trading. The final amount sold will depend on participation and the conditions of the tender offer.