Anduril Employee Share Sale Implies a $90 Billion Valuation, Up From $61 Billion in May

Anduril Industries has opened a tender offer that lets current and former employees sell up to about $1.3 billion of stock at $94.80 a share, a price that implies a valuation of roughly $90 billion, as reported by Tech Funding News on October 15, 2026, citing Bloomberg. The offer opened on October 13 and closes on November 9.

A tender offer is a share sale, not a funding round. Employees sell existing shares, the company stays private, and the implied valuation is set by the deal price rather than by public markets. For the first time, staff in 16 countries can take part, up from the US, UK and Australia.

How the Valuation Moved

Anduril was valued at $30.5 billion in June 2025, when it raised $2.5 billion in a round led by Founders Fund. It reached $61 billion on May 13, 2026 with a $5 billion Series H led by Thrive Capital and Andreessen Horowitz. The tender price is 48% above that mark, five months later.

Against the $2.2 billion of revenue Anduril reported for 2025, the Series H valued it at about 28 times revenue. The tender price works out at about 41 times.

What the Company Sells

Palmer Luckey founded Anduril in 2017, after Facebook bought his virtual reality company Oculus in 2014. Brian Schimpf is chief executive. The company sells unmanned aircraft, surveillance systems and Lattice, software that links sensors, AI models and vehicles. It competes with Lockheed Martin, RTX and Boeing.

On October 5, the US Army awarded Anduril a contract worth up to $1.8 billion over five years to roll out its Next-Generation Command and Control system to I Corps. Only $162.8 million, about 9%, is the base period, and options make up the rest. Anduril is also spending heavily ahead of revenue, including $3.7 billion on a Maryland shipyard for submarine components.

The Rivals Raising Billions

Defence technology investors keep paying up. Helsing closed a $1.8 billion Series E at $18 billion in July. Shield AI raised $2 billion at $12.7 billion in March, and Saronic closed a $1.75 billion Series D at $9.25 billion that same month. The Stockholm International Peace Research Institute reported that global military spending reached $2.887 trillion in 2025, up 2.9% in real terms.

The number to watch is whether the Army exercises the options behind more than 90% of its $1.8 billion award, and whether the new factories turn capital into deliveries.

What This Means for Founders

A tender offer shows a different way for a private company to give employees liquidity without an IPO. Early-stage founders can read it as a reminder that employees and early investors want a path to sell shares, and that a company with strong growth can offer it before going public. If you are weighing a growth round, ask investors whether they would support a tender later and how it affects your cap table.

Also note the price gap. A valuation set by a share sale can be higher than the last priced round, but it does not replace one. A founder raising from a lead investor should be ready to explain which valuation they are using and why.

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