Anduril Valuation Hits $90 Billion in Employee Share Sale

Anduril Industries, a leading U.S. defense technology startup, has launched an employee share tender offer that values the company at approximately $90 billion, according to a Bloomberg report published Wednesday.

The privately held defense contractor set the share price at $94.80, with the total tender offer limited to around $1.3 billion. The program began Monday and is scheduled to close on November 9, giving eligible employees an opportunity to sell part of their equity holdings.

The latest Anduril valuation represents a significant increase from the $61 billion valuation recorded during its May funding round. That financing raised $5 billion and was led by prominent venture capital firms Thrive Capital and Andreessen Horowitz.

Founders Fund, which includes Anduril co-founder Trae Stephens among its partners, remains another major investor in the defense technology company.

Founded in 2017 by billionaire entrepreneur Palmer Luckey and other technology executives, Anduril specializes in artificial intelligence-powered military systems and advanced defense solutions. Its portfolio includes autonomous fighter aircraft, AI-driven surveillance technology, military software platforms and augmented reality helmets.

The U.S. Department of Defense is among Anduril's largest customers, reflecting growing demand for autonomous defense systems and AI-enabled military capabilities.

Anduril reported approximately $2.2 billion in revenue last year, highlighting its expanding presence in the defense industry as governments increase investment in next-generation military technologies.

The new tender offer also represents a major expansion of employee participation. For the first time, Anduril is allowing eligible workers across 16 countries to sell shares through the program.

Previous employee share sales were restricted to participants in the United States, United Kingdom and Australia. The latest arrangement includes both current and former employees, broadening access to liquidity.

Employee tender offers have become increasingly common among privately held technology and defense companies that delay initial public offerings. These transactions allow workers and early shareholders to convert some equity into cash without requiring a public stock market listing.

Anduril has conducted similar share sales regularly, providing employees with liquidity while maintaining its status as a privately owned company.

The $90 billion valuation underscores investor interest in artificial intelligence, autonomous weapons systems and defense technology as Anduril continues expanding its military product portfolio and global operations.