Anduril’s $61 Billion Valuation Is a Bet on Pentagon Speed

Anduril raised $5 billion in a Series H round at a $61 billion valuation, backed by strong revenue growth and major U.S. defense contracts.

Investors are betting less on current earnings than on faster Pentagon procurement rules that could let defense startups scale more quickly.

The deal suggests defense-tech firms may start to be valued more like software companies if the U.S. military shifts to bigger, faster contracts.

Anduril’s momentum puts pressure on incumbents like Lockheed Martin as AI command software, counter-drone, and missile-defense tools gain favor.