Anduril’s $61 Billion Valuation Is A Bet On Pentagon Speed

InnovationAIAnduril’s $61 Billion Valuation Is A Bet On Pentagon SpeedByRenana Ashkenazi,Contributor.Forbes contributors publish independent expert analyses and insights. Managing Partner at Grove Ventures, investing in deep-tech and AIFollow AuthorMay 19, 2026, 11:02am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.SAN JUAN CAPISTRANO, CA - NOV. 22, 2024: Anduril employees deploy a counter drone and counter intrusion demo at the company testing site in San Juan Capistrano, Calif., on Nov. 22, 2024. (Photo by Alisha Jucevic for The Washington Post via Getty Images)The Washington Post via Getty ImagesLast week, defense-tech startup Anduril announced a $5 billion Series H at a $61 billion valuation. That's more than double what the company was worth less than a year ago, and investors just paid about $28 for every $1 of Anduril's trailing revenue. For perspective, Lockheed Martin — the largest U.S. defense contractor, with about $75 billion in annual revenue — trades at $1.60.The explanation to those staggering numbers is hiding in how Washington buys.What The Multiple Is Telling YouAnduril is a real company doing real revenue: more than $2 billion in 2025, up 110% from the prior year. It's also raised more than $11 billion in less than a decade — more than most defense companies raise in their first century. Lattice — Anduril's AI command software — runs counter-drone, missile-defense and battle-management programs for the U.S. Army, the Royal Australian Navy and the Dutch Ministry of Defense. The company is also a contractor on the new 'golden dome' space-based missile shield. The round was co-led by Andreessen Horowitz, already a defense-tech bull through its American Dynamism fund, and Thrive Capital, Joshua Kushner's consumer- and AI-leaning firm. Thrive's participation is what's new. When a fund without a defense thesis co-leads a $5 billion de...