Anduril Doubles Revenue and Plans $100 Million Employee Tender

Business has been booming for Anduril. The venture-backed weapons maker doubled revenue to about $1 billion in 2024, say people close to the company, and could get another sales lift from a change in Defense Department leadership under incoming President Donald Trump. The opportunity for growth could position Anduril for an initial public offering as soon as 2026.

In the near term, Anduril is offering existing investors an opportunity to buy more stock at what may be a discount on prevailing market prices. The company is in talks to arrange for some existing investors to buy more than $100 million worth of stock from employees at a $14 billion valuation, three people familiar with the share sale said. While that’s the same price at which Anduril raised new capital last summer, its stock has risen much higher in the secondary market for private tech stocks since then.