Anduril Nears $12.5 Billion-Valuation Round Led by Founders Fund, Sands Capital

Anduril has lined up backers for one of the biggest venture deals this year.

The defense startup is close to finalizing a $1.5 billion investment co-led by Peter Thiel’s Founders Fund, according to two people involved in the deal. Sands Capital, known for investments just before public offerings, is co-leading the deal as a new investor, according to one of those people.

The investment will value the 7-year-old company at around $12.5 billion, or $14 billion including the new money, according to the people. Founders Fund, which has invested in every prior Anduril round, will invest $400 million as part of the new fundraising, said one of the people. The capital raise is unusually large given the moribund market for investments in mature companies outside those in artificial intelligence. It follows Anduril’s revenue growth, which roughly doubled last year to about $500 million.