Defense tech giant Anduril eyes $100B in new funding as Seattle expansion draws protests
Defense technology giant Anduril, which is rapidly expanding its operations in the Seattle area, is looking to raise new capital that could value the company at around $100 billion, Reuters reports.
That would give the privately held startup a larger value than Northrop Grumman, the 87-year-old defense company currently valued at $77 billion. Boeing’s market value stands at $165 billion, while Lockheed Martin’s is estimated at $134 billion.
Founded in 2017, Anduril is led by Hawaiian shirt and cargo shorts wearing Palmer Luckey, the 33-year-old creator of Oculus VR, whom the New York Times described as “The Guy of the security and emerging technology industry.”
In May, the Costa Mesa, Calif.-based company. raised a $5 billion round of funding — including investments from Thrive Capital and Andreessen Horowitz — that valued Anduril at $61 billion.
Anduril is growing rapidly in the Seattle area, with offices in downtown Seattle and Bellevue where the company operates a range of security technologies, including its Lattice command and control software. That platform is described as “an AI-powered battle control platform built to accelerate complex kill chains.”
It also established operations at the historic Foss Maritime shipyard along the south bank of the Lake Washington Ship Canal, where the company develops private naval vessels and other marine technology.
The company’s expansion into Washington state is not without controversy. Last weekend, protesters handed out flyers outside the company’s offices in downtown Seattle that read: “Anduril Out! No AI for War and Looting!”
Anduril said he recognizes the right to protest, while defending its work supporting US troops and service members.
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“We respect the right to free speech and understand that protests are a sign of democratic expression,” Anduril said in a statement provided to GeekWire. “That being said, it is strange when people choose to protest against a company that is dedicated to supporting the military that protects those rights.”
Earlier this week, Anduril announced a new system called Thunder, an autonomous attack rotorcraft that he said was “designed to increase the combat power and increase the survivability of current and next-generation attack and attack aircraft.”
The size of the financing round has not been determined and the terms are still in flux, Reuters reported, citing two people familiar with the matter. One structure being discussed would have investors commit to a second round of financing within a year at a higher rate, subject to Anduril meeting certain financial targets.
In a statement, Anduril said “reporting goes well before the facts.”
“Any information regarding the terms, structure, pricing, or timing of a future financing cycle is purely speculative,” the company said. “As a private company, we are always exploring opportunities to support business growth. Furthermore, we do not comment on rumours.”
