Anduril raised $4 billion in a round led by Andreessen Horowitz and Thrive Capital (Josh Kushner's firm), nearly doubling its valuation from $30.5 billion (June 2025 Series G) to $60 billion in just nine months. Existing investors Founders Fund and Lux Capital also participated.
The round came as the Iran war (Operation Epic Fury, launched February 28, 2026) drove surging demand for autonomous weapons and defense AI. At $4.3 billion in projected 2026 revenue, the $60B valuation implies approximately 14x forward revenue.
The timing sequence: Founders Fund led Anduril's $2.5B Series G ($1B check) in June 2025 → Iran war began February 28, 2026 → Anduril raised $4B more at double the valuation (March 3) → Anduril acquired ExoAnalytic space surveillance (March 11) → Army awarded Anduril $20B enterprise contract (March 14). In 11 days, Anduril went from fundraising to acquisition to the largest defense tech contract in history.
Josh Kushner's Thrive Capital co-leading the round adds another political connection: Kushner is the brother of Jared Kushner, Trump's former senior advisor and son-in-law.