Anduril Industries raised $5 billion in a Series H round at a $61 billion valuation, doubling from approximately $30.5 billion twelve months prior. Revenue doubled to $2.2 billion in 2025, producing a 27x revenue multiple that compares with Lockheed Martin's 1.6x.
Anduril's expanding alliance presence underpins the growth narrative: the Netherlands counter-drone deal, Project NYX selection, Arsenal-1 production, and Golden Dome participation span counter-drone, collaborative combat aircraft, and space-based interceptors simultaneously. That portfolio configuration took heritage primes three decades to build; Anduril assembled it in under nine years.
The valuation demands rapid profit growth to justify at public-market multiples. A confidential S-1 filing is plausible within 12 to 18 months at this revenue trajectory. The Helsing comparison is instructive: at $18 billion, Helsing trades at a fraction of Anduril's multiple despite holding combat-proven status and a €1.46 billion framework. The gap reflects the depth of US government contract vehicles (the $20 billion Lattice enterprise contract, DAWG line at $54.6 billion) that European defence budgets cannot yet match.
