Anduril Industries raised USD 5 billion in a Series H round at a USD 61 billion valuation, doubling from approximately USD 30.5 billion twelve months prior. Revenue doubled to USD 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 USD 18 billion, Helsing trades at a fraction of Anduril's multiple despite holding combat-proven status and a EUR 1.46 billion framework. The gap reflects the depth of US government contract vehicles (the USD 20 billion Lattice enterprise contract, DAWG line at USD 54.6 billion) that European defence budgets cannot yet match.
