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European Energy Markets
22JUN

Anduril raises $5B at $61B

3 min read
13:56UTC

Anduril Industries raised $5 billion in a Series H round at a $61 billion valuation, doubling from $30.5 billion approximately twelve months ago on revenue that doubled to $2.2 billion in 2025.

EconomicDeveloping
Key takeaway

Anduril's 27x revenue valuation demands rapid profit growth to hold at public-market prices.

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.

Deep Analysis

In plain English

Anduril, the US defence-tech company behind the Lattice drone-command system, raised $5 billion from investors who now value the company at $61 billion. For comparison, Lockheed Martin, which makes the F-35, is worth about $150 billion despite having 30 times Anduril's revenue. Investors are betting that Anduril's software approach to defence is worth much more per dollar of revenue than traditional defence companies. That bet will only be proven right if Anduril keeps growing fast enough and becomes profitable enough to justify the price tag at a stock market listing.

Deep Analysis
Root Causes

Anduril's $61 billion valuation reflects four structural factors: the $20 billion Lattice DoD enterprise contract creates a recurring government revenue foundation; Arsenal-1 production scale enables hardware margin at software-company growth rates.

The Golden Dome and CCA programme selections validate Anduril as a peer-tier defence prime; and the geopolitical defence spending surge from 2022 onward created a market environment where defence-tech was priced as a growth category.

What could happen next?
  • Consequence

    The USD 5 billion raise funds Anduril's European expansion (UK Project NYX, Dutch Lattice, potential Project Corvus bid) from a capital base that no European competitor can match. Helsing's USD 1.2 billion round (18x smaller) is the closest European equivalent, and even Helsing operates at a fraction of Anduril's capital deployment capacity. The capital asymmetry will widen as Anduril approaches IPO.

First Reported In

Update #10 · NATO shoots down drone over Estonia

Tekever· 29 May 2026
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Causes and effects
This Event
Anduril raises $5B at $61B
At a 27x revenue multiple, Anduril's valuation reflects a bet that software-defined defence commands a technology premium over traditional primes at 1.6x; every subsequent quarter either validates or erodes that gap ahead of a probable IPO.
Different Perspectives
Cross-border power traders
Cross-border power traders
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EDF
EDF
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Gasunie
Gasunie
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German gas-fired generators
German gas-fired generators
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European Commission (DG Energy)
European Commission (DG Energy)
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Spain's LNG terminal operators
Spain's LNG terminal operators
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Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Editorial standards.