Anduril's $94.80 employee sale prices it near $90 billion, a mark new money has yet to test

A rationed exit at $94.80 a share

AndurilPVT$123.72B — Anduril, private, latest valuation $123.72B, the defense-technology company Palmer Luckey co-founded in 2017, opened a tender on October 13 that lets current and former employees sell shares at $94.80 apiece, and the company confirmed the offer↗ ¹². The window closes on November 9, the sale is capped near $1.3 billion, and the price implies a company value around $90 billion ¹²³.

For the first time, staff in 16 countries are eligible; earlier tenders covered the United States, Britain and Australia ²³. Anduril runs these sales to give employees cash while it stays private ²³.

The cap does the rationing: $1.3 billion across roughly 7,000 staff works out to about $185,000 of sales a head if spread evenly, and most of what employees hold stays locked until the next window ⁴.

The mark nobody has to defend with new cash

The valuation ladder has climbed fast: $4.6 billion in June 2021, $14 billion in August 2024, $30.5 billion in June 2025, then $61 billion this May on a $5 billion round led by the venture-capital firms Thrive Capital and Andreessen Horowitz↗ ⁴⁵.

This price is a different instrument. A primary round sells newly issued shares and puts fresh cash into the company; a tender moves old shares from employees to outside buyers, and none of that money reaches Anduril. Against the $2.2 billion of revenue Anduril says it booked in 2025, $94.80 works out to about 41 times trailing sales↗ ⁵⁶.

The round that would test $90 billion is still unpriced

The larger round that would set a primary price up there remains unpriced ⁶. Reuters reported in July↗ that Anduril was discussing one at roughly $100 billion, possibly in two tranches; Anduril said then that "no decisions have been made about any future financing" ⁷⁸. The tender lands in a week the Philadelphia Semiconductor Index, the chip-stock benchmark, fell about 10 percent over six sessions↗, a selloff Bloomberg tallies at more than $1 trillion of market value ⁹.

The Pentagon keeps signing either way

What a buyer at 41 times sales is paying for is contracted demand. Anduril doubled its revenue to $2.2 billion in 2025 ⁵, and in March the Pentagon signed an enterprise agreement worth up to $20 billion over ten years↗, by far the largest contract in its history ¹⁰.

October alone brought a Navy shipyard contract worth up to $2.9 billion↗, $3.7 billion of company money into a new shipyard at Sparrows Point outside Baltimore, and an Army award worth up to $1.8 billion for its command-and-control software ³¹¹. At $90 billion, Anduril would stand near 70 percent of Lockheed Martin▲+1.52% — Lockheed Martin, up 1.52 percent today, one of the world's largest defense contractors, which Reuters valued at $130 billion in July ⁸.

The listed market is de-rating around it. UBS called the chip rout "more of a recalibration of expectations than a fundamental break in the AI investment story" ⁹; Anduril's tender buyers are making that same wager, with Pentagon contracts underneath.

Watch November 9, then the priced round

The tender closes on November 9↗ ², and both tranches of the larger round could close within the year, Reuters reported ⁷. Anduril's 2026 revenue is not public, so the 41-times figure is measured against 2025 sales until new shares are issued. Until then, $90 billion rests on what unnamed outside buyers paid employees for old shares.