---
title: "Anduril's $94.80 employee sale prices it near $90 billion, a mark new money has yet to test"
description: "Current and former staff in 16 countries can sell up to $1.3 billion of stock at $94.80 a share through November 9, a price that implies a $90 billion company. Employees supply the shares, unnamed outside buyers supply the cash, and the roughly $100 billion round Anduril discussed in July is still unpriced."
publisher: "The Inference"
section: "Deals"
published: 2026-10-15T14:20:52.222Z
modified: 2026-10-15T14:20:52.222Z
canonical: https://theinference.org/article/anduril-s-94-80-employee-sale-prices-it-near-90-billion-a-mark-new-money-has-yet-to-test
language: en
keywords: "Anduril, Defense Tech, Private Markets, Valuations, Palmer Luckey"
---

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

> Current and former staff in 16 countries can sell up to $1.3 billion of stock at $94.80 a share through November 9, a price that implies a $90 billion company. Employees supply the shares, unnamed outside buyers supply the cash, and the roughly $100 billion round Anduril discussed in July is still unpriced.

## A rationed exit at $94.80 a share

[Anduril](https://theinference.org/markets/companies/anduril), 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](https://www.cnbc.com/2026/10/14/anduril-tender-offer-valuation.html) [1][2]. The window closes on November 9, the sale is capped near $1.3 billion, and the price implies a company value around $90 billion [1][2][3].

For the first time, staff in 16 countries are eligible; earlier tenders covered the United States, Britain and Australia [2][3]. Anduril runs these sales to give employees cash while it stays private [2][3].

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].

*Chart: **Anduril's value mark is up more than sixfold since 2024, and the newest one is a tender price** Line chart of Anduril's implied valuation in billions of dollars: $4.6B in June 2021, $14B in August 2024, $30.5B in June 2025, $61B in May 2026, and about $90B implied by the October 2026 employee tender.*

*Implied company value at each priced funding round, plus the October 2026 tender price, in billions of US dollars. [1][4][5]*

## 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](https://techcrunch.com/2026/05/13/anduril-raises-5b-doubles-valuation-to-61b/) [4][5].

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](https://ctol.digital/news/anduril-employee-tender-94-80-90-billion-valuation-revenue-multiple/) [5][6].

## 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](https://www.aol.com/articles/exclusive-defense-tech-company-anduril-100354000.html) 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" [7][8]. The tender lands in a week the Philadelphia Semiconductor Index, the chip-stock benchmark, [fell about 10 percent over six sessions](https://finance.yahoo.com/markets/stocks/articles/soxx-heads-7th-straight-losing-174325012.html), 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](https://thenextweb.com/news/anduril-5bn-raise-61bn-valuation), by far the largest contract in its history [10].

October alone brought [a Navy shipyard contract worth up to $2.9 billion](https://www.cnbc.com/2026/10/06/anduril-navy-submarine-shipyard-contract.html), $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 [3][11]. At $90 billion, Anduril would stand near 70 percent of [Lockheed Martin](https://theinference.org/markets/companies/lockheed-martin), one of the world's largest defense contractors, which Reuters valued at $130 billion in July [8].

*Chart: **The March enterprise agreement dwarfs the awards that surround the tender** Bar chart of Anduril contract award ceilings in billions of dollars: an enterprise agreement worth up to $20 billion signed in March 2026, a Navy submarine shipyard contract worth up to $2.9 billion in October 2026, and an Army command-and-control award worth up to $1.8 billion in October 2026.*

*Headline ceilings of Anduril contract awards, in billions of US dollars. The March enterprise agreement covers up to ten years; the two October awards are ceilings, not guaranteed revenue. Sources: The Next Web; Benzinga; CNBC. [10][3][11]*

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](https://www.briefs.co/news/anduril-s-employee-share-sale-pegs-valuation-near-90-billion/) [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.

## Takeaway

A $90 billion mark built from employees' old shares, at about 41 times 2025 revenue, with the $100 billion round that would price new money still unopened.

## Sources

1. [CNBC, "Anduril employee tender offer would value the defense tech startup at $90 billion," 14 October 2026](https://www.cnbc.com/2026/10/14/anduril-tender-offer-valuation.html)
2. [Briefs, "Anduril's employee share sale pegs valuation near $90 billion," 14 October 2026](https://www.briefs.co/news/anduril-s-employee-share-sale-pegs-valuation-near-90-billion/)
3. [Benzinga (via MSN), "Anduril employees get a chance to cash in at $90 billion valuation in latest share sale," 14 October 2026](https://www.msn.com/en-us/news/other/anduril-employees-get-a-chance-to-cash-in-at-90-billion-valuation-in-latest-share-sale/ar-AA2effkF)
4. [Wikipedia, "Anduril Industries," accessed 15 October 2026](https://en.m.wikipedia.org/wiki/Anduril_Industries)
5. [TechCrunch, "Anduril raises $5B, doubles valuation to $61B," 13 May 2026](https://techcrunch.com/2026/05/13/anduril-raises-5b-doubles-valuation-to-61b/)
6. [CTOL News, "Anduril's $94.80 tender sets a 41-times-revenue mark while the larger round remains unpriced," 14 October 2026](https://ctol.digital/news/anduril-employee-tender-94-80-90-billion-valuation-revenue-multiple/)
7. [TechCrunch, "Anduril reportedly in talks to raise funding at $100B valuation, more than 3x last year's mark," 24 July 2026](https://techcrunch.com/2026/07/24/anduril-reportedly-in-talks-to-raise-funding-at-100b-valuation-more-than-3x-last-years-mark/)
8. [Reuters (via AOL), "Defense tech company Anduril in talks to raise funding at about $100 billion valuation," 24 July 2026](https://www.aol.com/articles/exclusive-defense-tech-company-anduril-100354000.html)
9. [Yahoo Finance / StockTwits, "SOXX Heads For 7th Straight Losing Session As Inflation, AI Spending Fears Deepen: Chip Stocks Face $1 Trillion Wipeout," 14 October 2026](https://finance.yahoo.com/markets/stocks/articles/soxx-heads-7th-straight-losing-174325012.html)
10. [The Next Web, "Anduril raises $5bn at $61bn valuation, doubling in eleven months," 13 May 2026](https://thenextweb.com/news/anduril-5bn-raise-61bn-valuation)
11. [CNBC, "Anduril lands $2.9 billion Navy submarine shipyard contract days after Luckey joins Pentagon weapons group," 6 October 2026](https://www.cnbc.com/2026/10/06/anduril-navy-submarine-shipyard-contract.html)


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Anduril's $94.80 employee sale prices it near $90 billion, a mark new money has yet to test — The Inference. Canonical: https://theinference.org/article/anduril-s-94-80-employee-sale-prices-it-near-90-billion-a-mark-new-money-has-yet-to-test