Anduril Explained: Valuation History, the Employee Tender Offer and Australia's Ghost Shark

As at 4 November 2026, Anduril is a privately held US defence technology company that has raised a series of funding rounds since December 2022, most recently a Series H in May 2026 (Anduril 13 May 2026). Anduril confirmed an employee tender offer in October 2026 (CNBC 14 Oct 2026). Anduril Australia builds the Ghost Shark autonomous submarine in Sydney for the Royal Australian Navy (Anduril 31 Oct 2025).

What is Anduril?

Anduril's Mission page describes Anduril as a defence products company (Anduril Mission, accessed 4 Nov 2026). It says it identifies problems, privately funds its research and development (R&D) and sells finished products off the shelf (Anduril Mission, accessed 4 Nov 2026). Anduril's core product is Lattice, which Anduril describes as an autonomous sensemaking platform (Anduril Mission, accessed 4 Nov 2026).

Anduril's Leadership page lists Palmer Luckey as founder, Brian Schimpf as co-founder and CEO, Trae Stephens as co-founder and Executive Chairman, and Matt Grimm as co-founder and COO (Anduril Leadership, accessed 4 Nov 2026). In Anduril's Series H announcement, Schimpf wrote that Anduril was founded in 2017 (Anduril 13 May 2026). Anduril's headquarters is in Costa Mesa, California (Anduril 22 Jan 2026).

What funding rounds has Anduril raised?

Valuations are historical events, not an offer price. Anduril announced its Series E, F and H rounds in its own releases (Anduril 2 Dec 2022; Anduril 7 Aug 2024; Anduril 13 May 2026). Its Series G was disclosed by Trae Stephens in an interview on Bloomberg Television (TechCrunch 5 Jun 2025).

Date	Round	Raised	Valuation
2 Dec 2022	Series E, led by Valor Equity Partners (Anduril 2 Dec 2022)	US$1.48 billion	US$8.48 billion
7 Aug 2024	Series F, co-led by Founders Fund and Sands Capital (Anduril 7 Aug 2024)	US$1.5 billion	US$14 billion
5 Jun 2025	Series G, led by Founders Fund with a US$1 billion investment (TechCrunch 5 Jun 2025)	US$2.5 billion	US$30.5 billion
13 May 2026	Series H, led by Thrive Capital and Andreessen Horowitz (Anduril 13 May 2026)	US$5 billion	US$61 billion

What is the employee tender offer that opened in October 2026?

On 14 October 2026, CNBC reported that Anduril would let employees sell shares through a tender offer that would value the company at roughly US$90 billion, first reported by Bloomberg and confirmed by Anduril (CNBC 14 Oct 2026). CNBC reported, citing Bloomberg, that employees can sell at US$94.80 a share, that the offer is capped at US$1.3 billion, and that it opened on 13 October and closes on 9 November (CNBC 14 Oct 2026). CNBC also reported that, according to Bloomberg, employees in 16 countries are eligible to participate (CNBC 14 Oct 2026).

How big is Anduril's business?

In his January 2026 investor letter, Schimpf wrote that over the past year Anduril more than doubled revenue, reaching US$2.2 billion in 2025, nearly doubled its workforce, and won and delivered on its first international program of record, with the Royal Australian Navy (RAN) (Anduril 13 May 2026).

In a release dated 6 October 2026, Anduril described Arsenal-2, a shipyard in Baltimore County, Maryland, backed by a US$3.7 billion private capital investment by Anduril, alongside a U.S. Navy contract to Anduril of up to US$2.9 billion with payments tied directly to demonstrated production outcomes, to make components for Virginia-class submarines (Anduril 6 Oct 2026).

On 27 October 2026, Anduril and Qualcomm Technologies unveiled BlueChip, starting with a laptop designed and assembled in the United States (Anduril 27 Oct 2026).

What is Ghost Shark, and what does Anduril build in Australia?

Anduril set up Anduril Australia in Sydney in 2022 (Anduril 7 Mar 2022) and signed a co-funded program with the RAN to design and build Extra Large Autonomous Undersea Vehicles (XL-AUVs) (Anduril 2 Dec 2022).

In a release dated 9 September 2025, Anduril said the Navy had awarded Anduril Australia a A$1.7B (US$1.12B) Program of Record to deliver a fleet of Ghost Sharks, which Anduril describes as an extra-large autonomous submarine (Anduril 9 Sep 2025). Anduril said the Navy co-developed and co-funded Ghost Shark, moving from concept to production in less than three years (Anduril 9 Sep 2025). The Australian Government announced on 10 September 2025 that Defence had signed a five-year contract with Anduril Australia for the delivery, maintenance and continued development of the Ghost Shark, building on about A$140 million the Government had already invested since 2022 (Defence Ministers 10 Sep 2025).

Anduril opened its 7,400 square metre Ghost Shark manufacturing facility in Sydney on 31 October 2025 and said the factory is ready to produce vehicles for export to allies and partners, subject to Australian Government approval (Anduril 31 Oct 2025).

The first Ghost Shark was delivered in January 2026 (ABC News 19 Oct 2026). The total fleet size is not being revealed, though ABC News reported that dozens of Ghost Sharks are being delivered to the Royal Australian Navy over the next few years (ABC News 19 Oct 2026).

Defence also revealed three payloads: Altius aerial drones, up to 12 sea mines at a time, and supply caches (ABC News 19 Oct 2026). The Australian Government said some of the payloads it is developing for the Ghost Shark and Speartooth uncrewed underwater vehicles and Bluebottle would take part in Exercise Maritime Big Play Pacific in San Diego in the week of 19 October 2026 (Defence Ministers 19 Oct 2026). At a press conference in Sydney on 19 October 2026, Anduril Australia's David Goodrich said Ghost Shark "will do the dull, dirty and dangerous missions previously tasked to our talented and courageous sailors" (Defence Ministers transcript 19 Oct 2026).

Through the 2026 National Defence Strategy and Integrated Investment Program, the Australian Government is investing up to A$5.8 billion over the decade in autonomous and uncrewed undersea capabilities, including the Ghost Shark fleet (Defence Ministers 19 Oct 2026).

What to watch next

• 9 November 2026: the employee tender offer is scheduled to close (CNBC 14 Oct 2026).
• 2027: Anduril plans to begin taking BlueChip laptop orders (Anduril 27 Oct 2026).
• 2030: initial operations at Arsenal-2 are expected to come online (Anduril 6 Oct 2026).

Sources

1. Anduril — Mission (accessed 4 Nov 2026) — https://www.anduril.com/mission
2. Anduril — Leadership (accessed 4 Nov 2026) — https://www.anduril.com/anduril-leadership
3. Anduril — Anduril Expands to Australia (7 Mar 2022) — https://www.anduril.com/news/defence-technology-company-anduril-expands-globally-to-australia
4. Anduril — Anduril Raises $1.48 Billion in Series E Funding (dateline 2 Dec 2022) — https://www.anduril.com/news/anduril-raises-usd1-48-billion-in-series-e-funding
5. Anduril — Anduril Raises $1.5 Billion to Rebuild the Arsenal of Democracy (7 Aug 2024) — https://www.anduril.com/news/anduril-raises-usd1-5-billion-to-rebuild-the-arsenal-of-democracy
6. TechCrunch — Anduril raises $2.5B at $30.5B valuation led by Founders Fund (5 Jun 2025) — https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/
7. Anduril — Ghost Shark Enters Program of Record — From Prototype to Fleet in Three Years (9 Sep 2025) — https://www.anduril.com/news/ghost-shark-enters-program-of-record-from-prototype-to-fleet-in-three-years
8. Defence Ministers — Equipping the Royal Australian Navy with next generation autonomous undersea vehicles (10 Sep 2025) — https://www.minister.defence.gov.au/media-releases/2025-09-10/equipping-royal-australian-navy-next-generation-autonomous-undersea-vehicles
9. Anduril — Ghost Shark Factory Opens in Sydney — First Vehicle Off the Line Ahead of Schedule, Ready for Undersea Acceptance Testing (31 Oct 2025) — https://www.anduril.com/news/ghost-shark-factory-opens-in-sydney-first-vehicle-off-the-line-ahead-of-schedule-ready-for
10. Anduril — Anduril Announces Major California Expansion with New Long Beach Campus (22 Jan 2026) — https://www.anduril.com/news/anduril-announces-major-california-expansion-with-new-long-beach-campus
11. Anduril — Anduril Announces $5B Series H Raise (13 May 2026) — https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise
12. Anduril — Anduril, U.S. Navy Invest $6.6 Billion to Expand America's Submarine Industrial Base (6 Oct 2026) — https://www.anduril.com/news/anduril-u-s-navy-invest-usd6-6-billion-to-expand-america-s-submarine-industrial-base
13. CNBC — Anduril employee tender offer would value the defense tech startup at $90 billion (14 Oct 2026) — https://www.cnbc.com/2026/10/14/anduril-tender-offer-valuation.html
14. ABC News — Australia's fleet of Ghost Sharks will carry armed aerial drones and sea mines (19 Oct 2026) — https://www.abc.net.au/news/2026-10-19/ghost-shark-fleet-aerial-drones-sea-mines-defence/107283746
15. Defence Ministers — Australia advances undersea warfare capabilities (19 Oct 2026) — https://www.minister.defence.gov.au/media-releases/2026-10-19/australia-advances-undersea-warfare-capabilities
16. Defence Ministers transcript — Press Conference, Sydney (19 Oct 2026) — https://www.minister.defence.gov.au/transcripts/2026-10-19/press-conference-sydney
17. Anduril — Anduril and Qualcomm Unveil BlueChip to Rebuild American Computer Manufacturing (27 Oct 2026) — https://www.anduril.com/news/anduril-and-qualcomm-unveil-bluechip-to-rebuild-american-computer-manufacturing