Forge Investment Outlook Q2 2025
Anduril was founded in 2017 by Palmer Luckey, Brian Schimpf, Joseph Chen, Matt Grimm, and Trae Stephens. Anduril has raised $2.7 billion and is valued at nearly $10 billion as of December 2023, according to Yahoo Finance. In a discussion with Yahoo, founder Palmer Luckey articulated that “Anduril intends to go public”, however, has not officially endorsed or confirmed a plan to participate in an IPO.
Anduril is a military defense and border surveillance technology company. Per Forge data, Anduril Industries has raised $2.2 billion in funding over 7 rounds. Their latest funding was raised on Dec 2, 2022, from a Series E round. Key investors include Founders Fund, General Catalyst, and Valor Equity Partners.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
| Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
|---|---|---|---|---|---|---|
| 03/20/2025 | Series G | $2.58B | $xx.xx | $28B | Founders Fund | |
|
Price per Share
$xx.xx
Shares Outstanding
63,150,410
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Founders Fund
|
||||||
| 06/26/2024 | Series F | $1.12B | $xx.xx | $14B | Altimeter Capital, Baillie Gifford, Counterpoint Global, Fidelity, Founders Fund, Franklin Venture Partners, Sands Capital | |
|
Price per Share
$xx.xx
Shares Outstanding
51,333,663
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Baillie Gifford, Counterpoint Global, Fidelity, Founders Fund, Franklin Venture Partners, Sands Capital
|
||||||
| 06/26/2024 | Series F-1 | $384.18MM | $xx.xx | $14B | Altimeter Capital, Baillie Gifford, Counterpoint Global, Fidelity, Founders Fund, Franklin Venture Partners, Sands Capital | |
|
Price per Share
$xx.xx
Shares Outstanding
22,092,936
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Baillie Gifford, Counterpoint Global, Fidelity, Founders Fund, Franklin Venture Partners, Sands Capital
|
||||||
| 12/02/2022 | Series E | $1.48B | $xx.xx | $8.48B | 8vc, Andreessen Horowitz, Dfj Growth, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lachy Groom, Lightspeed Ventures, Lux Capital, Marlinspike, Mvp Ventures, Thrive Capital, Us Innovative Technology Fund, Valor Equity Partners, Wcm Investment Management | |
|
Price per Share
$xx.xx
Shares Outstanding
89,417,664
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Dfj Growth, Elad Gil, Founders Fund, General Catalyst, Human Capital, Lachy Groom, Lightspeed Ventures, Lux Capital, Marlinspike, Mvp Ventures, Thrive Capital, Us Innovative Technology Fund, Valor Equity Partners, Wcm Investment Management
|
||||||
| 06/17/2021 | Series D | $580.33MM | $xx.xx | $4.6B | 8vc, Andreessen Horowitz, D1 Capital Partners, Elad Gil, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners | |
|
Price per Share
$xx.xx
Shares Outstanding
47,212,738
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, D1 Capital Partners, Elad Gil, Founders Fund, General Catalyst, Lux Capital, Valor Equity Partners
|
||||||
| 07/01/2020 | Series C | $200MM | $xx.xx | $1.92B | 8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners | |
|
Price per Share
$xx.xx
Shares Outstanding
33,735,915
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners
|
||||||
| 07/01/2020 | Series C-1 | $16.91MM | $xx.xx | $1.92B | 8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners | |
|
Price per Share
$xx.xx
Shares Outstanding
3,566,071
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Andreessen Horowitz, Formic Ventures, Founders Fund, General Catalyst, Human Capital, Liquid 2 Ventures, Lux Capital, Valor Equity Partners
|
||||||
| 09/11/2019 | Series B | $122.72MM | $xx.xx | $1.04B | Andreessen Horowitz, Founders Fund, Human Capital, Valor Equity Partners | |
|
Price per Share
$xx.xx
Shares Outstanding
33,983,359
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Andreessen Horowitz, Founders Fund, Human Capital, Valor Equity Partners
|
||||||
| 05/18/2018 | Series A | $41MM | $xx.xx | $261.54MM | Founders Fund, Mark Vc | |
|
Price per Share
$xx.xx
Shares Outstanding
34,932,691
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Founders Fund, Mark Vc
|
||||||
| 07/28/2017 | Series Seed | $17.62MM | $xx.xx | $88.12MM | 8vc, Anorak Ventures, Elementum Ventures, Founders Fund, General Catalyst, Lux Capital, Spark Capital, Sv Angel | |
|
Price per Share
$xx.xx
Shares Outstanding
31,917,754
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
8vc, Anorak Ventures, Elementum Ventures, Founders Fund, General Catalyst, Lux Capital, Spark Capital, Sv Angel
|
||||||
While a business based largely on government contracts might not seem bullish in this current environment of federal cuts, one company that still seems to be ramping up is Anduril, a defense company that develops technology like autonomous air systems and command-and-control software.
One of the most closely watched companies among technology and military enthusiasts is Anduril, a defense startup that specializes in software and AI-driven products, such as counter-drone defense and autonomous air vehicles.
| Last Funding Round | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Forge Price Change 5 | Last Closed Trade | Share Class | Post-Money Valuation | Price per Share | Amount Raised | |
 | Cerebras | $28.00 | -23.35% | $xx.xx | Series F-1 | $2.87B | $xx.xx | $420MM |
 | Klarna | $37.31 | +21.02% | $xx.xx | Unknown | -- | -- | -- |
 | Kraken | $23.35 | -4.42% | $xx.xx | Series B | $5.52B | $xx.xx | $52.5MM |
 | Chime | $31.25 | +17.92% | $xx.xx | Series G | $24.93B | $xx.xx | $1.1B |
 | Circle | $30.00 | +17.65% | $xx.xx | Series F | $8.05B | $xx.xx | $401MM |
 | Liquid Death | $9.60 | +0.21% | $xx.xx | Series F-1 | $1.4B | $xx.xx | $67.61MM |
 | Discord | $239.72 | +6.61% | $xx.xx | Series I | $15.2B | $xx.xx | $500MM |
 | Figure | $5.76 | +7.87% | $xx.xx | Series D | $3.33B | $xx.xx | $220MM |
 | Netskope | $13.37 | +11.79% | $xx.xx | Series H | $7.5B | $xx.xx | $300MM |
 | Cohesity | $15.67 | +0.06% | $xx.xx | Series H-1 | $4.69B | $xx.xx | $27.5MM |
Updated on: Apr 9, 2025
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