Anduril upcoming IPO: Building up toward a public launch

Anduril has not filed for an IPO, but the company's leadership has publicly expressed a strong desire to eventually go public. Founder Palmer Luckey has noted that while Anduril does not need to raise capital through a public offering, he believes the American public should be able to invest in American defense companies rather than access being limited to accredited investors.⁴

That said, the timeline for a potential debut remains tied to the company's ambitious manufacturing goals. Anduril announced in January 2025 that it would be building out a large manufacturing facility in Columbus, Ohio, involving nearly $1 billion in investment. The company plans to start manufacturing products there in July 2026.³

Luckey has acknowledged this is an aggressive timeline, but he said the company wants to IPO after proving that the company can pull that off. "I don't really want to IPO when people are saying that we're madmen and trying to do the impossible. I want to do the impossible and then say, 'Look, we did it. All you have to do is bet we can do it again,'" he said in a Bloomberg interview.⁴ Luckey has also said he'd potentially like to go public when conditions are favorable and there's more of an understanding of what the company does.

Anduril: company background

Anduril, formally known as Anduril Industries, was founded in 2017 by Palmer Luckey, the founder of Oculus VR. The company's other co-founders include Brian Schrimpf (current Chief Executive Officer), Trae Stephens (current Executive Chairman), Matt Grimm (current Chief Operating Officer) and Joseph Chen.⁵

The company was founded with the mission to provide the U.S. and its allies with advanced military technology. Instead of focusing on hardware like many other defense companies, Anduril says its mission is rooted in areas such as software engineering and computing. Anduril's Lattice OS software serves as the core system for its other technologies, including autonomous fighter jets and air defense systems.⁶

Anduril is headquartered in Orange County, CA,⁷ and it also has factories in Mississippi, Rhode Island, Georgia, Australia, and is now building out a new factory in Ohio.⁸

Anduril's defense products and key contracts

Anduril has found success developing advanced technologies like autonomous air systems, underwater vehicles and surveillance systems powered by its Lattice software. The company has won contracts from multiple government agencies such as the Department of Defense (DoD)⁹ and the Department of Homeland Security,¹⁰ along with agencies outside the U.S. like the Royal Australian Navy.¹¹

From these types of partnerships, Anduril's revenue approximately doubled to around $1 billion in 2024. The company has done this by focusing on product development first and securing contracts afterward, rather than first winning contracts and basing development off of that.¹²

That said, this revenue is a fraction of what larger defense contractors bring in. For example, for fiscal year 2023, Lockheed Martin was awarded $61.4 billion in defense contracts.¹³ Still, Anduril is much newer than many of those incumbents, and the contract mix could shift over time.

Anduril has also partnered with other innovative companies such as Palantir, another AI-focused company with a large defense focus. Anduril and Palantir launched a new consortium in December 2024 with the goal of bringing in other companies with complementary capabilities to advance national security with AI-driven technologies.¹⁴

Over the years, Anduril has also made some significant acquisitions, such as buying autonomous aircraft developer Blue Force Technologies in 2023¹⁵ and buying Numerica Corporation's radar and command and control businesses in January 2025.¹⁶

Anduril stock price history

Anduril's Forge Price is $115.08 at a $100.48 billion valuation as of June 15, 2026.¹⁷ Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.

Forge Data as of 06/15/2026

Anduril's growth can be compared against the Forge Private Market Index, a broad measurement that reflects the up-to-date performance and pricing activity of venture-backed, late-stage companies that are actively traded in the private market.¹⁸

Going back further, Anduril's stock price has jumped significantly over the years based on funding rounds, starting with a $0.55 stock price from its 2017 Seed round.¹⁹ The trajectory from that early stage to a $115.08 Forge Price underscores the scale of the company's growth across both primary and secondary market activity.

Anduril funding history and private market valuation

Anduril's funding history started in 2017 with a Seed round of $17.62 million that valued the company at $88.12 million.²⁰ One of its original backers is Founders Fund (co-founded by Peter Thiel), which also has invested in companies like Palantir and SpaceX.²¹

Anduril quickly reached unicorn status with its Series B two years later in 2019, raising $122.72 million at a $1.04 billion valuation, with investors such as Andreessen Horowitz joining in. Anduril's Series C the following year nearly doubled the valuation, and in 2021 it made a dramatic leap up again to $4.6 billion from Anduril's Series D.²²

Then in 2022, Anduril raised nearly $1.5 billion for its Series E at an $8.48 billion valuation. In 2024, it also raised around $1.5 billion at a $14 billion valuation, with investment from Fidelity.²³ Founders Fund subsequently led a round that valued Anduril at $28 billion,²⁴ and the company completed an additional round in May 2026 that further increased its valuation as the company continues to scale its defense technology operations.

Forge Data as of 06/15/2026

How to buy Anduril stock before its IPO 

While Anduril remains a private company, accredited investors may still have opportunities to gain exposure before a potential public offering. Private market shares are often made available by early employees or existing investors seeking liquidity, and those shares may be accessed through secondary marketplaces.

Forge Markets provides a self-directed trade experience for submitting bids and managing documents, along with real-time pricing transparency via Forge Price and live order book data. Accredited investors may view available inventory, track pricing trends and place orders for private companies like Anduril, subject to availability.

For those who want additional guidance, Forge's experienced team of private market specialists is available to assist throughout the trade lifecycle. Create an account on Forge's marketplace to explore opportunities.

What's next for Anduril and a potential IPO

While Anduril has not announced any definitive plans, Founder Luckey has expressed strong interest in going public at some point in the future. With the company's Ohio manufacturing facility progressing and its valuation rising from funding round to funding round in recent years,¹ the question is less about whether Anduril will IPO and more about when conditions align.

Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a possible Anduril IPO and other pending public offerings. For more on how the process works, you may read about pre-IPO investing or learn more about investing in Anduril while the company remains private.