How to invest in Anduril pre-IPO

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.

However, as a private company, investing in Anduril is relatively limited. Founder Palmer Luckey said in a Bloomberg interview that he views the restriction on private company investing to primarily accredited investors as un-American, and he wants the general public to be able to invest in the company.³

But while he wants Anduril to IPO in the future, Luckey noted that the company is first focused on meeting an aggressive timeline to spin up a new production facility in Ohio and start manufacturing in mid-2026.⁴ Perhaps after that, if market conditions are favorable, Anduril could IPO.

For now, though, accredited investors may be able to access private market shares of Anduril through a secondary marketplace like Forge, subject to availability, or retail investors may be able to get indirect or similar exposure via other assets.

Here, we'll take a closer look at how to invest in Anduril stock pre-IPO.

Anduril: Company background

Anduril was founded in 2017 by Palmer Luckey, who previously founded Oculus VR, which was sold to Facebook in 2014.⁵ The company's other co-founders include Brian Schrimpf, Trae Stephens, Matt Grimm, and Joseph Chen.⁶ Anduril is headquartered in Costa Mesa, California,⁷ and it has facilities in Mississippi, Rhode Island, Georgia, and Australia, along with its new manufacturing site in Ohio.⁸

The company focuses on software development and AI capabilities to power defense products like autonomous air vehicles and surveillance systems.⁹ In addition to securing contracts from the Department of Defense,¹⁰ Anduril also works with agencies such as the Department of Homeland Security¹¹ and its sub-agency, U.S. Customs and Border Protection,¹² as well as ones outside the U.S. like the Royal Australian Navy.¹³

Last year, Anduril's revenue approximately doubled to reach about $1 billion.¹⁴ Still, many other defense contractors take in significantly more revenue. For example, the Department of Defense's top 10 recipients of fiscal year 2023 contracts ranged from Lockheed Martin being awarded $61.4 billion to Cencora taking in $4.4 billion.¹⁵

Anduril stock and funding history

Anduril's funding history began with its Seed round in 2017, when it raised $17.62 million at a $0.55 stock price, which valued the company at $88.12 million. This round included backing from Peter Thiel's Founders Fund. ¹⁶

In 2018, Anduril's Series A raised $41 million at a stock price of $1.17 and a valuation of $261.54 million. The company then took a big leap forward the following year with its Series B, raising $122.72 million at a $3.61 stock price and a $1.04 billion valuation.¹⁷

Since then, Anduril's stock price and valuation have continued to quickly advance, although the share price has varied at times based on investors sometimes buying in at favorable terms. For the main rounds however, Anduril’s stock price has steadily risen from $5.93 for its 2020 Series C, $12.29 for its 2021 Series D, $16.52 for its 2022 Series E, and most recently reached $21.74 for its 2024 Series F, which brought Anduril’s valuation to $14 billion.¹⁸

This year, Anduril is reportedly in discussions for another funding round, led by Founders Fund, that would double the valuation to $28 billion.¹⁹

Anduril's Forge Price has also jumped about 38% over the past year to reach $42.52 as of the end of March.²⁰

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.

How to buy Anduril stock

For now, as a private company, Anduril's stock is not for sale to the general public. So, while its founder has expressed interest in opening up the stock to the general public, investment is currently limited to primarily accredited investors, as is the case with private company regulations.

For those who do qualify as accredited investors and want to buy Anduril stock outside of primary funding rounds, then buying shares on a secondary marketplace such as Forge could be an option, subject to availability.

Who can invest in Anduril pre-IPO?

Because U.S. regulations generally limit private companies offering securities for sale, buying Anduril stock is primarily limited to accredited investors such as high-net-worth individuals or institutional investors like venture capital funds. Some of these investors participate in primary funding rounds, but there could also be opportunities to invest in Anduril pre-IPO if shareholders like employees or early investors list pre-IPO stock for sale on a secondary marketplace, such as Forge. Still, investment in this case would be limited to accredited investors.

Where to buy pre-IPO Anduril stock

As mentioned, pre-IPO Anduril stock is not available to the general public. Yet those who qualify as accredited investors, such as based on income or net-worth requirements, may be able to buy Anduril stock pre-IPO through a secondary marketplace such as Forge Markets, subject to availability. Although the stock has traded on Forge before, liquidity in any private company can vary.

Still, those who are interested in investing in Anduril pre-IPO may wish to create an account with Forge and speak with a Private Market Specialist to stay informed about trading pre-IPO Anduril stock as shares become available through Forge.

Alternatives for unaccredited investors who want to buy Anduril stock

While retail investors generally can't directly invest in Anduril unless it eventually conducts an IPO, there are ways to get similar or indirect exposure to Anduril.

One example is investing in publicly traded companies like Palantir. Although Palantir is more focused on data analytics, it has a large focus on serving the defense sector, and there's a lot of crossover with Anduril. For one, the two companies launched a consortium in December 2024 that aims to advance the use of AI-driven technologies to enhance national security.²¹  Another connection is that both companies share Founders Fund as a key investor. That said, the investment outlook and risks of a company like Palantir don't line up perfectly with Anduril.

Another way to gain related exposure to Anduril is to invest in the stocks of other publicly traded defense companies, such as Lockheed Martin, RTX (formerly Raytheon Technologies), or Northrop Grumman. While growth by Anduril could potentially cut into these other companies' performance, it's also possible that growth in the overall defense sector benefits all of these companies.

In that regard, investing in a mutual fund or ETF that focuses on the defense sector could provide some correlated exposure. For example, the Fidelity Select Defense and Aerospace Portfolio is a mutual fund that holds many prominent defense companies, though it's generally broader than what Anduril focuses on.²² Fidelity is also an investor in Anduril, and while this particular fund does not hold Anduril stock currently, investors could keep an eye on whether Fidelity includes Anduril in any publicly traded funds.

Similarly, investors could allocate to AI-related stocks or funds, but this might veer away from Anduril's core military focus.

An example of another mutual fund or ETF focusing on the defense sector is the iShares U.S. Aerospace & Defense ETF (ITA), which is designed to provide diversified exposure to large-cap U.S. defense contractors and aerospace firms. While ITA is focused primarily on public companies, it can serve as a useful benchmark for investor sentiment in the broader defense sector and market trends within the defense industry.²³

How to analyze Anduril stock

While private companies typically provide limited financial details, one advantage of analyzing a company like Anduril is that many of its contracts can be publicly viewed. So, investors might look into the details of its contracts with agencies like the Department of Defense, along with reported information on its revenue growth and funding growth, to try to get a sense of what to value the company at.

This analysis can also be done when comparing other defense, aerospace, or tech companies trading on private marketplaces like Forge. However, this type of analysis still tends to be highly subjective, given the limited information and the variability in how investors assume a private company might grow.

To further analyze Anduril stock, investors might look at how other publicly traded defense companies are valued. However, many of these companies, like Lockheed Martin and Boeing, are involved in areas outside of the military, so the comparisons aren't perfect. Also, comparing public versus private companies differs based on factors such as the limited liquidity that typically accompanies private companies like Anduril.

So, while there can be several indicators that investors can use to form an investment analysis on Anduril, much of it remains a personal decision in terms of figuring out what the risk/reward looks like.

Get started investing in Anduril on Forge

If you want to invest in Anduril pre-IPO if/when shares become available, create an account with Forge Markets to access our deep marketplace of private market securities.

When you create a free account, you'll be connected with a Forge Private Market Specialist to determine your eligibility, and from there you can potentially buy and sell private market shares in Anduril and other startups.

Forge stands out for its transparency into what can otherwise be an opaque private market, and as a publicly traded company itself, Forge provides a regulated, proven way to invest in the private market.