Updated: December 14, 2025 (14/12/2025)
Anduril Industries has become one of the most closely watched private defense-technology companies in the world — and its valuation is now one of the biggest talking points in venture capital, national security circles, and the fast-growing private secondary market for late-stage startups.
Here’s the key reality as of December 14, 2025: Anduril’s most recent publicly disclosed primary-market valuation remains the $30.5 billion post-money figure set by its Series G fundraising earlier this year. [1]
At the same time, private-market pricing signals tracked by secondary platforms suggest investors are valuing Anduril meaningfully higher today — with Forge’s “Forge Price valuation” listed at $68.45 billion on 12/14/2025. [2]
That gap — between the last “official” financing valuation and the market’s most recent “price discovery” — is increasingly common in late-stage private companies. But Anduril is a special case, because its valuation debate is being shaped in real time by a surge of defense-tech funding, a Pentagon procurement push toward commercial innovation, and new contract opportunities across air, sea, space, and allied markets. [3]
Anduril valuation in one glance (as of Dec. 14, 2025)
- Last disclosed funding valuation (primary market): $30.5B post-money (Series G on June 5, 2025; $2.5B raised). [4]
- Forge “Forge Price” (secondary-derived): $91.75 per share dated 12/14/2025. [5]
- Forge “Forge Price valuation”: $68.45B dated 12/14/2025. [6]
- Nasdaq Private Market “Tape D” estimate: $81.15 per share, updated Nov. 2025 (historical estimate). [7]
Why Anduril has two “valuations” right now
1) The primary-market valuation (the one companies disclose)
The cleanest valuation anchor is Anduril’s Series G round: $2.5 billion raised at a $30.5 billion valuation, with Founders Fund investing $1 billion (per Reuters). [8]
Forge’s financing table also lists Series G at $40.88 per share and $30.5B post-money. [9]
TechCrunch reported the round was over 8x oversubscribed, and that Anduril said it doubled revenue in 2024 to about $1 billion, helping explain why demand for the round was so intense. [10]
2) The secondary-market implied valuation (the one the market “suggests”)
Because Anduril is still private, it doesn’t have a public stock price. But secondary marketplaces and data providers attempt to estimate what shares could be worth based on available transactions and signals.
On Dec. 14, 2025, Forge displays:
- Forge Price: $91.75
- Forge Price valuation: $68.45B [11]
Crucially, Forge also warns that Forge Price is informational, may rely on a limited number of inputs, and “does not necessarily represent the market price” at which someone can actually buy or sell shares. [12]
Nasdaq Private Market makes a similar point about its Tape D estimate, noting it is based on “market activity, publicly-sourced valuation data, and other proprietary information” — and it shows $81.15 per share (Updated Nov, 2025) on its Anduril page. [13]
Bottom line:
- $30.5B is the last widely reported financing valuation.
- ~$68.45B is a secondary-derived implied valuation based on Forge’s methodology and inputs on 12/14/2025. [14]
What’s driving Anduril’s valuation narrative in December 2025
The valuation conversation around Anduril isn’t happening in a vacuum. In the last several days, news and analysis has focused on one central theme: defense tech is booming — but scaling is hard, and the winners will be the companies that can deliver production, reliability, and cost advantages at real volume. [15]
Pentagon pressure for “more Andurils”
One of the most-circulated lines this week came from Pentagon CTO Emil Michael, who said he wants “five more Andurils and Palantirs and SpaceXs” — a signal that senior defense leadership is actively encouraging the emergence of additional commercial-scale defense innovators. [16]
That kind of message matters for valuation because it implies a procurement environment that could become more favorable for nontraditional suppliers — especially in autonomy, sensors, and AI-enabled systems.
The Reuters “growing pains” warning: a valuation stress test
A major Reuters analysis published Dec. 8, 2025 argues that Silicon Valley-backed defense firms have increased their presence in defense contracting — but now face the harder phase: moving from prototypes to large-scale production. [17]
Reuters cited Govini data showing:
- defense startups captured 1.3% of Pentagon contracts to defense firms in the first three quarters of 2025, up from 0.6% a year earlier,
while the biggest primes held 92%. [18]
For valuation, those numbers cut both ways:
- Bull case: the share shift is real, and even small percentage gains in the Pentagon market can translate into very large revenue opportunities.
- Bear case: primes still dominate, and the “valley of death” between prototype wins and major programs remains a brutal barrier. [19]
Anduril chairman Trae Stephens, quoted by Reuters, emphasized both ambition and constraint — arguing more companies should have a shot at large contracts, but warning the Pentagon won’t create “10 new primes.” [20]
The last few days of Anduril-related headlines investors are watching
1) UK expansion catalyst: GKN Aerospace + Anduril UK + Archer (Project NYX)
A new UK partnership has drawn attention because it ties Anduril to a near-term British Army modernization effort.
GKN Aerospace announced on Dec. 9, 2025 it signed an agreement with Anduril Industries UK, targeting key UK defense contracts expected in early 2026, including:
- the UK Government’s upcoming Land Autonomous Collaborative Platform (ACP) contract, and
- the British Army’s Project NYX (next-generation uncrewed rotorcraft). [21]
GKN said the collaboration could support more than 100 new jobs over three years at its Cowes site if successful. [22]
The Aviationist added more timeline and budget color: it reported that the tender notice is due Dec. 19, 2025, that the contract is currently valued at £100 million, and that a contract award is expected by Q3 2026. [23]
Why it matters for valuation: UK programs diversify Anduril beyond the U.S. pipeline, and “loyal wingman / collaborative platform” concepts are among the hottest spending priorities across NATO.
2) Maritime scale story: HD Hyundai partnership to build autonomous vessels
Anduril’s growth thesis has increasingly emphasized production scale — and shipbuilding is one of the hardest industrial arenas to scale quickly.
Defense One reported Anduril partnered with HD Hyundai Heavy Industries with the aim of producing autonomous surface vessels, with the first prototype expected to be built in Korea and future vessels planned for U.S. production facilities. [24]
Reuters also pointed to the Anduril–Hyundai partnership as an example of legacy–startup collaboration emerging in defense. [25]
Why it matters for valuation: If Anduril can credibly move into maritime autonomy at scale, it expands total addressable market — but it also increases execution risk, because ship production is unforgiving on schedule, cost, and supply chain.
3) “Golden Dome” and the next wave of missile defense prototypes
Reuters reported on Nov. 25, 2025 that the U.S. Space Force awarded multiple small contracts tied to the Pentagon’s Golden Dome missile defense push, with Anduril among the companies cited by sources. Reuters said a Pentagon presentation suggested $10 million awards for Northrop Grumman and Anduril in that framework. [26]
Why it matters for valuation: Even small prototype awards can act as positioning for future competitions measured in tens of billions of dollars, which is the type of optionality that secondary markets often price aggressively. [27]
The risk side of the valuation story: testing failures and reliability scrutiny
Valuation premiums don’t survive contact with performance problems — and Anduril has had its share of scrutiny this quarter.
A Reuters exclusive published Nov. 27–28, 2025 reported that two of Anduril’s Altius drones crashed during tests, and described challenges faced by the Ghost drone system in Ukraine against electronic warfare, while noting Anduril characterized some failures as isolated and said it had addressed issues with updated models. [28]
Why it matters for valuation: In defense procurement, “software speed” helps win pilots, but reliability and repeatability help win programs. This is exactly the scaling challenge Reuters highlighted in its Dec. 8 analysis of the sector’s growing pains. [29]
So what is Anduril “really worth” on Dec. 14, 2025?
If you’re writing about Anduril Industries valuation today, the most defensible framing is:
- Official / last disclosed valuation:
Anduril’s last publicly reported post-money valuation remains $30.5 billion from the Series G round on June 5, 2025. [30] - Secondary-market implied valuation range (informational):
- Forge shows a $68.45B Forge Price valuation dated 12/14/2025. [31]
- Nasdaq Private Market shows an $81.15 per-share Tape D estimate updated Nov. 2025 (not a guaranteed tradable price). [32]
Because these platforms explicitly caution that their figures are derived and may not reflect executable prices or broad market liquidity, the most responsible language is:
“Secondary market indicators imply a higher valuation than Anduril’s last financing round, but the data is model-based and not equivalent to a public-market market cap.” [33]
Forecasts and valuation outlook: what analysts are implicitly betting on
No one outside the company can publish a precise “forecast” for a private company’s valuation with public-market confidence — but the direction of current commentary is clear: much of the market is wagering that Anduril can evolve into something closer to a new category of prime contractor.
Here are the main forecast narratives visible across recent coverage and data signals:
Narrative A: Anduril becomes a scaled “neo-prime”
This is the thesis behind premium secondary pricing: a future where Anduril wins large, repeatable production programs (not just prototypes) across multiple domains — air autonomy, maritime autonomy, sensors, and missile defense architectures.
Supporters point to:
- the Pentagon’s stated desire to widen the supplier base, [34]
- Anduril’s contract and partnership momentum in allied markets (e.g., the UK Project NYX push), [35]
- and the overall defense-tech capital wave lifting late-stage leaders.
Narrative B: The “scaling wall” compresses valuation premiums
Reuters’ December analysis stresses that building prototypes is not the same as building at scale — and that primes still dominate most major programs. [36]
That framing implies valuation could stabilize closer to the last financing mark unless Anduril demonstrates consistent delivery at industrial volume.
Narrative C: IPO timing becomes the next valuation catalyst — but it’s not confirmed
Some market research and platform commentary has floated the possibility of an IPO window in 2026–2027, but as of the latest widely reported disclosures, Anduril has not announced a firm IPO plan. [37]
For Google News readers, the practical takeaway is that IPO speculation tends to amplify private-market price volatility, especially when the business sits at the crossroads of defense urgency and Silicon Valley capital.
What to watch next (the valuation “triggers” for 2026)
If you’re tracking Anduril’s valuation beyond today’s numbers, these are the most important near-term catalysts implied by recent reporting:
- UK tender progress (the Dec. 19 tender notice date and the run-up to a 2026 award window, if timelines hold). [38]
- Evidence of scale: production ramp milestones that prove the company can manufacture at volume (the core theme of Reuters’ Dec. 8 analysis). [39]
- Major program conversions: prototype wins turning into large production contracts — especially in missile defense architectures and autonomy programs. [40]
- Reliability track record: whether scrutiny around drone performance translates into procurement friction or improved product iterations that strengthen trust. [41]
References
1. www.reuters.com, 2. forgeglobal.com, 3. www.reuters.com, 4. www.reuters.com, 5. forgeglobal.com, 6. forgeglobal.com, 7. www.nasdaqprivatemarket.com, 8. www.reuters.com, 9. forgeglobal.com, 10. techcrunch.com, 11. forgeglobal.com, 12. forgeglobal.com, 13. www.nasdaqprivatemarket.com, 14. forgeglobal.com, 15. www.reuters.com, 16. www.axios.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.gknaerospace.com, 22. www.gknaerospace.com, 23. theaviationist.com, 24. www.defenseone.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. forgeglobal.com, 32. www.nasdaqprivatemarket.com, 33. forgeglobal.com, 34. www.reuters.com, 35. www.gknaerospace.com, 36. www.reuters.com, 37. forgeglobal.com, 38. theaviationist.com, 39. www.reuters.com, 40. www.reuters.com, 41. www.reuters.com
