Costa Mesa — March 24, 2026, 06:18 PDT
Investors are snapping up Anduril shares in secondary markets, with bids reaching as much as 40% above the pricing expected in the company’s upcoming funding round. According to Business Insider, which referenced executives at Forge Global and Rainmaker Securities, buyers are piling in ahead of the round pinned to a rumored $60 billion valuation. Let’s Data Science
This shift highlights a growing disconnect in late-stage private market pricing. Leading venture firms are locking in primary deals at valuations companies themselves set, but plenty of others are scrambling for scraps on the secondary market, where insiders unload shares rather than the company issuing fresh equity. According to Caplight figures cited by Business Insider, buyers made up a hefty 97% of total volume, with sellers representing just 3%. Let’s Data Science
All this comes as Anduril pushes beyond its roots as a venture-backed drone maker, staking out a larger footprint as a Pentagon contractor. Just this month, Reuters reported the firm is after roughly $4 billion from Thrive Capital and Andreessen Horowitz—a funding round that could push Anduril’s $30.5 billion valuation from June 2025 close to double. Reuters
Kelly Rodriques, CEO at Forge Global, told Business Insider he’s seeing buyers gripped by FOMO push prices well above normal, likening the rush to a ticket resale frenzy and calling the behavior “scalping.” Greg Martin, Rainmaker Securities’ managing director and co-founder, described the current premium levels as “unusual,” adding that typical markups in private secondary trades generally fall between 5% and 15%. Anduril would not provide comment to Business Insider. Business Insider
This isn’t a new fundraising round—these are secondary sales, with existing shareholders offloading shares to incoming buyers. According to Business Insider, each trade requires both a seller ready to deal and a green light from the company itself before it goes through. Let’s Data Science
Anduril doesn’t make it easy for shareholders to sell. According to Business Insider, co-founders Palmer Luckey and Matt Grimm have gone after unauthorized share deals, insisting that anyone looking to offload stock must first offer it back to the company. That right of first refusal gives Anduril the ability to match any outside bid. Business Insider
That rush isn’t just about defense. Rodriques told Business Insider that Anthropic shares, too, have been fetching premiums in secondary markets—though not as steep. It’s another signal: a few late-stage private companies are managing to stretch their private run, with demand pushing into resale channels. Business Insider
Anduril’s recent pace makes the interest clear. Back on March 13, the U.S. Army said it had awarded the company a 10-year enterprise contract that could be worth as much as $20 billion. Reuters also reported last week that Anduril’s about to begin production of its FURY combat drone in Ohio—at a $1 billion campus that’s projected to employ more than 4,000 over the coming decade. Army
Still, those premiums may disappear in a hurry. The funding round remains unfinished, secondary markets are both illiquid and murky, and Grimm—writing in December in a note picked up by Business Insider—flagged the risk of fraud, questionable players, and steep fees in these deals. Business Insider
Investors who didn’t get into the main round are dealing with a tight market—just getting a seat at the table costs extra. The shortage of Anduril shares is pushing the spread wider between its official valuation and prices some buyers are actually ready to pay. Let’s Data Science
