Costa Mesa — March 24, 2026, 06:18 PDT
Anduril shares are drawing bids up to 40% higher than the anticipated price in the company’s next funding round, as investors rush into secondary markets. Business Insider, citing executives at Forge Global and Rainmaker Securities, reports that buyers are moving quickly ahead of a round tied to a rumored $60 billion valuation.
The gap in late-stage private market pricing is getting harder to ignore. Top venture firms are taking primary stakes at valuations determined by the startups, while elsewhere, investors are left picking over the limited secondary supply—mostly insiders letting go of old shares instead of the company raising new money. Numbers from Caplight, cited by Business Insider, put buyers at a commanding 97% of total volume, with sellers making up just 3%.
Anduril is moving past its early drone-focused days as it carves out a bigger role supplying the Pentagon. Earlier this month, Reuters said the company is targeting about $4 billion in new capital from Thrive Capital and Andreessen Horowitz. If successful, that haul could send Anduril’s $30.5 billion valuation from June 2025 soaring toward twice that figure.
Forge Global CEO Kelly Rodriques told Business Insider that buyers, driven by FOMO, are bidding prices far above the usual range—he compared it to the chaos of ticket reselling and didn’t hesitate to call the trend “scalping.” Greg Martin, who co-founded Rainmaker Securities and serves as managing director, called today’s premiums “unusual” and pointed out that private secondary trades typically see markups in the 5% to 15% range. Anduril declined to comment for Business Insider. Business Insider
It’s not a fresh fundraising event—just existing shareholders selling their stakes to new investors. Business Insider reports that every transaction hinges on a willing seller and company sign-off before it clears.
Getting out of Anduril isn’t simple for investors. Business Insider reports that co-founders Palmer Luckey and Matt Grimm have cracked down on unauthorized sales, requiring shareholders who want to sell to offer their stock to the company before seeking outside buyers. This right of first refusal lets Anduril match any external offer.
This scramble isn’t limited to defense names. Rodriques told Business Insider that Anthropic shares are also drawing premiums on secondary markets—albeit less pronounced ones. It’s telling: a handful of mature private firms are prolonging their time outside the public markets, buoyed by buyers willing to pay up in secondary trades.
Anduril’s momentum lately is hard to miss. On March 13, the U.S. Army said it awarded the company an enterprise deal running up to 10 years, with a potential value of $20 billion. And just last week, Reuters reported Anduril is gearing up to start building its FURY combat drone in Ohio, operating out of a $1 billion site that’s expected to create over 4,000 jobs during the next decade.
Even so, those premiums could vanish fast. The funding round isn’t closed yet, and secondary markets offer little clarity or liquidity. Back in December, Grimm pointed out in a note cited by Business Insider the potential for fraud, dubious actors, and hefty fees in these trades.
For anyone left out of the main round, entry is pricey now—simply finding availability comes with a premium. Anduril shares remain scarce, and that has blown out the gap between the formal valuation and what certain buyers are willing to shell out.
