Anduril raises $5bn at $61bn valuation, doubling in eleven months



Thrive Capital and Andreessen Horowitz led the round on the back of $2bn+ in 2025 revenue and a $20bn Pentagon enterprise agreement signed in March.

Anduril Industries has raised $5 billion in a round led by Thrive Capital and Andreessen Horowitz, doubling its valuation to $61 billion eleven months after its previous mark. The Costa Mesa defence-tech company confirmed the round on Wednesday.

The valuation puts Anduril above Lockheed Martin’s market capitalisation by some measures and ahead of every other US private defence company.

The June 2025 round at $30.5 billion, led by Founders Fund, has effectively been re-priced within a year.

Reuters first reported in March that Anduril was sounding out a $4 billion raise at a $60 billion valuation; the final round came in slightly above both numbers.

Revenue growth is the proximate justification. The company has told investors it brought in more than $2 billion in 2025, roughly double 2024’s figure, and has nearly doubled headcount over the same period.

The Pentagon awarded Anduril an enterprise agreement in March worth up to $20 billion over 10 years, by far the largest contract in the company’s history, and one of the largest single awards to a non-incumbent defence firm in the post-9/11 era.

The product mix has broadened from the original surveillance-tower business. Roadrunner-M, the vertical-takeoff interceptor drone Anduril designed to shoot down other drones and then land for re-use, has booked more than $350 million in orders, including a $250 million package for 500-plus units bundled with Pulsar electronic-warfare systems.

EagleEye, its augmented-reality headset for soldiers, is in active fielding. The company tested an autonomous fighter jet in February, and is building Arsenal-1, a $1 billion manufacturing plant in Ohio that is meant to industrialise the company’s hardware lines on something closer to a consumer-electronics cadence than a prime-style production timeline.

The investor list reflects how defence has stopped being a venture-capital edge case. Thrive Capital, the firm built by Joshua Kushner, and Andreessen Horowitz, between them have led or co-led many of the largest AI-platform rounds of the past three years.

Their joint lead here puts defence tech inside the same capital pool that has been backing foundation-model companies.

Founders Fund, Sands Capital, and Counterpoint Global have been existing backers across earlier rounds.

Europe’s defence-tech surge runs in parallel. Munich-based Helsing is in the process of raising $1.2 billion at an $18 billion valuation, a round disclosed last week that would make it one of the five most valuable private technology companies on the continent.

Quantum Systems became Germany’s first defence-tech unicorn last year, and the broader European defence-tech category has been pulling in record funding, with German startups taking roughly 90% of the H1 2025 total.

What is not yet on the table is an IPO. Anduril chief executive Brian Schimpf and founder Palmer Luckey have repeatedly said the company will go public when the timing is right, and the new $5 billion is meant to fund Arsenal-1, further R&D, and continued contract execution rather than pre-IPO balance-sheet engineering.

The size of the round, and the lead-investor profile, has been read in market circles as a private-market alternative to a near-term listing.



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Recent Reviews


Modern displays are amazing when it comes to detail, brightness, color, and all the ingredients that make for an impressive picture—except motion clarity.

CRT screens are still the king of motion clarity, but plasma flat-panel screens hold a respectable second place, and in many ways I still miss my old 720p 51-inch plasma TV and the crisp motion I gave up by switching to a 4K LCD.

Plasma solved motion the “right” way

Plasma displays didn’t just show an image—they flashed it.

While they operate on different principles, CRTs and plasma TVs have a few things in common. First, the phosphors used by CRTs and plasma displays are the same. Second, because these phosphors fade quickly, they need to be continuously refreshed.

In a CRT, the electron beam scanning from the top to the bottom of the screen achieves this, and in a plasma, a high-speed electric pulse does the same. Because of this rapid pulse-and-fade, these screen technologies have crisp perceptual motion, since our brains tend to interpret moving images that don’t pulse as “smearing” across our retinas.

The pulsing nature of plasma technology isn’t the only reason for its better motion reproduction. These screens also have very low latency and very fast pixel response times. Combined, it’s not quite as good as CRT motion handling, but it’s significantly better than LCD and OLED technology, even today.

Modern TVs rely on sample-and-hold—and that’s the problem

Stand and deliver blurry images

Blur Busters UFO Test

Modern LCD and OLED televisions are “sample and hold” technologies. They can hold each frame of video perfectly for the entire duration of that frame without deviating in brightness and then instantly snap to the next frame without any dipping to black in-between.

On paper, this sounds like a good thing, but your eyes don’t stay still when tracking motion. As they follow a moving object, the image being held on screen effectively drags across your retina, creating the perception of blur. Even if the panel itself is perfectly sharp.

You might not even realize how blurry motion is on modern displays if all you’ve ever seen with the naked eye is an LCD or plasma. However, if you see a CRT or plasma in person, the difference is quite striking.

The sample and hold issue means that no matter how much you increase the refresh rate, that type of blur persists. It’s why my 85Hz CRT monitor is clearly less blurry in motion than my 240Hz LCD monitor. It’s especially apparent when you’re playing 2D games that scroll the entire screen, with LCDs or OLEDs smearing the image in a way that gives me a bit of a headache if I’m being honest.

Playing Diablo 2 on a CRT. Credit: Sydney Louw Butler/Shutterstock.com

It creates this weird situation where a modern TV can be incredibly sharp in a freeze frame but somehow look softer than a lower-resolution display that isn’t sample and hold as soon as you press play.

Motion interpolation is a workaround, not a solution

It’s an abomination, that’s what it is

One of the “fixes” that TV makers came up with to reduce unwanted motion blur is a technology known as frame interpolation, or more commonly “motion smoothing.” Here an algorithm creates fake frames that guess at what the middle step of motion would look like if it were captured. This creates a high frame-rate video output, which we see as smoother and more crisp.

While this doesn’t take away sample-and-hold blur, it does improve motion clarity. Unfortunately, it also destroys the intended frame rate that shows and movies were meant to be seen at. It’s also useless for video games, because it introduces an enormous amount of input lag. NVIDIA’s DLSS technology is also frame interpolation, but it works for games because of several mitigations NVIDIA put into the technology. These measures don’t exist on TVs.

While some people think motion smoothing isn’t all bad, TV makers are no longer activating it by default as much anymore, and my advice is to always turn it off because the trade-offs are just not worth it.

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The 2025 model TCL QM6K Google TV delivers a stunningly clear and bright picture with a new Mini-LED panel, improved local dimming zones, Dolby Vision IQ, and a neat new Halo Control system for improved visuals. Get this TV and elevate your living room. 


Black frame insertion tries to recreate plasma—but comes with trade-offs

Who turned out the lights?

The other trick sample-and-hold screens have to mimic what CRTs and plasma TVs do naturally is called BFI, or Black Frame Insertion. As the name suggests, the display inserts a full black frame between every original frame. This provides an instant and dramatic increase in motion clarity. However, it also has a big impact on brightness. As much as half of the light is now gone, so the image is much dimmer. Pushing overall brightness to compensate makes things hotter and more energy-hungry.

Some BFI implementations cause visible flicker, for which I personally have no tolerance at all, but the biggest problem here is that BFI doesn’t have the smooth pulsing roll off of the phosphors used in CRTs and plasma.


The future might circle back—but we’re not there yet

That might be changing, however, because a new generation of LCDs can leverage the power of multi-zone backlight technology to strobe the backlight across the screen in a way that mimics a CRT scanline.

NVIDIA’s G-SYNC Pulsar has received rave reviews from the biggest motion blur haters, and I sincerely hope that a similar technology becomes standard in TVs going ahead, so we can go back to enjoying the crisp motion we used to have without all the compromises.



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