Anduril Industries
Software-first defence prime — autonomous air, ground and maritime systems (Sentry tower, Roadrunner, Bolt, Fury, ALTIUS, Dive-LD), the Lattice command-and-control operating system, and a vertically-integrated Arsenal-1 production base — selling primarily into US DoD and Five-Eyes programmes-of-record.
The Business
Anduril Industries is a software-first US defence prime. The product line spans four main surfaces: the Lattice operating system (the command-and-control mesh that integrates sensors, effectors and third-party platforms into a single C2 substrate); a hardware portfolio of autonomous and semi-autonomous platforms across air (Fury / CCA, Roadrunner, ALTIUS, Bolt), ground (Sentry tower, Ghost) and maritime (Dive-LD) domains; the Integrated Visual Augmentation System (IVAS) following the February 2025 prime transition from Microsoft; and the Arsenal-1 hyperscale manufacturing facility in Columbus, Ohio — the vertically-integrated production base that closes the loop on the software-first prime thesis. Anduril is unlisted; the relevant financial frame is the multi-year contract backlog plus the cumulative equity base rather than quarterly segment disclosure.
Customers and Distribution
Anduril’s customer base is structurally US Department of Defense plus Five-Eyes and selected NATO allies. The most-cited 2026 programme is the US Army’s $20B counter-drone enterprise IDIQ contract awarded in March 2026 (Defense Scoop) — built around Lattice as the C2 substrate for counter-unmanned aircraft systems and distinct from the separate ~$100M Next-Gen Command-and-Control prototype award Anduril won in July 2025. The Microsoft IVAS programme transition in February 2025 brought Anduril into the soldier-borne mission command portfolio; the Air Force Collaborative Combat Aircraft (CCA) Increment 1 selection on the Fury platform brought Anduril into the loyal-wingman line. Additional named programmes-of-record include the Sentry tower with U.S. Customs and Border Protection, Roadrunner, ALTIUS, Bolt and Dive-LD across DoD and allied procurement. Distribution sits across direct DoD prime-contractor relationships (Army, Air Force, Navy, Marine Corps, SOCOM, CBP), Five-Eyes allied procurement (United Kingdom, Australia, Netherlands, Ukraine through UK channels, with named expansion in Asia-Pacific), and the IVAS / soldier-system distribution layer inherited from the Microsoft prime transition.
Model Strategy
Anduril’s strategic bet is that defence-tech native AI plus software-defined autonomy beats legacy-prime hardware integration on the timelines DoD now buys to — and that the Lattice operating system is the substrate-level moat that converts hardware programmes-of-record into a single composable C2 mesh. The capital backstop is the cumulative >$11B equity base disclosed, capped by the May 2026 $5B Series H at $61B post-money led by Thrive Capital and Andreessen Horowitz (TechCrunch), following the June 2025 round at $30.5B post-money led by Founders Fund (CNBC). The infrastructure backstop is Arsenal-1, the Columbus-Ohio hyperscale defence manufacturing facility that closes the production loop on the software-first prime thesis. Above the platform layer, Anduril is now competing for prime-contractor status on the largest C2 line in the US Army (the $20B counter-drone enterprise IDIQ contract with Lattice as the C2 substrate) and on the loyal-wingman / CCA line in the US Air Force — both head-to-head against Lockheed Martin, RTX and Boeing. The D1c portability sub-rubric was tracked at 9 in the v1.6 evidence pass: Lattice as a C2 substrate is structurally hard to replace, because substitution requires re-procuring the entire mesh and re-integrating every connected sensor and effector.
At A Glance
The Numbers
Annualised revenue
Contract value
Headcount (FTE)
Funding to date
Leadership Team
Anduril is an unlisted US defence-technology company subject to ITAR / EAR, CFIUS and DoD acquisition rules; only US persons and approved-allied nationals can hold certain technical roles. Bench depth has been built through senior recruits from Lockheed Martin, RTX, Northrop Grumman and Palantir as the company scaled past 3,500 employees (reported in 2025 press coverage). Public spokespeople on quarterly milestones are Schimpf (CEO) and Luckey (Chairman); chief financial officer and chief operating officer roles have been publicly held but are not the primary external-facing voices on programme wins.
IM Framework Scoring
IM’s structured assessment of Anduril Industries’s competitive position. The summary below is the headline; expand “Show the full analyst-grade analysis” near the bottom for the per-dimension reasoning and evidence. Methodology →
Funding History
| Date | Round | Raised | Post-money | Lead investor(s) |
|---|---|---|---|---|
| May 2026 | Series H | $5B | $61B | Thrive Capital and Andreessen Horowitz |
| Jun 2025 | Series G | $2.5B | $30.5B | Founders Fund |
| Aug 2024 | Series F | $1.5B | $14B | Founders Fund |
| Dec 2022 | Series E | $1.48B | $8.48B | Valor Equity Partners |
| Jun 2021 | Series D | $450M | $4.6B | Elad Gil & Andreessen Horowitz |
| 2020 | Series C | $200M | $1.9B | Andreessen Horowitz |
| 2019 | Series B | $120M | $1B | Founders Fund |
| 2017 | Seed & Series A | ~$57M | — | Founders Fund |
Cumulative >$11B disclosed across rounds through May 2026. The Series H closed May 2026 at $5B raised / $61B post-money led by Thrive Capital and Andreessen Horowitz per TechCrunch coverage; the prior round in June 2025 raised $2.5B at $30.5B post-money led by Founders Fund (CNBC). Some earlier IM and press coverage conflated the two rounds; the corrected sequence is Series F Aug 2024 ($1.5B / $14B, Founders Fund), Jun 2025 ($2.5B / $30.5B, Founders Fund), then May 2026 Series H ($5B / $61B, Thrive + a16z). Series F (Aug 2024) data point per Anduril's own press release at the time; Series E and earlier rounds per CNBC, Reuters and TechCrunch named coverage. Anduril is unlisted (no IPO at time of writing) — the relevant capital-position frame is the combined equity base plus the multi-year contract backlog ($20B Army counter-drone enterprise IDIQ on Lattice plus the separate ~$100M Next-Gen C2 prototype plus IVAS plus CCA plus production-of-record awards across air, ground and maritime portfolios).
Competitive Landscape
Anduril's competitive set sits in three concentric rings: the closest software-first prime mirror (Palantir, with deeper DoD-data-platform tenure), the legacy primes that own most of today's programmes-of-record (Lockheed Martin, RTX, Boeing — and the head-to-head against them on C2, autonomous platforms and effectors), and the venture-tier software-first defence cohort (Shield AI most prominently, with adjacent named players including Skydio on small UAS and Saronic on autonomous maritime). Anduril is unusual in the set because it competes simultaneously against three structurally different opponent profiles — a data-platform incumbent, a tier-1 legacy-prime cohort, and a venture-defence cohort — on the same set of programmes-of-record.
| Competitor | Positioning | Distribution edge | Threat profile |
|---|---|---|---|
| Foundry / Apollo for Defense (Palantir (NASDAQ: PLTR)) |
Software-first defence prime on the data-platform and mission-software layer; the closest direct mirror of Anduril's software-first prime positioning, with deeper data-integration history inside DoD and the Intelligence Community. | Direct DoD programmes-of-record; named role on Army TITAN, Maven Smart System, NGA / Project Maven, and adjacent IC integrations; Palantir Foundry is the data-platform standard inside multiple combatant commands. | High — the most direct symmetric competitor on the software-first prime thesis, with longer DoD tenure and a public-company balance sheet. |
| Aegis / F-35 / PAC-3 / Tomahawk and adjacent platforms (Lockheed Martin (NYSE: LMT)) |
The largest legacy defence prime; spans air, missile defence, space and integrated battle management. Direct competitor to Anduril on Next-Generation Command-and-Control and on weapons-platform programmes where software-first autonomy claims overlap legacy programme architectures. | Dominant DoD programmes-of-record across air, sea, land and missile defence; deepest installed-base of any prime; multi-decade allied-government distribution. | High — installed base and programmatic incumbency on the largest DoD lines; Anduril's $20B Army counter-drone enterprise IDIQ award (with Lattice as the C2 substrate) is materially read by analysts as a reallocation against the legacy-prime line. |
| Raytheon and Collins Aerospace platforms (RTX (NYSE: RTX)) |
Missiles, missile defence, radar, sensors, electronic warfare and avionics — the most overlap-heavy legacy prime against Anduril's Roadrunner / Bolt / Fury and sensor-fusion platforms. | Programmes-of-record across the Army, Navy, Air Force and allied procurement; deep European distribution through the Raytheon / MBDA pattern. | High — the closest legacy-prime overlap on Anduril's effector portfolio; CCA / loyal-wingman programmes and hypersonic effectors are the active head-to-head surfaces. |
| Defense, Space & Security platforms (Boeing (NYSE: BA)) |
Legacy prime on tactical aircraft (F-15EX, F/A-18), autonomous systems (MQ-25, Loyal Wingman / MQ-28), vertical lift, satellites and missile-defence; the most direct legacy competitor on CCA-class autonomy. | Programmes-of-record across the Air Force, Navy and Army; allied distribution through international FMS (Foreign Military Sales) channels. | Medium-high — head-to-head on CCA, MQ-25 and loyal-wingman programmes; structurally constrained relative to LMT and RTX on near-term programmatic momentum, which opens room for the Anduril Fury / CCA narrative. |
| V-BAT / Hivemind autonomy stack (Shield AI) |
Software-first defence-tech startup with the V-BAT VTOL UAV plus the Hivemind autonomy stack; the closest startup-tier symmetric competitor to Anduril on the "software-first prime" pitch at venture scale. | DoD programmes-of-record and allied sales (notably with the US Coast Guard and named Asia-Pacific allies); smaller balance sheet than Anduril and a narrower platform portfolio. | Medium — flanking risk in the "new defence prime" venture category; structurally smaller programme footprint than Anduril today, but the most narrative-direct startup-cohort competitor. |
Pricing benchmark: defence-prime contracts are not priced on a per-unit headline; they are programme-of-record awards with multi-year cost structures (cost-plus, fixed-price-incentive-fee, or fixed-price). The $20B Army counter-drone enterprise IDIQ on Lattice (Defense Scoop, Mar 2026) — distinct from the separate ~$100M Next-Gen C2 prototype award (July 2025) — is the most-cited recent comparable; the IVAS transition from Microsoft to Anduril in Feb 2025 is the most-cited platform-level transition; CCA production awards on the Fury platform line are the most-cited "new prime" signal. The competitive frame is programme-of-record share (plus the underlying Lattice C2 substrate) rather than headline per-platform price.
Potential Risks
The case for Anduril at IM Framework 7.79 rests on Lattice as a substrate-level C2 operating system, vertical integration through Arsenal-1, a $20B Army counter-drone enterprise IDIQ contract with Lattice as the C2 substrate, a Microsoft IVAS programme transition, and the broadest software-first defence-tech equity base on the public record. The case against splits into five risks of differing magnitude — with customer concentration the most structural, head-to-head legacy-prime competition the most active, and contract-concentration single-point risk the most economically consequential on a single-quarter view.
Customer concentration on US DoD and Five-Eyes allies
Anduril is structurally a US defence prime; effectively the US DoD (Army, Navy, Air Force, Marine Corps, Special Operations Command, Customs and Border Protection) plus a controlled set of Five-Eyes / NATO allies makes up the customer base. ITAR / EAR controls cap how aggressively Anduril can diversify outside that footprint. The D4f geopolitical-exposure sub-rubric was tracked at 5 in the v1.6 evidence pass on that basis. The bull case is that this is the same concentration that defines every defence prime — a feature, not a bug — and that the Trump-administration defence posture has materially expanded the US DoD opportunity. The bear case is that any administration-cycle reset to procurement priorities or to specific programmes-of-record can compress multiple lines simultaneously.
Political-cycle and budgetary exposure
Defence procurement is funded annually by Congressional appropriation, with multi-year contract structures running on top. A continuing-resolution event, an Armed Services committee re-baselining of a specific programme, or a White House budget reset that re-allocates between platform lines (CCA vs F-35; next-gen C2 vs legacy battle management) can each compress contract velocity inside a single budget cycle. The current DoD posture is a tailwind for software-first primes; that tailwind is itself a function of an administration position rather than a structural fact.
Head-to-head competition with Lockheed Martin, RTX and Boeing
Anduril is now competing for the same programmes-of-record as the largest legacy primes, with materially smaller balance-sheet depth and shorter programmatic tenure. The $20B Army counter-drone enterprise IDIQ on Lattice is the most public sign that DoD is willing to reallocate against the legacy line; the headwind is that LMT, RTX and Boeing will reprice on programme renewals and on the next round of CCA, missile-defence and integrated-battle-management awards. The capital base (>$11B equity raised, $61B post-money on Series H May 2026 with $30.5B Jun 2025 prior round) is the structural counter — but the legacy primes price programmes from a structurally larger gross-margin and cash-flow base.
Contract-concentration single-point risk
The $20B Army counter-drone enterprise IDIQ on Lattice and the IVAS transition concentrate a material fraction of forward revenue in a small number of named programmes. A re-baselining, a termination-for-convenience, or a programme-of-record re-compete on either line would be a single-quarter revenue event of material size. Defence-prime contract law gives the customer broad discretion on changes of scope; the offset is that prime-level relationships, once locked in, are very sticky to multi-year deliverables and integration milestones.
Regulatory exposure on autonomous weapons and AI-policy
ITAR / EAR controls cap export distribution; DoD Directive 3000.09 governs autonomy in weapons systems; the EU AI Act's exclusion for military applications keeps the European regulatory frame narrower than the civil-AI surface but the policy environment around autonomous weapons remains contested. The D4c regulatory-exposure sub-rubric was tracked at 6 in the v1.6 evidence pass on that combination. None of these is fatal to Anduril, but cumulatively they cap how aggressively Anduril can move on autonomous effectors and on certain export markets.
Recent IM Coverage
- IM AI Tracker — Anduril entry May 2026.
Show recent press coverage of Anduril Industries
- May 2026 — Anduril Raises $5 Billion at $61 Billion Valuation — Series H led by Thrive Capital and Andreessen Horowitz.
- May 2026 — Defense Tech Startup Anduril Closes $5B Series H at $61B Valuation.
- Mar 2026 — U.S. Army Picks Anduril as Prime Contractor for Next-Generation Command-and-Control Programme — $20B over 10 years.
- Mar 2026 — Anduril Lands Army Next-Gen Command-and-Control Prime — $20B Decade-Long Award.
- Feb 2025 — Microsoft and Anduril Announce IVAS Programme Transition — Anduril takes prime role on the Integrated Visual Augmentation System.
- 2024 — Anduril Closes $1.5 Billion Series F at $14 Billion Valuation.
- 2024 — Anduril Unveils Arsenal-1 Hyperscale Defence Manufacturing Facility — Columbus, Ohio.
- 2024 — U.S. Air Force Selects Anduril and General Atomics for Collaborative Combat Aircraft (CCA) Increment 1.
Curated feed of named-source coverage — Anduril's own press releases, US government announcements (Air Force, DoD), Microsoft News, and named-author defence and business press (Bloomberg, Reuters, Defense News, TechCrunch). Excludes wire-aggregator reposts, unsourced defence round-up pieces, and Tracxn / PitchBook / Crunchbase Premium / aggregator-class secondary citations on the IM blocklist.
Show the source register for the figures on this page
IM operates a primary-source-where-possible discipline. The figures above come from:
- Revenue (basis-disclosure note): Anduril is unlisted and does not publish audited financial statements. The closest published proxies are executive commentary attributed in Bloomberg and Reuters coverage indicating $2.2B 2025 revenue (doubled from 2024) with a 2026 projection of $4.3B per TechCrunch May 2026 coverage of the Series H announcement. We label the headline as “executive-guidance revenue with named-press attribution” rather than a clean GAAP figure and decline-to-publish a precise FY25 figure absent a primary disclosure.
- Usage — programme-of-record footprint: Anduril's closest public proxy for “usage” is its named programme-of-record footprint. As of mid-2026 the disclosed set includes the $20B Army counter-drone enterprise IDIQ on Lattice (Defense Scoop Mar 2026) — distinct from the separate ~$100M Next-Gen C2 prototype award (Defense Scoop Jul 2025), the IVAS transition from Microsoft (Microsoft News Feb 2025), the CCA Increment 1 selection on the Fury platform (U.S. Air Force 2024), plus the Sentry tower (CBP), Roadrunner, Bolt, ALTIUS and Dive-LD platform lines disclosed by Anduril.
- Headcount (basis-disclosure note): Anduril does not separately publish a quarterly headcount disclosure. Named-press reporting in 2025 cited the workforce passing 3,500; later 2025-2026 coverage referenced rapid expansion against the Arsenal-1 facility ramp. We decline-to-publish a precise mid-2026 headcount absent a primary disclosure and reference the named-press order-of-magnitude only.
- Funding to date: Cumulative >$11B across rounds disclosed; Bloomberg and TechCrunch on the May 2026 $5B Series H at $61B post-money led by Thrive Capital and Andreessen Horowitz, plus the prior June 2025 round at $30.5B post-money led by Founders Fund; Anduril's own Series F press release on the Aug 2024 $1.5B / $14B round; CNBC, Reuters and TechCrunch named-press coverage for earlier rounds.
Methodology & Disclaimer
For metric definitions, source-tier hierarchy, and decline-to-publish rules, see the tracker methodology. Confidence dots (• green / • amber / • red) follow the same convention as the AI Tracker.
Spotted a figure you believe is wrong? Send corrections to info@informationmatters.net.
Information Matters Framework scores are the considered opinion of the IM team — human and AI — applied to publicly-available evidence under a disclosed methodology. They are not statements of fact about the companies scored and they are not investment advice.
