Defense tech startup Anduril has raised $2.5 billion in a Series G funding round that nearly doubled its valuation to $30.5 billion. The round was led by Founders Fund, a venture capital firm associated with Peter Thiel, which contributed $1 billion.
Trae Stephens, Anduril’s executive chairman and a partner at Founders Fund, confirmed the investment on Bloomberg Television on Thursday, stating this represents the largest single investment ever made by Founders Fund. Existing investors also pitched in.
An Anduril spokesperson told TechCrunch, the round was over eight times oversubscribed, meaning many more investors wanted to buy than the amount of stock Anduril was selling.
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Anduril, which was founded in 2017, currently specializes in creating autonomous systems and software for defense applications. Its product range includes drones which can carry weapons such as the Ghost, Altius, and Anvil series, Lattice — an open operating system for command and control, and augmented reality headsets designed for military use.
Anduril aims to update national defense capabilities through the integration of tech such as AI and autonomous systems. The capital acquired from the latest funding round will be used to further boost Anduril’s financial position and fuel its production and manufacturing goals.
Stephens noted that the funds are essential for building the company’s capacity to address major challenges facing national security organizations. The fresh financing will also be used to expand the infrastructure needed to produce defense hardware as well, according to the company.
In the last week, Anduril announced that it joined forces with Meta to develop Extended Reality (XR) features for the U.S. military. The two companies will be partnering to design, build, and field a range of integrated XR products that provide enhanced perception and enable intuitive control of autonomous platforms on the battlefield.
“I am glad to be working with Meta once again,” said Palmer Luckey, founder of Anduril. “Of all the areas where dual-use technology can make a difference for America, this is the one I am most excited about. My mission has long been to turn warfighters into technomancers, and the products we are building with Meta do just that.” This comes as a reconciliation as Luckey was famously fired from Facebook in 2017, about three years after the social media giant bought Luckey’s startup Oculus for $2 billion.
The firing occurred soon after Luckey was embroiled in controversy over his support for Donald Trump. Luckey then founded Anduril in 2017 with co-founders Brian Schimpf, Trae Stephens, and Matt Grimm.
According to an Axios report, Luckey is also about to lead financing for the stablecoin startup Atticus, which is currently in stealth mode. Atticus was founded by Owen Rapaport — who previously launched the digital asset management and securities trading compliance firm Aer Compliance — and Jacob Hirschman, formerly Circle’s special counsel of products and regulatory affairs and current advisor to the firm. This latest funding round would potentially obtain for Atticus, a valuation of between $1.5 billion and $2 billion, making it the first stablecoin unicorn.