Anduril Industries is offering current and former employees an opportunity to sell company shares at $94.80 apiece in a tender offer that values the defense technology firm at about $90 billion.
The offer opened on Oct. 13 and is scheduled to close on Nov. 9, with the total transaction capped at $1.3 billion.
Employees in 16 countries are eligible to participate, according to reports by Bloomberg.
The transaction provides a way for existing shareholders to sell their holdings without the company going public.
The implied valuation represents a substantial increase from the $61 billion valuation Anduril received in May, when it completed a $5 billion funding round whereas the latest figure is approximately 48% higher than that previous valuation.
Founded in 2017 by Palmer Luckey and other entrepreneurs, Anduril develops defense technology, including unmanned aircraft, autonomous systems software, surveillance equipment and augmented-reality headsets for military personnel.
READ: Defense tech firm Anduril eyes $4 billion VC round (March 4, 2026)
The company works with the U.S. government and other allied governments, with the U.S. Department of Defense among its largest customers.
Anduril reported $2.2 billion in revenue last year, according to the information provided in reports about the company.
The tender offer is a private share transaction rather than an initial public offering which allows eligible employees and former employees to seek liquidity from their holdings while Anduril remains privately held.
The $1.3 billion cap represents the maximum size of the offer, not a confirmation that the entire amount will be sold.
Employee share sales have become one way for privately held companies to provide liquidity to workers before a public listing. Such transactions also offer investors a reference point for a company’s valuation outside public stock markets.
Anduril’s latest valuation comes as the company expands its work in defense manufacturing. On Oct. 6, the company announced plans to invest $3.7 billion in a new facility in Maryland to manufacture components for Virginia-class submarines.
The U.S. Navy separately awarded Anduril a contract worth up to $2.9 billion for submarine-related production, according to the company.
READ: Anduril, Meta join forces to develop Extended Reality (XR) for US military (May 30, 2025)
The investment and contract together represent a project valued at up to $6.6 billion, and the Navy contract’s value is a maximum, with payments tied to production outcomes, rather than a guarantee of immediate revenue.
Luckey, who previously founded virtual reality company Oculus, was also named a co-director of Project Meridian, a Pentagon initiative focused on developing and scaling military capabilities. SpaceX CEO Elon Musk joined the initiative as well.
The tender offer puts Anduril’s growing private-market valuation in the spotlight as it develops products for military customers and expands into additional defense manufacturing work.
However, the $90 billion figure reflects the terms of the private share transaction and does not represent a public-market trading price.
For participating employees, the offer creates an opportunity to sell shares at a specified price, whereas for the company, it provides a means of facilitating shareholder liquidity while remaining private.