Anduril Revenue to Double to $4.3B
Defense tech firm Anduril is projecting its revenue will double to approximately $4.3 billion in 2026. The growth is reportedly driven by its Lattice OS, a unified autonomy platform for controlling assets like drones and submarines, as the company seeks a $4 billion raise at a $60 billion valuation.
Anduril's revenue has a history of doubling annually, growing from an estimated $457 million in 2023 to around $1 billion in 2024 and a projected $2.1 billion in 2025. This trajectory is backed by significant venture capital, with the company raising $2.5 billion in June 2025 at a $30.5 billion valuation from investors like Founders Fund and Andreessen Horowitz. The company’s core technology, Lattice OS, functions as an AI-powered operating system for defense. It fuses real-time data from a vast network of sensors—including drones, surveillance towers, and autonomous underwater vehicles—into a single, unified battlefield picture, using machine learning to detect and track threats. This software-first approach allows Anduril to operate differently from traditional defense contractors like Lockheed Martin and Boeing. The company internally funds its own R&D to build products first, then sells them at a fixed price, leading to SaaS-like gross margins of 40-45%, far higher than the 8-10% common in cost-plus defense contracting. Major contracts fueling this growth include a 10-year, $642 million deal with the U.S. Marine Corps for AI-powered anti-drone systems and a selection by the U.S. Air Force to develop collaborative combat aircraft. Anduril has also secured work with U.S. Special Operations Command, Customs and Border Protection, and allied nations like Australia and the UK. Anduril's hardware portfolio, all integrated through Lattice, includes the Altius loitering munition, the Anvil counter-drone interceptor, Ghost autonomous drones, and Dive-LD autonomous submarines. In a significant move, Anduril also took over Microsoft's Integrated Visual Augmentation System (IVAS), an augmented reality headset program for the U.S. Army initially valued at $22 billion. To meet demand, Anduril is building a $1 billion, 5-million-square-foot manufacturing facility in Ohio called "Arsenal-1." Set to begin production in 2026, the plant is designed for "hyperscale" output, with the capacity to produce tens of thousands of autonomous systems annually and create over 4,000 jobs.
