Anduril is running an employee tender that, based on the sale price, points to a roughly $90 billion company valuation, according to people briefed on the deal. The price is set at $94.80 per share, with the overall sale size limited to about $1.3 billion. One person said the window opened Oct. 13 and is slated to close Nov. 9. A company representative declined to comment.
The tender is open to both current and former employees, and for the first time invites participation from staff in 16 countries, people familiar said. Earlier programs were limited to workers in the US, UK and Australia. Anduril has made a habit of running tenders to give employees liquidity while the company remains privately held.
Co-founded in 2017 by Palmer Luckey, Anduril builds AI-enabled defense tech that ranges from pilotless combat aircraft and autonomy software to surveillance gear and augmented reality helmets used by the military. The company counted $2.2 billion in revenue last year and lists the US Department of Defense among its largest customers.
In May, Anduril was valued at $61 billion, roughly double its prior mark, as governments worldwide stepped up efforts to modernize their militaries. In that same round the company brought in $5 billion, with Thrive Capital and Andreessen Horowitz leading the financing. Founders Fund is a major backer, and Anduril co-founder Trae Stephens is a partner there. For context on personal fortunes tied to defense and tech wealth, Bloomberg's Billionaires Index updates daily to rank the world's richest people.
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A big secondary sale at a set price gives the market a fresh reference point for one of the highest profile defense startups still private. If you track startups that benefit from rising global defense budgets, this tender hints at how investors are pricing that story today, even if you cannot trade it on a public exchange.
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