Anduril Tender Offer Values Company at $90 Billion
Anduril opened an employee tender offer in October 2026 at $94.80 per share, implying a $90 billion valuation. The secondary sale lets staff cash out existing shares without new funding entering the company.
What happened
Anduril Industries announced an employee tender offer on October 13, 2026, allowing current and former staff in 16 countries to sell shares at a fixed price of $94.80 per share. The sale is capped at approximately $1.3 billion and scheduled to close November 9, 2026. At that price, the valuation implied is roughly $90 billion, according to reports confirmed by CNBC.
This represents a significant jump from the company's May 2026 funding round, which valued Anduril at $61 billion. That round raised $5 billion in new capital from investors including Thrive Capital and Andreessen Horowitz.
Unlike a primary funding round, this tender offer does not inject new cash into Anduril's operations. Instead, existing shares change hands between employees and buyers—likely existing or new investors. The company itself does not receive the proceeds. CEO Brian Schimpf told CNBC the arrangement was designed to provide employee liquidity without exposing staff to stock price swings, a benefit of remaining private.
Background
Anduril Industries, founded in 2017, is a private defense-technology company best known for its Lattice software platform, which fuses data from sensors and drones into a shared operational map used by U.S. military and border agencies. The company has grown rapidly: revenue roughly doubled in 2025 to about $2.2 billion, and headcount expanded from roughly 4,490 at end of 2024 to more than 8,000 by end of 2025. Tender offers are a common mechanism for late-stage private companies to give employees access to liquidity without going public. The seller receives cash at a fixed price set by the company and its advisers, while new or existing outside investors purchase the shares.
What to watch next
The tender offer is scheduled to close on November 9, 2026. Watch for whether the $1.3 billion cap is fully subscribed and any announcements from Anduril about future funding rounds or strategic milestones. No source confirms an IPO timeline.
Sources
- Original report: Anduril Tender Offer Hits $90B, $94.80 a Share [2026] (shattered.io, Oct 23, 2026) Other outlet
- Startup Fortune: Anduril employee tender offer puts defense tech startup at $90 billion Other outlet
Written by Anduril News with AI assistance from the original report and other coverage, in plain English. It can contain mistakes; check the original for anything important. How we write these.
