Anduril's $94.80 tender sets a 41-times-revenue mark while the larger round remains unpriced

The tender caps at about $1.3 billion, or 1.4% of the valuation. It sets a reference price for the reported $100 billion round without funding Anduril.

Anduril's current and former employees have until 9 November to sell shares at $94.80 each. Bloomberg reported, citing people familiar with the matter, that the offer opened on Tuesday. It values the defence technology company at roughly $90 billion. An Anduril representative declined to comment.

This is the third mark on Anduril's equity in 16 months. It is also the first that raises no money for the company. The proceeds go to the people selling, not to Anduril.

A tender is an offer to buy existing shares at a price the company sets, allowing current holders to cash out. Its main effect here is to set the number the next primary round has to beat. That number is about 41 times last year's revenue, and every investor who prices the next round will see it first.

The offer is small beside the company. It is capped at about $1.3 billion, or 1.4% of the valuation, so it cannot fund anything. Every dollar goes to sellers and none reaches the balance sheet. At $94.80 a share, the cap is roughly 13.7 million shares, a small slice of everything outstanding.

The Series H, the latest funding round, was different. It raised $5 billion at a $61 billion valuation. New investors bought about 8% of the company, and Anduril received the cash.

A tender is a pricing event with a cheque attached for employees, not a financing. It moves at most about a quarter of the Series H sum. The number it sets matters far more than the money it moves.

The reference point has moved fast. In June 2025, Anduril was valued at $30.5 billion in a round TechCrunch reported was led by Founders Fund.

On 13 May this year it announced a Series H at $61 billion. Thrive Capital and Andreessen Horowitz led it.

The tender implies about $90 billion five months later. That is a doubling in under a year, followed by a further 48%. Each step is a headline valuation set by different buyers. The sequence shows how the price of the equity has been reset, not what any one investor earned.

The direction is clear. Each mark has landed well above the last. The tender is the first one set without a new outside investor writing the cheque.

The 41-times-revenue multiple is the difficult number. Anduril doubled revenue in 2025 to $2.2 billion, according to the Series H announcement by chief executive Brian Schimpf. At $61 billion, the Series H priced the company at about 28 times that revenue.

At the tender price, the company is valued at about 41 times that figure. The base is still last year's, because 2026 revenue has not been reported. If sales double again to $4.4 billion, the same price is about 20 times forward revenue. That is still rich for a company whose largest customers include the Defense Department.

$90 billion reaches an ordinary 20 times revenue only if sales hit about $4.5 billion. That is roughly double last year's. An investor in the next round is being asked to make that bet.

The tender price does not disprove the bet, but it assumes the doubling arrives on schedule. Any slip in 2026 deliveries would be priced straight into the multiple.

This tender is also wider than earlier offers. Bloomberg reported that for the first time it is open to current and former employees in 16 countries. Earlier tenders covered only the US, UK and Australia. Reaching alumni across that many jurisdictions makes it a retention tool as much as a perk. It also puts one price on the equity held by a much larger group.

The window is short, running from 13 October to 9 November. Sellers will test the number within a month.

The price also sits below the level at which outsiders were reportedly talking. In July, Reuters, as carried by Defense News, reported that Anduril was in talks for a round that could value it at roughly $100 billion.

The round might come in two stages. The second would come at a higher valuation within a year and be tied to financial targets.

The tender sits about 10% under that figure. That leaves room for a primary round to clear above it and spares Anduril a staff price that new investors refuse to match. A round at $100 billion would be about 11% above the tender, which corresponds to a share price near $105.

For holders, the choice is partial. Selling by 9 November locks in a price 48% above May. The cap means the offer cannot absorb everyone who might want to sell.

Waiting for a primary round offers a mark about 11% higher if talks reach $100 billion. No such round has been announced. The gap between the two outcomes is the premium a holder is asked to give up for certainty. A patient holder is betting on a company that has repriced its equity twice in a year.

The test arrives by the end of March 2027. If Anduril has announced a priced primary round at $100 billion or more, the $94.80 price will sit at least 10% below the new mark, and the tender will have worked as a floor.

If no round has been announced by then, or one prices below $90 billion, the tender will look less like a floor under a coming round and more like the price the market was prepared to accept for the company.