The Costa Mesa-based company is seeking fresh capital to fund expansion projects, including a new Ohio facility designed to mass-produce aerial and maritime drones and related systems. Last year, Anduril said revenue was on track to double to around $2bn, supported by contracts with the US Department of Defense and allied governments.

The company had previously explored raising up to $8bn, signalling strong investor appetite for next-generation military technology platforms.

Defence technology has emerged as a high-conviction theme for venture and growth investors. Startups such as Anduril are gaining traction with government customers, challenging legacy defence contractors and positioning themselves at the intersection of AI, autonomous systems, and advanced manufacturing.