The defence technology company Anduril is negotiating a new investment that would value it at 100 billion dollars - almost double the figure from just a few months ago. Back in May this year the firm raised 5 billion dollars at a valuation of 61 billion. Now the figure has jumped by another 40 billion. That is not growth of the company, it is growth of appetite.

To grasp the speed: in June 2025 Anduril was valued at 30.5 billion dollars in one round. In a single year its paper value grew more than threefold. And all of this while the firm, according to sources, is considering splitting the round into two tranches that could close in the same year - a way for the money to arrive faster than the company can spend it.

Is there anything real behind the numbers? Anduril's revenues in 2025 came to 2.2 billion dollars, more than double the previous year. That is a real business - drones, autonomous systems, military electronics - not just a presentation. But the gap between 2.2 billion in revenue and a 100-billion valuation is a chasm filled by only one thing: the belief that war is a growth industry.

That belief is shared by heavy names. The list of investors includes Thrive Capital, Andreessen Horowitz, Founders Fund, ICONIQ and several other funds. Among them, according to the PitchBook database, is the current US Vice President JD Vance - a politician who at the same time shapes the country's defence priorities and holds a stake in a firm that profits from those priorities. In our part of the world, governments fall over less than that.

Anduril is not an isolated case. Venture capital in defence technology in the first half of 2026 exceeded 12 billion dollars - more than in the entire previous year, when it came to around 10 billion. The money that once fled from weapons now runs towards them. Investors did not wake up because of the world - they calculated that the world will not calm down any time soon.

The company itself remains reserved. „No decisions have been made about any future financing, and anyone who claims to know the terms, structure, price or timing is speculating or misinformed”, Anduril says. Standard language for a firm that wants to keep all options open - and that knows the next figure will most likely be even bigger.