By Ed Ludlow | Bloomberg
Josh Kushner’s Thrive Capital and venture firm Andreessen Horowitz are co-leading a fundraising round for Anduril Industries that could nearly double Costa Mesa-based defense tech startup’s valuation.
Anduril is seeking to raise about $4 billion, with both firms jointly leading the round, said Bloomberg sources who asked not to be identified discussing private information. The fundraising is expected to value the startup at about $60 billion.
Also see: Anduril announces plans for major new campus in Long Beach
The company is raising capital as it pursues an ambitious array of projects, including a facility in Ohio to mass-produce aerial and maritime drones and other products. Last year, the company said that revenue was on track to double to about $2 billion, driven by US and allied defense contracts.
Representatives for Andreessen and Anduril didn’t immediately respond to requests for comment on the current fundraising round. A spokesperson for Thrive declined to comment.
Anduril had previously been talking with investors about raising as much as $8 billion, Bloomberg reported last month.
Founder Palmer Luckey has said the company aims to modernize the military with AI and advanced manufacturing, warning that the US is already falling behind China in key battlefield technologies.
Defense technology has been an attractive area of investment as startups make inroads with the Pentagon, which for decades has relied on a handful of legacy companies. While drone technology has been deployed in the current Iran war, there is no evidence or reports that Anduril’s technology was used, although the startup has counter-drone systems at US military bases in the Middle East as part of a contract with the Defense Department.
Caroline Hyde at Bloomberg contributed to this report.
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