Anduril IPO: Timeline, Valuation and Investment Options

Defense technology has become one of the hottest areas for private investment, and Anduril is near the center of it. Investors watching the company may also recognize founder Palmer Luckey as the creator of Oculus and, more recently, ModRetro, the company behind retro gaming hardware such as the Chromatic handheld. But despite Luckey saying Anduril will “definitely” go public, there is still no ticker, filing or IPO date.¹ As of October 2026, Anduril remains private.

A financial advisor can help you evaluate whether private-company or defense-sector exposure fits your portfolio, liquidity needs, time horizon and tolerance for investment risk.

What Anduril Is Worth

Anduril’s most recent completed funding round valued the defense technology company at $61 billion. ² The $5 billion Series H closed in May 2026 and was led by Thrive Capital and Andreessen Horowitz. ³ That funding round more than doubled the $30.5 billion valuation established through its Series G less than a year earlier.

The Series F was first reported in June 2024 and formally announced in August at a $14 billion valuation. The subsequent Series G raised $2.5 billion at $30.5 billion before the Series H pushed Anduril above $60 billion. ⁴

Anduril could already be targeting another major step upward. Reuters reported in July 2026 that the company was discussing a new financing that could value it at roughly $100 billion. ⁵ The discussions were described as fluid, however, and Anduril said no decisions had been made. As such, $100 billion should be treated as a potential future valuation rather than a completed financing.

Where the IPO Timeline Stands

Palmer Luckey has made it clear that he expects Anduril to become a public company eventually. In 2025, he said the company would “definitely” go public, and later suggested that an IPO could come within the “low single-digit years.” That points to a future listing, but not necessarily one that is imminent.

As of yet, Anduril has not publicly filed an S-1 registration statement, named underwriters or announced an expected share price range. Those are among the clearest signs that a private company is moving from general IPO planning toward an actual offering.

Anduril also has less pressure to rush into the public markets because it has been able to raise large amounts of private capital. CEO Brian Schimpf has said the company plans to keep investing heavily in manufacturing, research, infrastructure and production capacity, giving Anduril substantial uses for the billions of dollars it has already raised.

Luckey has also indicated that profitability matters to the timing. Rather than listing simply because investor demand is strong, Anduril appears focused on reaching a point where its financial profile can support the expectations that come with being publicly traded.

If Anduril does move closer to an IPO, investors will likely see several developments in sequence. A confidential SEC submission could come first, followed by a public S-1 on SEC EDGAR that provides detailed financial statements, risk disclosures and ownership information. From there, the company could begin an investor roadshow, establish an expected price range and eventually set a final IPO price.

But until those steps begin, Anduril’s IPO remains a future possibility rather than a scheduled event.

How Some Investors Get Exposure Before an IPO

Investors cannot currently purchase Anduril shares through a standard retail brokerage account. Some private-market platforms, such as Forge Global, have facilitated or listed Anduril shares, though generally with access limited to accredited investors and dependent on available sellers.

Beyond that, investors can also encounter Anduril exposure through special purpose vehicles, or SPVs, and private market funds that hold stakes in one or more private companies. Terms can vary considerably by offering.

Forge says its typical minimum for direct private-share transactions is $100,000, although some fund opportunities can start around $5,000. Direct secondary fees are generally 2% to 4%, while some Forge fund structures may charge roughly 1% to 2%, depending on the offering.

EquityZen, another example of how SPV-style private investments can be structured, says its standard minimum is generally $10,000, with certain offerings available from $5,000. Its standard sales fee is typically 2.5% on investments up to $1 million. EquityZen offerings are only available to accredited investors.

Bear in mind these figures describe platform structures and do not guarantee that Anduril shares are available through each route at any particular time.

The Risks of Buying Private Shares

A private-company valuation does not necessarily predict what public investors would eventually pay. Anduril’s $61 billion financing valuation, or a possible $100 billion future private valuation, could differ substantially from its value if and when shares begin trading on an exchange.

Liquidity can also be limited. Private shares may be subject to company approval, rights of first refusal or other transfer restrictions, meaning investors may not be able to sell when they want to.

SPVs and private funds can add another layer of costs. Transaction fees, administrative expenses, management fees or carried interest may reduce returns, depending on the structure.

Anduril also has risks specific to its business. Much of its growth depends on government defense spending and winning major contracts, so changes in military budgets, procurement priorities or government policy could affect revenue expectations. Even if Luckey intends to take the company public, investors purchasing private shares could wait years before an IPO, or potentially face a situation in which one never occurs.

What to Watch If Anduril Does Go Public

The clearest signal of am imminent Anduril IPO would be an S-1 registration statement appearing on SEC EDGAR. That filing would give investors their first detailed look at financial statements, profitability, major customers, risk factors, ownership and a sense of how Anduril intends to use the proceeds.

Investors could then watch for an initial share-price range, the number of shares offered and the final IPO price. Lock-up provisions would also matter because they can restrict founders, employees and other existing shareholders from selling immediately after the listing.

Index eligibility could become relevant quickly if Anduril enters the market at a sufficiently large valuation. Nasdaq’s updated Nasdaq 100 rules include a Fast Entry process for newly listed companies whose market capitalization ranks among the index’s 40 largest constituents.

SpaceX showed how quickly that process can unfold. After going public in June 2026, it was announced as a Nasdaq 100 constituent later that month and joined the index on July 7. Readers interested in that offering can see SmartAsset’s separate SpaceX IPO coverage.

Bottom Line

Anduril may eventually become one of the largest defense technology companies to enter the public markets, but there is still no confirmed IPO date or public filing. Investors who do not qualify for or want the added complexity of private shares will need to wait for a listing. A financial advisor can help determine how much private-company, single-stock or defense-sector exposure fits an investor’s liquidity needs, goals and risk tolerance.

Investing Tips

• Accredited investors have special access to several complex investment products. If you’re venturing into this area of the investing world, a financial advisor can help. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• If you don’t qualify for claim accredited investor status, you still have access to a vast universe of investment options. Your options include equities, different types of bonds and real estate.

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