Anduril Industries is in talks for a new funding round that could value the defense-tech startup at about $100 billion, placing it among major contractors like Lockheed Martin and Northrop Grumman. The discussions follow a May $5 billion raise at a $61 billion valuation led by Thrive Capital and Andreessen Horowitz, with investors considering a two-stage financing that could boost the valuation if targets are met. The company, founded by Palmer Luckey in 2017, has been expanding in Seattle and abroad, developing products such as the Lattice AI platform and the Thunder VTOL drone, and has secured notable contracts for autonomous systems and drone capabilities. Investor enthusiasm for defense tech has surged amid rising military spending, while Anduril faced protests in Seattle over its work supporting the U.S. military. Despite strong growth—with reported revenue around $2.2 billion and a doubling of its workforce—the company has not announced a decision on future financing, and there is ongoing debate about going public. The financing discussions occur amid rising demand for autonomous weapons and drones, and Anduril emphasizes its role in modern defense capabilities.