Anduril Industries is in talks for a new funding round that could push its valuation toward $100 billion, continuing the pattern of rapid growth in software-first defense startups. A two-stage funding structure is under consideration, with a potential follow-on round at a higher valuation within about a year if financial targets are met. The discussions follow a $5 billion round that boosted Anduril’s valuation to $61 billion two months earlier, and come as the company expands its portfolio of drones, software, and missiles and secures more government contracts. The private company press notes emphasize ongoing evaluations of financing opportunities to fund growth, with leadership highlighting the brisk pace of product announcements and partnerships. Analysts see Anduril’s ascent as closing the gap with traditional defense contractors like Lockheed Martin, underscoring the market’s appetite for agile, tech-driven defense firms. At the Farnborough Air Show, Anduril showcased new hardware such as the Thunder VTOL drone, underscoring its push to scale production and broaden its battlefield software ecosystem.