Anduril reportedly opens $1.3B employee tender near $90B

Anduril Industries opened an employee tender offer at $94.80 a share, with a roughly $1.3 billion cap and an implied valuation near $90 billion, Bloomberg reported. The Oct. 13 offer gives current and former workers a chance to sell stock; it is scheduled to close Nov. 9.

The company sells military customers a mix of hardware and software rather than one weapons platform. Its lineup includes unmanned fighter aircraft, autonomy software, surveillance systems and augmented-reality headgear used by service members. The Defense Department is among its largest customers, according to the Bloomberg report relayed by Quartz.

This is employee liquidity, not primary financing. Workers are selling existing shares, so the transaction does not put new growth capital into Anduril. Quartz said employees in 16 countries can participate for the first time; earlier tenders were limited to the United States, United Kingdom and Australia. The $1.3 billion figure is a maximum, not stock already sold.

In May, Anduril raised $5 billion at a $61 billion valuation, up from $30.5 billion in June 2025. At the time, Quartz reported that it planned to spend the new money on manufacturing capacity, research and infrastructure, while preparing early production of unmanned fighter jets at its Ohio Arsenal 1 facility.

Anduril said revenue reached $2.2 billion in 2025, about twice the prior year. The tender’s near-$90 billion valuation is therefore about 41 times that revenue and roughly 48% above the May financing mark—a sharp repricing over five months, but one attached to a secondary sale rather than fresh capital for the business.