Few private companies are watched as closely as Anduril. The defense-tech firm founded by Oculus creator Palmer Luckey has the Pentagon, Wall Street, and private investors all asking the same question: when will it go public? Its valuation has doubled in under a year, its contracts have ballooned, and its founder has said plainly that a listing is coming. Here is why Anduril is shaping up to be one of the most anticipated IPOs of the cycle.
Swap pre-IPO PreStocks on Jupiter
Spot exposure to private companies on Solana — no margin, no liquidations.
A defense company that acts like a software company
Anduril is not a traditional contractor. Founded in 2017 by Palmer Luckey, Brian Schimpf, Trae Stephens, Matt Grimm, and Joe Chen, it funds its own research, builds the product first, and then sells it to the Pentagon. That is the inverse of the cost-plus model that legacy primes like Lockheed Martin and Northrop Grumman have run for decades.
At the center sits Lattice, an AI-driven operating system for the battlefield that ingests data from drones, satellites, and sensors and fuses it into a single real-time command picture. Lattice is the real moat. Because it is the integration layer for every system Anduril builds, and an open platform for third-party hardware, every new contract makes it stickier. In practice Anduril is a software company that builds weapons, a niche it shares almost only with Palantir.
The numbers behind the hype
The funding trajectory tells the story. Anduril was valued at $14 billion in August 2024, then $30.5 billion at its Series G in June 2025, and it roughly doubled again to about $61 billion in a Series H that raised around $5 billion in 2026, led by Thrive Capital and Andreessen Horowitz. On the secondary market, shares have approached roughly $80 apiece amid heavy buy-side demand.
Revenue is climbing nearly as fast. The company generated around $1 billion in 2024 and is projected to reach roughly $4.3 billion in 2026, doubling year over year. At a $60 billion-plus valuation against a few billion in revenue, though, that is on the order of 30 times sales, a multiple that prices in years of flawless execution.
Why it is the next big IPO to watch
Several forces point the same way. Governments are racing to reindustrialize their militaries and modernize around autonomy, drones, and AI, and Anduril sits squarely in that wave. The contract momentum is striking: in March 2026 the US Army awarded it a ten-year enterprise agreement with a ceiling of up to $20 billion, consolidating roughly 120 existing orders into a single framework. It had already taken over Microsoft's $22 billion IVAS augmented-reality headset program for the Army, joined a Pentagon deal for thousands of low-cost hypersonic missiles, and won Space Force work to integrate Lattice. For a private company, that kind of government anchor is unusual and helps de-risk the revenue story.
Then there is Arsenal-1, the five-million-square-foot megafactory in Ohio designed to mass-produce autonomous systems. It began Fury production in March 2026, ahead of its original schedule. Luckey has explicitly tied the IPO timing to proving that this factory can deliver at scale, which makes it the single milestone to watch. Add a charismatic, high-profile founder and a backer list that runs from Founders Fund to a16z, and you have all the ingredients of a marquee listing.
When could it actually list?
No S-1 has been filed and no date has been set. Luckey has said the company will definitely go public, but in late 2025 he framed it as something for the next few years, and he wants to demonstrate profitability and prove Arsenal-1 first. Forge Global has put the probability of a 2026 listing at around 60%, with a late-2026 to 2027 window seen as plausible but speculative. The honest takeaway: watch Arsenal-1, because the factory ramp is the leading indicator for both the business and the listing.
The risks to weigh
This is a high-conviction story with real downside. The valuation already bakes in simultaneous success across several enormous programs. The company is not believed to be profitable yet and does not disclose detailed financials. There is meaningful key-person risk, since Anduril's vision and government relationships are closely tied to Luckey. And scaling from a startup into a prime-level manufacturer at Arsenal-1 is something almost no one has done. The big contract figures are also ceilings, not guaranteed spending.
How to get exposure
Unlike most pre-IPO names, Anduril is already tradable before it lists. You can get exposure now through Jupiter, which offers a tokenized pre-IPO product that tracks Anduril's implied valuation rather than giving you direct equity.
Swap pre-IPO PreStocks on Jupiter
Spot exposure to private companies on Solana — no margin, no liquidations.
Bottom line
Anduril is the rare pre-IPO name that combines a genuine software moat, government anchor contracts, explosive revenue growth, and a founder who draws attention wherever he goes. It is also richly valued and not yet profitable, with its listing tied to a factory ramp that still has to prove itself. The IPO is widely expected but not yet scheduled, so the smart play for now is to understand the thesis, watch Arsenal-1, and track its valuation while it is still private.
Not investment advice.