Anduril is said to be raising a new round of funding that may push its valuation up to about $100 billion, per Reuters.

Defense tech giant Anduril, which is rapidly expanding its operations in the Seattle area, is looking to raise a new round of capital that could value the company at about $100 billion, reports Reuters.

That would give the privately-held startup a bigger valuation than Northrop Grumman, the 87-year-old defense company which is currently valued at $77 billion. Boeing’s market value stands at $165 billion, while Lockheed Martin is valued at $134 billion.

Founded in 2017, Anduril is led by the Hawaiian-shirt and cargo-shorts wearing Palmer Luckey, the 33-year-old creator of Oculus VR, whom the New York Times described as the “It Guy of the booming defense-technology industry.”

In May, the Costa Mesa, Calif.-based company raised a $5 billion series H funding round — including investments from Thrive Capital and Andreessen Horowitz — that valued Anduril at $61 billion.

Anduril is rapidly expanding in the Seattle area, with offices in downtown Seattle and Bellevue where the company is working on a range of defense technologies, including its Lattice command and control software. That platform is described as an “AI-powered battle management platform built to accelerate complex kill chains.”

It also recently established operations at the historic Foss Maritime shipyard along the southern bank of the Lake Washington Ship Canal, where the company is developing autonomous naval vessels and other maritime technologies.

The company’s expansion in Washington state is not without controversy. Last weekend, protesters handed out flyers outside the company’s downtown Seattle offices that said: “Anduril Out! No AI for War and Plunder!”

Anduril said it recognizes the right to protest, while defending its work supporting the U.S. military and service members.

“We respect the right to free speech and we understand that protests are a hallmark of democratic expression,” Anduril said in a statement provided to GeekWire. “That said, it is perplexing when people choose to protest a company dedicated to supporting the very military that safeguards those rights.”

Earlier this week, Anduril announced a new program called Thunder, an autonomous attack rotorcraft that it said is “designed to multiply the combat power and increase the survivability of current and next-generation crewed attack and assault aircraft.”

The size of the potential funding round hasn’t been determined and the terms are still in flux, Reuters reported, citing two people familiar with the matter. One structure under discussion would have investors commit upfront to a second financing within a year at a higher valuation, contingent on Anduril hitting certain financial targets.

In a statement, Anduril said the “reporting runs well ahead of the facts.”

“Any details about terms, structure, pricing, or timing of a future financing round are purely speculative,” the company said. “As a private company, we regularly evaluate opportunities to fund the growth of the business. Beyond that, we don’t comment on rumors.”

Anduril just unveiled a helicopter-killer’s replacement: a pilotless attack aircraft built specifically because attack helicopters have become too dangerous to fly. The defense technology company announced Thunder, an autonomous attack rotorcraft designed to fly alongside crewed helicopters like the Apache, absorbing the risk that increasingly cheap drones, loitering munitions, and persistent surveillance systems have turned […]

A coalition of activists and community organizations plans to rally Sunday outside Anduril’s Seattle office, protesting the defense technology company’s development of artificial intelligence-powered military systems and its growing presence in the region.

The demonstration, scheduled for 9:30 a.m. at Anduril’s downtown Seattle office, is being organized by groups including BAYAN Washington, International Coalition for Human Rights in the Philippines and The International League of Peoples’ Struggle. Organizers say the event will highlight concerns about the use of AI in warfare, autonomous weapons systems and the expansion of defense technology companies in Washington state. They expect more than 50 to attend.

“The rally will respond to urgent developments in the expansion of AI weapons companies in Washington State and will expose Anduril as an engine of U.S.-led wars of aggression and a domestic threat to migrant and working class communities,” the organizations said in a statement.

Anduril said it recognizes the right to protest, while defending its work supporting the U.S. military and service members.

“We respect the right to free speech and we understand that protests are a hallmark of democratic expression,” Anduril said in a statement provided to GeekWire. “That said, it is perplexing when people choose to protest a company dedicated to supporting the very military that safeguards those rights.”

The company’s statement continued:

“At Anduril, we’re proud of our role in helping the brave men and women who risk their lives to defend the freedoms that we all enjoy, freedoms that include the right to stand outside and protest our existence. We’ll continue to honor those serving our country, even when others stand in opposition.”

The protest comes as Anduril expands its operations in the Seattle area, including a new maritime manufacturing and testing operation along Seattle’s historic Lake Washington Ship Canal. GeekWire reported earlier this year that the company has taken over the former Foss shipyard, where it is thought to be testing autonomous vessels for the U.S. Navy.

Founded in 2017 by entrepreneur Palmer Luckey, Anduril has become one of the most prominent defense technology companies in the country, developing autonomous aircraft, maritime systems, surveillance technologies and AI-powered software platforms for military and national security customers.

The company’s Seattle expansion has drawn attention because of the region’s long history as a hub for aerospace, maritime engineering, artificial intelligence and advanced manufacturing. The new maritime facility on the south bank of the Ship Canal represents a new chapter for a site with deep roots in Seattle’s shipbuilding history.

In announcing the rally, organizers cited the company’s work on autonomous systems, including underwater and surface vessels, and raised concerns about the role of artificial intelligence in global conflicts.

The groups also pointed to the ongoing Rim of the Pacific (RIMPAC) military exercises, a multinational naval exercise held in and around Hawaii. The exercise runs through July 31 and includes participation from dozens of nations.

Anduril has increasingly positioned itself as a technology company focused on modernizing defense capabilities, arguing that faster adoption of advanced software, autonomy and AI can improve the effectiveness and safety of military operations.

Sunday’s event is expected to include speeches, testimonials and cultural performances from participating community organizations.

The rally adds a new point of public debate around Anduril’s expansion in Seattle, as the company builds out its presence in a region already home to major technology companies, aerospace firms and a growing defense innovation sector.

In addition to the new facility at the Foss shipyard, Anduril operates facilities in downtown Seattle and Bellevue, where it expanded last summer with a lease for 39,851 square feet of space at Skyline Tower.

Anduril also is rapidly expanding its operations in California, where the company is headquartered. And it is building a massive facility just south of Columbus, Ohio, that it dubs Arsenal-1, described by the company as “the future of American defense manufacturing.”

In May, the company raised a $5 billion funding round from Thrive Capital, Andreessen Horowitz and others at a $61 billion valuation.

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