Anduril’s valuation trajectory reflects accelerating defense-tech demand, with the company doubling 2025 revenue to $2.2 billion and guiding toward roughly $4.3 billion in 2026 alongside a $5 billion Series H at a $61 billion post-money valuation in May. Secondary-market marks have since ranged from about $100 billion to $145 billion implied, supported by large Navy contracts, a planned Maryland shipyard, and Lattice platform adoption. Unconfirmed July reports of a potential $100 billion financing round remain open, while CEO comments emphasize measured IPO timing. Key near-term catalysts include additional DoD awards, 2026 revenue realization, and any new primary or tender activity before year-end resolution.