Anduril’s rapid valuation ascent stems primarily from a $5 billion Series H round in May 2026 at a $61 billion post-money valuation, followed by an October 2026 employee tender offer pricing shares at $94.80 to imply roughly $90 billion, a 48% step-up in five months. This reflects strong revenue momentum—2025 sales reached $2.2 billion, roughly double the prior year—with guidance pointing toward further doubling amid expanding defense contracts, including up to $1.8 billion from the U.S. Army for AI command systems and $2.9 billion from the Navy for submarine components and a new shipyard. Secondary-market marks have traded above the tender level, supported by the broader defense-tech spending environment and management’s advisory roles in Washington. Key near-term catalysts through year-end include tender completion in November, potential follow-on funding discussions near $100 billion, and additional contract awards that could sustain multiple expansion.