Anduril’s rapid valuation expansion stems primarily from its May 2026 Series H round at a $61 billion post-money valuation, followed by secondary-market marks ranging from $99.8 billion to $117 billion by early October 2026. Strong revenue momentum—$2.2 billion in 2025 with guidance near $4.3 billion for 2026—combined with major Pentagon awards, including a 10-year Army contract ceiling of $20 billion and Navy submarine-component work up to $2.9 billion, has supported elevated private-market pricing. Traders are monitoring any near-term funding close or additional large-scale DoD commitments before October 31 that could confirm further gains beyond the confirmed round. Secondary liquidity and implied per-share levels near $113–$132 provide the clearest near-term signals for resolution.