Anduril's employee tender prices the company about 48% above its May round
Anduril opened an employee tender at $94.80 a share that values it near $90 billion, against $61 billion in May. On last year's $2.2 billion of revenue that is about 41 times sales, up from about 28 times in May.
The Investor · Invest desk
Key figures: the employee tender values Anduril at roughly $90 billion, against $61 billion in the May funding round and $30.5 billion in the June 2025 round.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Valuation implied by employee tender, roughly | $90 billion | 2 | |
| May round valuation | $61 billion | 5 | |
| June 2025 round valuation | $30.5 billion | 6 |
What happened
- The offer is capped at $1.3 billion in total sales and runs from Oct. 13 to Nov. 9, per the Bloomberg report that CNBC relayed.
- For the first time the tender reaches workers in 16 countries; earlier rounds were open only to staff based in the U.S., U.K. and Australia.
- Quartz reported that Anduril brought in $2.2 billion of revenue last year, roughly twice what it earned the year before.
Why it matters
- What it limits constraint At full take-up the cap moves about 1.4% of the valuation, so the headline price rests on a thin slice of the equity and says little about what the rest would fetch.
- What it costs cost If Anduril itself buys the stock, a full take-up would absorb 26% of the $5 billion it raised in May.
- What it sets up precedent The valuation has risen almost threefold in about 16 months, and with tenders a regular feature at Anduril the next one will be set against this price.
Next story · Invest · 2d ago
Offers of $30 billion value Applied Intuition at the same 36 times estimated revenue as its 2025 roundConfirmed4 publishers
Revenue is the cleaner test of whether the step from $61 billion is steep or merely early. Quartz reported that Anduril booked $2.2 billion last year, roughly twice the year before [7], so 2024 was about $1.1 billion [9]. Set against those figures, the June 2025 round at $30.5 billion [6] was about 28 times the prior year's revenue [10], and the May round at $61 billion [5] was about 28 times the $2.2 billion that followed [11]. Valuation and revenue both doubled, and the multiple held [5][7]. The tender, at roughly $90 billion [2], is about 41 times that same $2.2 billion [12].
That 41 is a trailing figure, so it overstates what a buyer pays for 2026 (or rather, it overstates it only if growth continues). To hold May's multiple at a $90 billion valuation, revenue would have to reach about $3.25 billion, growth of about 48% against roughly 100% last year [15][7]. The reports do not include 2026 revenue or the identity of the buyer. Anduril did sign a U.S. Navy shipyard contract worth up to $2.9 billion this month [21], but a ceiling is not revenue.
If growth repeats last year's doubling, 2026 revenue is $4.4 billion and the tender is about 20 times sales [18]. If it slows below 48%, the tender is richer than the May round was. A third outcome sits outside the revenue line: the next priced round comes in under $94.80 a share [1], and the tender price becomes a ceiling in hindsight.
We lean to the first, because the bar is 48% and last year's growth was about 100%. We would be wrong if 2026 revenue lands under about $3.25 billion, or if the next round prices under $94.80. The liquidity itself is routine: according to Bloomberg, Anduril has made tenders a regular feature, and the practice has spread as private companies delay public listings [8]. The counter-thesis is that a tender prices only the shares that change hands, so the sector-wide claim stays a hypothesis until a second defense-tech company shows a comparable multiple.
CNBC said Bloomberg was first to report the tender and that Anduril confirmed the report to CNBC [19]. Bloomberg, as relayed by Quartz, said an Anduril representative declined to comment [20].
What to watch
- How much of the $1.3 billion is taken up when the window closes on Nov. 9, and whether Anduril or outside investors absorb it.
- Any disclosure of Anduril's 2026 revenue, the number that sets whether the tender sits above or below May's sales multiple.
- A tender or priced round at another defense-tech company, which would show whether Anduril's multiple is shared or its own.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence66
- Adoption65
- Hype gap+30
- Incentives
- Not scored
- Confidence70
Perspective Coverage
3 publishers- Builder
- Builder 15%
- Operator
- Operator 27%
- Investor
- Investor 58%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Employees participating in the Anduril tender offer can sell shares at $94.80 apiece.
- [2]
The Anduril tender offer would value the company at roughly $90 billion.
- [3]
The Anduril tender offer is capped at $1.3 billion and runs from Oct. 13 to Nov. 9.
- [4]
For the first time, the Anduril tender extends to workers across 16 countries; past rounds had been accessible only to those based in the U.S., U.K. and Australia.
- [5]
In May, Anduril closed a $5 billion funding round that doubled its valuation to $61 billion.
- [6]
Anduril had been valued at $30.5 billion in a June 2025 round.
- [7]
Anduril reported $2.2 billion in revenue for last year, roughly twice what it brought in the year before.
- [8]
Anduril has made tenders a regular feature for its workforce, and the practice has become more widespread as private companies delay public listings and seek ways to let employees cash out.
- [9]
Anduril's 2024 revenue was about $1.1 billion.
- [10]
The June 2025 round valued Anduril at about 28 times the prior year's revenue.
- [11]
The May round valued Anduril at about 28 times last year's $2.2 billion revenue.
- [12]
The tender valuation is about 41 times last year's $2.2 billion revenue.
- [13]
The tender valuation is about 48% above the $61 billion May valuation.
- [14]
The roughly $90 billion tender valuation is about 2.95 times the $30.5 billion June 2025 valuation, reached in about 16 months.
- [15]
To hold May's 27.7x revenue multiple at a $90 billion valuation, revenue must reach about $3.25 billion, growth of about 48% on $2.2 billion.
- [16]
The $1.3 billion cap is about 1.4% of the roughly $90 billion valuation.
- [17]
The $1.3 billion cap equals 26% of the $5 billion raised in May.
- [18]
If 2026 revenue doubles to $4.4 billion, the $90 billion tender valuation is about 20 times sales.
- [19]
Bloomberg was the first to report the tender offer, citing sources familiar with the matter, and Anduril confirmed the report to CNBC.
- [20]
An Anduril representative declined to comment, according to Bloomberg.
- [21]
This month Anduril inked a U.S. Navy shipyard contract worth up to $2.9 billion.
Sources
3 independent publishers whose own reporting we read for this story.
- cnbc.comAnduril employee tender offer would value the defense tech startup at $90 billion
1 article · October 14, 2026
- qz.comAnduril is letting employees sell up to $1.3 billion of stock at a valuation near $90 billion
1 article · October 14, 2026
- techfundingnews.comFrom $61B to $90B in five months: Inside Anduril’s $1.3B employee tender offer — TFN
1 article · October 15, 2026
Topics and entities
Topics
- Private Company Valuations
- Defence technology