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
- 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.
- cost If Anduril itself buys the stock, a full take-up would absorb 26% of the $5 billion it raised in May.
- 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.
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.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence66
- Adoption65
- Hype gap+30
- Incentives
- Insufficient
- 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.
Get this ledger inside ChatGPT. Ask about any of our stories and the answer brings its figure, each claim’s verdict and the sources. Free, no account.
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
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Topics
- Private Company ValuationsFollow
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