Anduril shares
Unlisted company
Anduril differs from traditional defense companies in two key ways: its development funding model and its customer contract structure.
Self-funded R&D instead of cost-plus
Traditional defense prime contractors develop systems under so-called cost-plus contracts, where the government funds development and pays the costs plus a margin. Anduril turns this model on its head — the company uses its own venture capital to develop complete systems before a contract is in place. As a result, according to research firm Sacra, Anduril spends more than 60 percent of its revenue on research and development, compared with single-digit percentages among established defense prime contractors.
Fixed price instead of variable cost
Anduril focuses on fixed-price contracts rather than cost-based agreements and, according to its own and external accounts, has a shorter development cycle than the traditional defense industry. Revenue comes primarily from U.S. government contracts — the Department of Defense, U.S. Army, U.S. Special Operations Command, and Customs and Border Protection. The company sells a combination of software (the Lattice platform for command and control), hardware (drones such as Ghost-X, interceptors such as Roadrunner, and fixed sensor towers), as well as integration and support over longer contract periods.
Current contracts
March 14, 2026: U.S. Army agreement with a ceiling of up to USD 20 billion over 10 years (an initial 5-year period with an option for an additional 5 years), consolidating more than 120 previously separate procurements of Anduril’s hardware, software, infrastructure, and services. January 2022: SOCOM counter-drone IDIQ with an original ceiling of USD 967.6 million over 10 years; in November 2024, the ceiling was raised to USD 1.9 billion. October 2024: USD 250 million Pentagon contract for 500+ Roadrunner-M interceptors and Pulsar electronic warfare systems. Ongoing CBP relationship: including a 1-year, USD 363 million SBIR Phase III contract for Autonomous Surveillance Towers.
What the company sells
Software: Lattice for command and control
Hardware: Ghost-X, Roadrunner, sensor towers
Integration and support throughout the contract term
Customers: DoD, U.S. Army, SOCOM, CBP
Characteristics of the business model
Self-funded development, not cost-plus
Fixed price instead of variable cost
Over 60% of revenue allocated to R&D
U.S. Army contracts worth up to USD 20 billion
Questions about Anduril
Is Anduril publicly listed?
No, Anduril is not publicly listed and has not completed an IPO. The company is privately owned, and its shares are not traded on public exchanges such as the NYSE or Nasdaq, but instead belong to the unlisted market.
What does Anduril do?
Anduril is a US defence technology company that develops autonomous systems, sensors, AI, robotics, and command-and-control software for defence and national security. The company’s Lattice platform brings together data from cameras, radar, and other sources to help operators detect, track, and manage threats.
Can I buy shares in Anduril?
Yes, it is possible to invest in Anduril via Eqvor, but not through a direct share transfer. Since Anduril is a US unlisted company, any Pre-IPO investment is made through an SPV structure, providing indirect exposure to the company’s shares.
How do I buy Anduril shares?
To invest in Anduril via Eqvor, you need to follow the process for US unlisted company shares. The investment is made through an SPV structure, as Anduril does not permit direct share transfers.
Can I sell shares in Anduril?
Since an investment in Anduril is made indirectly through an SPV, any sale is handled in accordance with the terms of the relevant structure. As with other unlisted shares, liquidity is generally lower than for publicly listed shares, and a sale requires interested buyers.
Is Anduril affiliated with Euroclear?
No, Anduril is a privately held US company, and the investment is not made in the same way as an ordinary Swedish share registered with Euroclear. On Eqvor, exposure to Anduril is provided through an SPV structure.
Can I hold Anduril shares with Avanza or Nordnet?
No, Anduril shares generally cannot be held like ordinary publicly listed shares in an account with Avanza or Nordnet. Since the investment is made through an SPV, the investor gains indirect exposure to the company rather than direct ownership of the shares.
What is Anduril’s valuation?
Anduril’s latest valuation is reported to be $61.00B. The valuation was set in connection with a $5.1 billion Series H round, which was raised in March 2026 and led by Andreessen Horowitz and Thrive Capital. The market value on the secondary market is estimated at $108.96B (October 2026).
When will Anduril go public?
There is currently no confirmed public listing for Anduril. We therefore do not know when Anduril will go public, or whether the company will conduct an IPO.
Has Anduril conducted any share issues?
Yes, Anduril has completed several funding rounds. The share page includes a list of the latest new share issues, as well as information on total financing in the company information section.
What are the risks of investing in Anduril?
Investing in Anduril involves risk, just like other investments in unlisted shares. Liquidity is generally lower than for listed shares, information may be less comprehensive, and it may take longer to sell the investment. Since the exposure is through an SPV, it is also important to understand the terms of the relevant structure before investing.
Where can I find Anduril's annual report?
If Eqvor provides Anduril's annual report, you will normally find it under Resources or Investor Relations on the share page. At present, no separate annual report appears in the materials available on the page.
How much capital has Anduril raised in total?
Anduril’s total funding, also referred to as total financing, is reported to be over $12.15B. Equity raise is an English term for raising capital, but terms such as funding round, financing, or share issue are typically used, depending on the company’s structure.
Has Anduril reported a profit or loss?
There is currently no reported Profit/Loss by Year chart or key figure indicating whether Anduril has reported a profit or loss. When such information becomes available, the company’s earnings performance should primarily be tracked under Key Figures and in the Profit/Loss by Year chart.