Research / Anduril
Anduril Pre-IPO Research
Last updated: October 18, 2026. Valuation data as of October 12, 2026 (AG Dillon weekly pre-IPO valuations report).
Anduril is a private company, so its shares do not trade on a public stock exchange. AG Dillon's weekly pre-IPO valuations report lists Anduril's current implied valuation at $122.1 billion as of October 12, 2026, compared with its last primary round valuation of $90.0 billion (July 2026). The report shows secondary market pricing 35.6% above that round. Qualified investors can gain pre-IPO exposure through the private secondary market, including pre-IPO funds offered through financial advisors. AG Dillon has no relationship with any pre-IPO company.
How to invest in Anduril before an IPO
Until Anduril lists on a public exchange, its shares can only be bought in private transactions. The main routes are:
- Private secondary market. Existing shareholders, such as employees and early investors, sell shares to new buyers, either directly on the company's capitalization table or through a special purpose vehicle (SPV). Limited partners of single-stock special purpose vehicles (SPVs) also sell their exposure to pre-IPO stocks in the secondary market. Some private companies require company approval for transfers.
- Pre-IPO funds offered through financial advisors. AG Dillon offers single-company pre-IPO funds to qualified clients through financial advisors, and directly to qualified clients. The minimum investment is $2,500. AG Dillon solicits offers from institutional broker and VC firm counterparties on each trade and completes counterparty due diligence on the best offer. AG Dillon has no relationship with any pre-IPO company.
- Talk to your financial advisor. Your advisor can review whether pre-IPO stock fits your portfolio, verify your qualified-client status and work with AG Dillon on allocation.
Ask about current Anduril availability before you invest.
AG Dillon has no relationship with any pre-IPO company.
* NOTE: AG Dillon ("AGD") is not affiliated with any pre-IPO company in its funds. AG Dillon has no relationship with any pre-IPO company. Some pre-IPO companies require company approval for purchases (aka transfers). AGD has not been pre-approved by any pre-IPO company to purchase their stock. AGD purchases pre-IPO stocks in the secondary market and may gain exposure by directly purchasing the stock (on the company's capitalization table) and/or through a third party fund (aka special purpose vehicle, or SPV). When AGD purchases through a SPV the SPV general partner is responsible for obtaining the pre-IPO stock company approval, not AGD. This section is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security.
Anduril valuation history
From AG Dillon's weekly pre-IPO valuations report (agdillon.com/reports). Valuations in US$ billions.
| Report date | Current implied valuation | Last primary round valuation | Last round date | Secondary since last round |
|---|---|---|---|---|
| October 12, 2026 | $122.1 | $90.0 | July 2026 | 35.6% |
| October 5, 2026 | $100.0 | $100.0 | July 2026 | Primary |
* Current Implied Valuation = Last Primary Round Valuation x ( 1 + ( ( Current 2ndary Price / Last Primary Round Price or 2ndary Price at Last Primary Round if Last Primary Round Price is not available ) - 1 ) ) "Primary" means the latest valuation reflects the last primary round.
Anduril in our Weekly Pre-IPO Market Insights
Our view on Anduril
The views below are the opinions of AG Dillon, summarized from our Weekly Pre-IPO Stock Secondary Market Updates, July to October 2026. They are not statements of fact or investment advice.
We remain constructive on Anduril. We read its Thunder launch, which arrived one week after its AWS partnership to push data center capability to the battlefield, as evidence of release cadence more than as a single product, and we think Anduril converts new products into production capacity unusually quickly. In our view, the larger optionality is commercial: with the US military as essentially its only customer, we expect Anduril's revenue to follow an S-curve, accelerating sharply before eventually plateauing, which raises questions about the revenue multiple it can sustain absent a move into commercial markets. We do not see that as a problem, since a public listing followed by a healthy dividend once growth matures would be a successful outcome for early investors.
- Maritime: Arsenal-2, a $3.7 billion shipyard at Sparrows Point, Maryland, backed by a Navy contract worth up to $2.9 billion, takes Anduril from existing undersea work into a full-scale maritime push and puts it in direct competition with Saronic and Huntington Ingalls.
- Peers: we are considerably more cautious on single-product defense names, where selling one weapon system to a finite set of militaries caps growth and tends to end in acquisition by a prime.
- IPO: we expect a meaningful founder premium at IPO, since private-market access to Anduril has been far tighter than it was for SpaceX.
Editions of the Weekly Pre-IPO Stock Secondary Market Update that cover Anduril:
- October 7, 2026DeepSeek’s China Discount, Hark AI Personal Assistant Launches, Anduril Goes to Sea, and the Inference Chip Race (Etched, Fractile, Positron)
- September 22, 2026A 1,000x Power Cut? Unconventional AI, TypeSafe, ElevenLabs Receptionist, & Shield AI's Reality Check
- July 24, 2026Defense tech startup landscape/prospects; Open-source AI models impact on Anthropic IPO; OpenAI's new personal hardware product
Anduril's Thunder launch, arriving one week after its AWS partnership to push data center capability to the battlefield, matters less as a single product than as evidence of release cadence.
Anduril pre-IPO FAQ
Is Anduril a public company?
No. Anduril is a private company and its shares do not trade on a public stock exchange. Anduril is listed in AG Dillon's weekly pre-IPO valuations report as of October 12, 2026.
How can I buy Anduril shares before an IPO?
Because Anduril is private, shares change hands only in private transactions, such as secondary market sales by existing shareholders, often through special purpose vehicles (SPVs). Some private companies require company approval for transfers. AG Dillon offers single-company pre-IPO funds through financial advisors to qualified clients, with a $2,500 minimum. Contact AG Dillon to ask about current Anduril availability. AG Dillon has no relationship with any pre-IPO company.
What is Anduril's valuation?
AG Dillon's weekly pre-IPO valuations report lists Anduril's current implied valuation at $122.1 billion as of October 12, 2026, compared with its last primary round valuation of $90.0 billion (July 2026). The report shows secondary market pricing 35.6% above that round. Implied valuation is an estimate based on secondary market prices, not a public market price.
Who can invest in AG Dillon's pre-IPO funds?
AG Dillon funds accept qualified clients only: individuals or entities with a net worth of $2.7 million or more, excluding the value of their primary residence. Funds are offered under Rule 506(c), so qualified-client status is verified before investing. Financial advisors can work with AG Dillon on behalf of their clients.
What are the risks of investing in pre-IPO stocks?
Pre-IPO stocks are speculative and illiquid. A company may never go public or be acquired, may raise money at a lower valuation, or may fail, and you could lose your entire investment. Fund interests cannot be freely transferred, and secondary market prices are not public and may differ from primary round prices.