Anduril has filed notice of a tender offer that would let some employees sell stock and options, valuing the company at roughly $90 billion. That is 48% above the $61 billion valuation from a May 2026 funding round and about three times its June 2025 level. Reuters projects $4.3 billion in sales this year, which the author calculates at about 21 times sales, and estimates Anduril will lose $1 billion this year, with a first profit possibly not before 2030. Anduril also plans to spend $3.7 billion on a shipyard producing submarine parts for the U.S. Navy, a highly capital-intensive project. The author admires the company but argues that as an IPO and a stock, Anduril is likely to look vastly overpriced.
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