Anduril's $100B Valuation: Defense Industry's 'iPhone Moment' or New Bubble?

In 2025, Anduril's valuation was still stuck at $3 billion. A year later, TechCrunch reported that this defense tech company is raising a new round at a $100 billion valuation—more than tripling in value. In conference rooms on Sand Hill Road, Palmer Luckey showcases combat demos of the Lattice AI platform to sovereign wealth funds; meanwhile, on the other side of the Pentagon, Lockheed Martin executives are staring silently at their company's $28 billion revenue against a $130 billion market cap.