Defence technology company Anduril has launched a secondary share offering that pegs its valuation at roughly $90bn. Participating employees and former workers across 16 countries can offload existing shares priced at $94.80 apiece, with the total tender capped near $1.3bn according to sources cited by Bloomberg.

The window for participation runs from 13 October through 9 November. This marks the first time Anduril has extended such an opportunity beyond its US, UK and Australian workforce. The company itself remains private, with workers selling their own holdings rather than the firm issuing new equity.

Recent growth and market position

Anduril's valuation has climbed sharply following a May funding round led by Thrive Capital and Andreessen Horowitz that doubled the company's worth to $61bn. Last year, the firm generated $2.2bn in revenue, with the US Defense Department ranking among its principal clients. Secondary tenders have become an increasingly standard mechanism for privately held companies to provide liquidity to employees while deferring public market entry, a pattern also seen when speech synthesis platform ElevenLabs conducted a similar offering in September.

Leadership on IPO timing

During an appearance on CNBC's Squawk on the Street on 15 October, CEO Brian Schimpf explained that the tender permits the company to distribute cash to workers without the complications of managing a publicly traded stock. He stated: "This allows us to stay really focused on what we need to do… which is a massive, unprecedented ramp in defense production."

Schimpf previously told CNBC in July that the company was not pursuing an immediate path to going public. Co-founder Palmer Luckey has indicated his intention to eventually take Anduril public, though no timeline has been announced.

Government ties and strategic appointments

CNBC pressed Schimpf on questions surrounding Luckey's connections to the Trump administration. On 6 October, Anduril announced a Navy shipyard contract valued at up to $2.9bn. Days before that announcement, the Pentagon appointed Luckey to Project Meridian, an advisory group that also includes SpaceX CEO Elon Musk.

The timing of these developments sparked scrutiny regarding whether executives whose firms secure multibillion-dollar government contracts should simultaneously hold positions influencing defence policy. Campaign finance records analysed by CNBC show Luckey has contributed more than $500,000 to Republican candidates and organisations during the current election cycle.

Schimpf countered that Anduril had thrived during the Biden administration and identified himself as a lifelong Democrat. He emphasised that defence procurement follows rigorous competitive evaluation: "Everything goes through these very competitive processes, and we win based on the merits."

Source: The Next Web