U.S. AI defense company Anduril is expected to push its valuation to approximately $90 billion (approximately 121.3 trillion won) through a tender offer for employee-held shares. According to a Bloomberg report on the 14th (local time), the tender offer is priced at $94.80 per share, with the total sale capped at $1.3 billion (approximately 1.8 trillion won).
A tender offer is a mechanism that allows employees and former employees of private companies to cash out their shares by selling them to investors. Anduril is accepting applications from current and former employees across 16 countries, with the offering period running from the 13th through the 9th of next month. A company spokesperson declined to comment on the transaction.
Anduril’s valuation has been on a steep upward trajectory amid escalating geopolitical tensions. In May, the company raised $5 billion (approximately 6.7 trillion won) in a funding round led by Thrive Capital and Andreessen Horowitz (a16z), which valued the company at $61 billion (approximately 82.2 trillion won). The new figure represents a roughly 47% increase in just five months—far exceeding the market capitalization of South Korea’s largest defense company, Hanwha Aerospace (approximately 42 trillion won).
Reshaping the Weapons Market with a Silicon Valley Approach
Anduril is a defense tech startup founded in 2017 by Palmer Luckey, founder of virtual reality (VR) device maker Oculus VR, and former Palantir executives. Oculus was acquired by Facebook parent company Meta in 2014. Anduril has grown rapidly by supplying AI-powered autonomous defense systems, military drones, unmanned combat aircraft, surveillance equipment, and military augmented reality helmets.
The company has drawn particular attention for breaking away from the traditional defense industry model, where contractors spend years and enormous sums developing weapons. Anduril combines Silicon Valley’s software-centric development culture with AI and autonomous technology to deliver weapons systems faster and more affordably. Its core portfolio includes AI-based command-and-control software that links battlefield drones, sensors, and military assets into a single network for real-time analysis and response, as well as the reusable vertical takeoff and landing interceptor drone “Roadrunner.”
U.S. Department of Defense as Its Largest Customer
Anduril counts the U.S. Department of Defense as its largest customer. The company posted revenue of $2.2 billion (approximately 3 trillion won) last year, and this year it signed a 10-year comprehensive contract with the U.S. Army worth up to $20 billion (approximately 27 trillion won), positioning itself as a key partner for military supplies and next-generation command-and-control systems. It was also selected as a participant in the $185 billion (approximately 249.4 trillion won) “Golden Dome” missile defense system initiative championed by U.S. President Donald Trump.
As geopolitical tensions escalate—including the conflict between the U.S. and Iran and the Russia-Ukraine war—and governments increase military spending, investor sentiment toward AI defense companies like Anduril has improved significantly. Fast-growing AI startups such as OpenAI and ElevenLabs have also used tender offers to retain top talent.
In South Korea, Anduril has established partnerships with HD Hyundai, Korean Air, and Hyundai Rotem. However, the fact that Anduril’s valuation far exceeds that of Hanwha Aerospace is interpreted as a reflection of its status as a pre-IPO private company and the market’s high expectations for its AI capabilities. Hanwha Aerospace posted consolidated revenue of 26.6 trillion won (approximately $19.7 billion) last year, with ground defense revenue of 8.1 trillion won (approximately $6.0 billion)—far surpassing Anduril’s revenue scale.