Global conflicts have led to an especially high increase in tensions over the past few years, prompting investors to recognize the value of defense exposure in their portfolios. Taking a different approach to defense, Anduril prioritizes software over the traditional defense industry's business of building battleships, tanks, fighter jets, and the like.
The bedrock of Anduril's business is its open software platform, Lattice, which it characterizes as "an autonomous sensemaking and command & control platform that serves as the core platform for our suite of capabilities." But that's not to say the company is completely ignoring physical assets. In addition to its Lattice platform, Anduril designs and manufactures drones and solid rocket motors.
With its emphasis on autonomous systems, Anduril is particularly appealing to investors who see the massive growth opportunities of businesses specializing in artificial intelligence (AI). However, the company isn't focused solely on its AI platform.
In September 2023, Anduril completed its acquisition of Blue Force Technologies, a developer of combat-capable drones. And in May 2025, the company announced an agreement to acquire Klas, a global leader in edge computing and tactical communications.
Investors interested in fortifying their portfolios with Anduril stock have a few things to consider, including how to buy shares, when the company will hold its potential initial public offering (IPO), and alternative investment opportunities.
IPO
Is Anduril publicly traded?
As of late 2025, Anduril was a privately held company, disappointing investors looking to fortify their portfolios with its stock. While retail investors are out of luck, the company has drawn ample attention from several venture capital firms, such as Andreessen Horowitz and Valor Equity Partners, which have both participated in Anduril funding rounds.
When will Anduril IPO?
Buying IPO stocks offers rare investment opportunities for people willing to accept a fair amount of risk. And while several companies are planning to go public in 2025, it's highly unlikely that Anduril will find itself on the IPO calendar anytime soon.
Speaking with defense industry news website Breaking Defense, Palmer Luckey, a co-founder of Anduril Industries, said in September 2023 that while he was interested in holding an IPO, he didn't have a specific time frame. Luckey suggested it was more reasonable to consider 2026 as a possible year for the company to hit the public markets.
In February 2025, speculation arose that Anduril, which was considering a $28 billion valuation, was interested in raising additional capital by holding a Series G funding round.
Is it profitable?
As a privately held company, Anduril isn't required to report regulatory financial statements, like 10-Qs and 10-Ks. Consequently, investors don't have much insight into the company's financial circumstances, including whether the company is booking a profit.
But that's not to say there isn't some speculation regarding the company's financial situation. Sacra, a business research platform, estimates Anduril generated revenue of $1 billion in 2024, rising from a projected $420 million in 2023.
Alternatives to Anduril
While most investors will be disappointed to learn that Anduril stock is unavailable to them, accredited investors may be able to pick up shares prior to the stock holding an IPO. For those who qualify as accredited investors, platforms such as Forge Global (FRGE +0.52%) allow them to invest in privately held companies like Anduril.
Even if you don't qualify as an accredited investor, you're not completely out of options. There are publicly traded companies with businesses similar to Anduril.
1. Lockheed Martin
With a market capitalization of more than $111 billion, Lockheed Martin (LMT +0.25%) is one of the largest defense stocks available to investors, based on market cap. Unlike Anduril, Lockheed Martin manufactures aircraft, ships, and other defense hardware.
For example, Lockheed Martin produces the world's most advanced fighter jets, including the F-16 and F-35 used in maritime operations, as well as a wide range of other assets used by various military branches. While Lockheed Martin is committed to manufacturing physical assets that operate on the battlefield, it also focuses on incorporating AI solutions.
The bottom line
With global tensions showing little sign of ebbing, investors recognize the value of positions in leading defense companies like Anduril. But it will be some time before the company holds an IPO and gives them the opportunity to invest in it.
Even so, stocks that offer similar exposure to the defense industry -- stocks like Lockheed Martin, Northrop Grumman, and Kratos Defense & Security Solutions -- are available on the public markets right now. Additionally, investors interested in broader exposure to companies like Anduril may consider ETFs that hold companies focused on AI and defense.
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