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
Publicly traded?
Is Anduril publicly traded?
As of May 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 it IPO?
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.
How to buy
How to buy Anduril stock?
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 -2.18%) 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 0.29%) 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.
In April 2024, Lockheed Martin announced it had received an award of up to $4.1 billion from the U.S. government's Missile Defense Agency to advance the Command, Control, Battle Management, and Communications (C2BMC) system. The C2BMC system uses AI and machine learning (ML) to "improve the ability to detect, track, target, engage and assess emerging threats," according to the company.
2. Northrop Grumman
Like Lockheed Martin, Northrop Grumman (NOC 0.19%) is a major defense contractor that produces assets used on land, in the air, and at sea, as well as resources used in cyberwarfare. Working to provide its customers an edge on the frontlines, the company is embedding AI in numerous ways.
In collaboration with Palantir (NYSE:PLTR), Northrop Grumman announced in March 2024 that it's developing the Tactical Intelligence Targeting Access Node (TITAN) ground system for the U.S. Army. Leveraging the power of AI and ML, TITAN will use intelligence data from sensors to provide advanced targeting information.
Northrop Grumman is also exploring AI for operations conducted in the wild blue yonder. In 2022, the Defense Advanced Research Projects Agency awarded Northrop Grumman a contract to develop a prototype AI assistant to assist pilots in performing various in-flight tasks.
3. Kratos Defense & Security Solutions
Investors attracted to Anduril's drone exposure may find Kratos Defense & Security Solutions (KTOS 1.81%) more appealing. In addition to land-based drones, Kratos offers uncrewed systems that operate in the air and at sea. The company's offerings also include space-based systems, training systems, and missile defense, among others.
Demonstrating its commitment to AI, Kratos is partnering with Shield AI, a company that has developed an AI pilot. In April 2024, the two companies announced a successful test flight of the AI pilot on the Kratos Tactical Firejet. This achievement has motivated the two companies to collaborate on expanding the potential use of the AI pilot in the Kratos Valkyrie, a stealth, uncrewed tactical drone.
Accredited investors may access platforms that provide them an opportunity to buy pre-IPO stocks. However, retail investors who aren't accredited and find themselves interested in buying shares of one of these stocks only have to take a few simple steps to become shareholders:
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Profitability
Is Anduril 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.
Should I invest?
Should I invest in Anduril?
Ordinary investors interested in Anduril stock are out of luck. When the company plans to hold an IPO, however, it must submit regulatory filings that provide insight into its financial situation. Then, investors can better determine whether an investment in the company is right for them.
ETF options
ETFs with exposure to Anduril
As it's unavailable on public markets, investors can't gain exposure to Anduril stock through an exchange-traded fund (ETF). However, there are other ETF options for investors to consider, such as defense-focused ETFs, that include exposure to companies operating in areas comparable to Anduril.
- SPDR S&P Kensho Future Security ETF (NYSEMKT:FITE): With 65 holdings, this ETF is focused on defense stocks, including AI companies, robotics companies, and drone companies. AI semiconductor manufacturer Broadcom (AVGO 0.51%) and cybersecurity specialist CrowdStrike (CRWD 1.32%) are among the ETF's top 10 holdings. The ETF has a 0.45% gross expense ratio.
- ARK Autonomous Technology & Robotics ETF (NYSEMKT:ARKQ): Investors less intent on defense exposure and more interested in broader growth opportunities related to AI and robotics will want to consider this ETF. In addition to defense drone stocks, such as Kratos Defense & Security Solutions and AeroVironment (AVAV 0.62%), the Cathie Wood ETF includes Tesla (TSLA 3.49%) and positioning company Trimble (TRMB 1.25%) as top holdings. This ETF has a 0.75% expense ratio.
- iShares U.S. Aerospace & Defense ETF (NYSEMKT:ITA): For those interested in a more conservative ETF, this ETF is worth considering. The top holdings are defense industry stalwarts RTX (RTX 1.07%), Boeing (BA 0.81%), Lockheed Martin, and L3 Harris Technologies (LHX -1.44%). Together, these positions represented more than 33% of the ETF's holdings as of May 2025. This ETF has a 0.40% expense ratio and makes quarterly distributions.
Related investing topics
The bottom line on Anduril
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.
FAQ
Investing in Anduril FAQ
How can you invest in Anduril?
As a privately held company, Anduril stock is unavailable to retail investors; however, accredited investors may be able to gain exposure through platforms like Forge Global.
Is Anduril publicly listed?
As of May 2025, Anduril wasn't a publicly listed company. There's speculation that the stock could IPO in 2026 or 2027, though.
Does Anduril give stock options?
Yes, Anduril provides stock options to its employees.
What is the stock symbol for Anduril Industries?
Since Anduril hasn't held an IPO, it isn't listed on public markets, so it doesn't have a stock symbol.
