(Bloomberg) — Defense technology startup Anduril Industries Inc. is in talks to double its valuation to more than $28 billion with a new funding round that would raise $2.5 billion, according to a person familiar with the matter.
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The new valuation represents a surge in fortunes for the weapons maker, which raised $1.5 billion just a few months earlier.
Founders Fund, a venture firm backed by billionaire Peter Thiel, is set to lead the deal, said the person, asking not to be identified discussing private information. CNBC previously reported news of the deal.
Representatives for Anduril and Founders Fund did not comment on the deal talks.
Anduril’s chairman, Trae Stephens, is also a parter at Founders Fund. The firm is a longtime proponent of defense technology startups. Stephens has also consulted with President Donald Trump on plans to revamp the US military.
Venture-backed startups have long advocated for shaking up the current Pentagon procurement process to introduce more new technology.
Anduril is currently planning to set up a factory in Ohio to build its autonomous weapons systems. The California-based company expects to invest nearly $1 billion in the new facility, it has said, which is expected to be the size of about 87 football fields.
The $28 billion valuation in Anduril’s latest round doesn’t include the latest funding, the person said. As a result the company’s so-called post-money valuation, the most common measurement, will be even higher.
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