Anduril Industries

Money Moves

Private; valued at $61 billion after closing $5 billion Series H in May 2026

Anduril Industries closed a $5 billion Series H round in May 2026, doubling its valuation to $61 billion in under a year. The raise caps a busy spring: a $20 billion Army contract in March, Arsenal-1's ahead-of-schedule launch, and a lead role in the Pentagon's $185 billion Golden Dome interceptor program.

Updated 2 days ago

Money Moves

Valued well above $30.5 billion after $4B 2026 fundraise; $20B Army contract won in March 2026; YFQ-44A Fury CCA completed test flight April 16; IPO probability below 25% before 2027

AEVEX Aerospace, a maker of military drones and airborne surveillance systems, began trading on the New York Stock Exchange on April 17, 2026, under the ticker AVEX—and its first day answered a key question about the defense tech IPO wave. Shares opened at $23.01 and closed at $26.93, a 34.7% gain that pushed its market capitalization to roughly $3 billion, well above the $2.35 billion valuation at pricing. The company had raised $320 million by pricing 16 million shares at $20 each, and the offering was multiple times oversubscribed. Private equity firm Madison Dearborn Partners retained 79% voting control. On its second day of trading, April 18, AEVEX shares held near that level, trading in a $23 to $27.96 range as institutional positioning stabilized. AEVEX was not the only defense company testing public market appetite that week or in the months prior: satellite maker York Space Systems raised $629 million in a January 2026 NYSE debut, components maker Arxis raised $1.13 billion on April 16 and held its gains near $38 in subsequent trading, Ukrainian drone software company Swarmer jumped more than 500% on its March 17 Nasdaq listing, and signals intelligence firm HawkEye 360 had filed its own IPO prospectus days before AEVEX's debut.

Updated Apr 19

New Capabilities

Major drone contractor; Gauntlet competitor

The Pentagon spent $398 million on small drones in 2022. Four years later, as Ukraine demonstrated that $400 drones could destroy $10 million tanks, Congress authorized $1.7 billion—a fourfold increase. Now the Department of Defense has launched its most ambitious small-drone initiative ever: a $1.1 billion program to field more than 300,000 one-way attack drones by 2028, with the first 30,000 expected by mid-2026.

Updated Feb 4