Sources: Anduril opens a tender offer of up to ~$1.3B for staff at a ~$90B valuation, available in 16 countries for the first time; it was valued at $61B in May

Employee stock options at Anduril are now worth nearly double their value from May, providing a significant liquidity event.

Anduril Industries has launched a tender offer allowing employees to sell up to $1.3 billion in stock, valuing the defense technology company at approximately $90 billion. This marks a significant increase from its May valuation of $61 billion, and even more from its June 2025 valuation of $30.5 billion. The offer, priced at $94.80 per share, is open to current and former employees in 16 countries for the first time, expanding beyond previous rounds limited to the U.S., U.K., and Australia. The tender offer runs until November 9. Anduril, co-founded in 2017 by Palmer Luckey, develops products like unmanned aircraft, autonomy software, and surveillance systems, with the U.S. Department of Defense as a major customer. The company reported $2.2 billion in revenue last year, a twofold increase from the prior year.

This tender offer signals continued strong investor confidence in Anduril's growth trajectory, as evidenced by the substantial jump in valuation within a short period. The expansion of the offer to 16 countries suggests a global talent pool and a desire to provide liquidity options to a broader employee base, a crucial factor for retention in the competitive defense tech sector. This move also indicates a potential strategy to manage employee liquidity needs while potentially delaying an IPO or other exit events, a common trend among late-stage private companies.

The increased valuation and tender offer at Anduril highlight the immense capital flowing into defense technology, particularly companies leveraging AI and advanced manufacturing. For employees, it represents a valuable opportunity to realize gains on their stock options, especially as private companies increasingly use tender offers to provide liquidity when public market exits are uncertain or delayed. This practice may become a more standard benefit for employees at high-growth private firms, altering expectations around equity compensation and liquidity.