How to Buy Anduril Stock: Pre-IPO Access Guide

Anduril is one of the hottest names in defense technology. The company builds AI-powered weapons, drones, and surveillance systems for the US military, and it has doubled in value twice in the past two years. With a $61 billion valuation after its latest funding round and talks of a round that could push it to $100 billion, a lot of investors want to know how to buy Anduril stock.

The catch is that Anduril is not publicly traded. There is no ticker symbol, no exchange listing, and no way to buy shares in your regular brokerage account. But that does not mean there is zero access. Accredited investors can buy Anduril pre-IPO shares through secondary marketplaces, and there are a few indirect options for everyone else.

This guide covers the full picture: what Anduril does, why it is still private, the exact platforms where accredited investors can buy shares, the minimum investments required, and the risks you need to understand before putting money in. We will also cover what we know about the current Anduril IPO timeline.

What Is Anduril?

Anduril Industries is a defense technology company founded in 2017 by Palmer Luckey, the same person who started Oculus VR. The company is based in Costa Mesa, California, and it takes a very different approach from traditional defense contractors like Lockheed Martin and Raytheon.

The core of Anduril's business is Lattice, a software platform that uses artificial intelligence to combine data from sensors, drones, and other systems into a single picture of the battlefield. Lattice is the brain that ties everything together. On top of that, Anduril builds the hardware: autonomous drones, underwater vehicles, counter-drone systems, and even solid rocket motors.

Here is what Anduril actually sells:

• ▸ Lattice OS: The AI software platform that serves as the command and control layer for all Anduril products. It processes data from sensors and helps operators make faster decisions.
• ▸ Roadrunner: An autonomous interceptor drone designed to take down other drones and aircraft.
• ▸ Fury: A collaborative combat aircraft, essentially a pilotless fighter jet that works alongside manned aircraft.
• ▸ Dive-LD and Dive-XL: Autonomous underwater vehicles for naval missions.
• ▸ Counter-drone systems: Ground-based systems that detect and disable enemy drones.

Anduril's revenue has been growing fast. According to CEO Brian Schimpf, the company more than doubled revenue to $2.2 billion, up from about $1 billion the year before. Anduril is guiding to roughly $4.3 billion in revenue for the current period, which would be another near-doubling. The company also signed a 10-year, $20 billion contract with the US Army for its software and AI-powered weapons.

But Anduril is not profitable yet. The company is expected to post operating losses of more than $1 billion as it invests heavily in manufacturing capacity, research, and a new $1 billion factory in Ohio called Arsenal-1. That factory is designed to produce up to 150 aircraft per year, but it is still unproven at that scale.

Why It's Private

Anduril has stayed private for a few reasons. The first is access to capital. Private investors have been more than willing to fund the company's growth. In its latest round, Anduril raised $5 billion in a Series H led by Thrive Capital and Andreessen Horowitz, doubling its valuation to $61 billion from $30.5 billion just eleven months earlier. In total, the company has raised more than $11 billion across eight funding rounds.

The second reason is that Anduril does not need to go public to raise money. The company is in talks to raise another round that could value it at roughly $100 billion, according to Reuters. That would rival Lockheed Martin, which has a market cap of around $130 billion. When private capital is this available and this cheap, there is less pressure to face the scrutiny and disclosure requirements of a public listing.

The third reason comes straight from the CEO. Brian Schimpf told CNBC that Anduril is not in any rush to go public. He warned against doing an IPO in the middle of a hype cycle and said some valuations are crazy high. That is a notable statement from the CEO of a company that just doubled its own valuation.

As of now, Anduril has filed no S-1 registration statement, named no underwriters, and set no IPO date. A confidential S-1 filing typically signals a company is preparing to move within six months, and no such filing has appeared.

Palmer Luckey, the co-founder, has said an IPO is definitely on the roadmap. He suggested a near-term listing was possible. But with no S-1 on file and the CEO publicly warning about hype cycle valuations, the timeline remains uncertain. As of now, the Anduril IPO is not happening in the near term.

Secondary Market Access

For accredited investors, the most direct way to get Anduril stock is through the secondary market. That means buying shares from an existing shareholder, usually an employee or early investor who wants to cash out some of their position. The transaction goes through a regulated platform that handles the paperwork and makes sure the company's transfer rules are followed.

But Anduril has an important restriction that changes the way this works. The company does not allow direct stock transfers. You cannot put Anduril shares in your own name. According to multiple sources, the only way to get exposure is indirectly, through a special purpose vehicle (SPV) or a forward purchase contract.

Here is what that means in practice:

• SPV: The platform creates a separate legal entity that holds the Anduril shares. You buy a piece of that entity. You are not a direct shareholder of Anduril. You own a share of a fund that owns the shares.
• Forward purchase contract: You sign a contract that gives you the right to receive shares or cash when a certain event happens, usually an IPO or acquisition. You do not own anything today. You own a promise.

Both structures add a layer of distance between you and the actual company. That affects your rights, your tax treatment, and your risk profile. It also means you need to trust the platform that set up the SPV or the forward contract.

Here are the main secondary marketplaces where Anduril shares have been available:

• ▸ Forge Global (FRGE): One of the largest private securities marketplaces. Forge handles institution-focused trades with a standard minimum of $100,000 per transaction. Fees typically run 2% to 4%. Forge was acquired by Charles Schwab.
• ▸ Hiive: Operates more like a real-time order book for private stock. The minimum order is $25,000. Hiive is known for SpaceX, Anduril, and other high-demand names.
• ▸ EquityZen: Acquired by Morgan Stanley. EquityZen is known for lower minimums, starting at $5,000 for select deals, with a standard minimum around $10,000. Transaction fees were cut to 2.5% after the Morgan Stanley deal.
• ▸ UpMarket: A FINRA-registered broker-dealer that specializes in pre-IPO investments. The minimum investment for Anduril pre-IPO offerings on UpMarket is $50,000. Funds are held in a custodial account until the deal closes.

One thing to know about pricing: Anduril trades at a premium on the secondary market. The last primary round set a valuation of $61 billion at roughly $69 per share. On the secondary market, Anduril has traded near $98 per share, which implies a market cap of about $87 billion. That is a 43% premium to the last funding round. Demand for Anduril shares runs about 1.7 to 1 against supply, which is unusual. Most pre-IPO names trade at discounts.

Accredited Investor Requirements

Direct access to Anduril pre-IPO shares is limited to accredited investors. The SEC defines an accredited investor as someone who meets at least one of these tests:

• Income: Earned $200,000 or more individually, or $300,000 or more jointly with a spouse, in each of the last two years, and expects to meet that level this year.
• Net worth: Has a net worth over $1 million, not counting the value of a primary residence.
• Professional credential: Holds a qualifying FINRA license such as the Series 7, Series 65, or Series 82.

If you meet any one of those tests, you likely qualify. The platform you use will verify your status. In most private placements, that means self-certification through a questionnaire. You sign a document saying you meet the criteria. In some cases, the platform may ask for tax returns, brokerage statements, or a letter from a CPA.

If you are not accredited, you can still get indirect Anduril exposure. The ERShares Private-Public Crossover ETF (XOVR) holds a position in Anduril alongside SpaceX and other private companies. XOVR trades on a public exchange, so you can buy it in any brokerage account. There is no accreditation check and no minimum investment beyond the price of one share. The trade-off is that Anduril is only a small part of the fund, and the ETF has its own fees and holdings.

Franklin Small-Mid Cap Growth Fund (FRSGX) also holds a small Anduril position, about 0.81% of net assets. That is a very small slice, but it is another indirect route for non-accredited investors.

If direct exposure is not available to you, the ETF route is worth comparing against the broader list of best investments ranked by risk-adjusted return.

Risks and Valuation Concerns

Anduril is an exciting company with real revenue, real contracts, and a massive addressable market. But the risks of investing at these valuations are significant, and you should understand them before putting money in.

Valuation risk. At $61 billion, Anduril trades at roughly 29 times its $2.2 billion revenue. On the secondary market, where it trades near $98 per share, the multiple is closer to 41 times trailing revenue. For a hardware-heavy defense business, those are rich multiples. Palantir trades even higher, but Palantir is a software company with much higher margins. If Anduril's revenue growth slows or its losses widen, the valuation could come under pressure.

Operating losses. Anduril is expected to post an operating loss of more than $1 billion as it invests in manufacturing and research. The company is spending heavily to build Arsenal-1, its new factory in Ohio, and to develop new products. If those investments do not pay off on schedule, the company could burn through more cash than expected.

SPV and structure risk. Because Anduril does not allow direct stock transfers, your investment runs through an SPV or a forward contract. That means you do not own Anduril shares directly. If the SPV is not structured properly, or if the forward contract has terms you do not understand, you could end up with less than you expected. You need to read the documents carefully and understand what you actually own.

Illiquidity. Your money is locked up until Anduril goes public, gets acquired, or allows a buyback. There is no set timeline for any of those events. The CEO has said the company is in no rush to IPO. If the IPO slips several years down the road, your capital is stuck for a long time.

Concentration risk. Anduril depends heavily on US government contracts. The $20 billion Army contract and other defense deals are the backbone of its revenue. If defense spending priorities shift, or if a future administration cuts back on AI weapons programs, Anduril could be hit hard. The company is also exposed to geopolitical risks, including the US conflict with Iran and the ongoing war in Ukraine, which have driven demand for its products.

Competition. Anduril competes with traditional defense giants like Lockheed Martin and Northrop Grumman, as well as other defense tech startups. The company's software-first approach is a differentiator, but it is not the only player in autonomous defense systems. SpaceX, Palantir, and others are also moving into adjacent spaces.

Anduril's revenue is real and growing fast. But at a 41x revenue multiple on the secondary market, you are paying for a lot of future growth that has not happened yet. Make sure you are comfortable with that price before you buy, and if you already hold ordinary stocks, weigh how a concentrated private position fits next to them.

Frequently Asked Questions

Can I buy Anduril stock?

Only if you are an accredited investor. Direct access to Anduril pre-IPO shares is limited to people who meet the SEC income or net worth thresholds, or who hold a qualifying FINRA license. If you are not accredited, you can get indirect exposure through the XOVR ETF, which holds a small Anduril position. But there is no way for non-accredited investors to buy Anduril shares directly until the company goes public.

What is the minimum investment?

Minimums vary by platform. UpMarket requires a $50,000 minimum for Anduril pre-IPO offerings. Forge Global generally requires $100,000 for direct transactions. Hiive requires a $25,000 minimum order. EquityZen has the lowest published minimum among major platforms at $5,000 for select deals, though Anduril-specific minimums may be higher. The XOVR ETF has no minimum beyond the share price.

Is Anduril overvalued?

At roughly 29 times trailing revenue on the last funding round and 41 times on the secondary market, Anduril is priced for a lot of growth. The company is guiding to $4.3 billion in revenue for the current period, which would bring the forward multiple down to about 14 times on the primary valuation. That is more reasonable but still high for a defense contractor. Whether it is overvalued depends on whether Anduril can keep doubling revenue and eventually turn a profit. The company is not there yet, and it is expected to lose more than $1 billion as it scales.

The Bottom Line

Anduril is a fast-growing defense technology company with real revenue, a $61 billion valuation, and a clear path to more growth. But Anduril stock is not available to the general public. Accredited investors can buy shares through secondary marketplaces like Forge, Hiive, EquityZen, and UpMarket, but only through SPVs or forward contracts, which adds a layer of structure risk. Non-accredited investors can get indirect exposure through the XOVR ETF or a small position in FRSGX.

The risks are real. The valuation is high. The company is losing money. The IPO timeline is uncertain, and the CEO has said there is no rush. The secondary market premium means you are paying more than the last institutional round. If you decide to invest, understand what you are buying, read the documents carefully, and do not put in more than you can afford to lose.

If you qualify as an accredited investor and want direct Anduril exposure, start by checking your eligibility. If you are not accredited, look at the ETF options and compare them to other defense investments. Either way, run the numbers and make sure the potential upside justifies the risk.