Anduril Targets $90 Billion Valuation; Pear VC Seeks $333 Million

By Grace Kim

Defense contractor Anduril Industries is targeting a $90 billion valuation in a new funding round, Axios reports — a figure that would place the Palmer Luckey-founded company among the most valuable private defense firms in the U.S.

The number itself carries the story. Anduril has moved from buzzy startup to a nine-figure-valuation defense platform in under a decade, and a $90 billion mark would mark another steep step up in the company's reported worth.

The same Axios report flags a second raise: venture firm Pear VC is planning a $333 million fund. That's a seed-stage firm committing fresh capital at a moment when many investors have pulled back from early-stage deployments.

What does the $90 billion target signal?

Valuation targets are negotiation positions, not closed deals. But the figure Axios cites — $90 billion — tells us where Anduril and its backers believe the company should price.

Takeaway: Anduril is pricing itself as a defense prime, not a startup.

Why does Pear VC's $333 million matter?

Pear VC's planned $333 million fund, per Axios, is notable for its size at the seed end of the market. Firms raising new vehicles now are betting that deal terms have reset in their favor.

Takeaway: early-stage money is still flowing, just more selectively.

What comes next?

Neither deal is final. If Anduril closes at or near $90 billion, expect the round to rank among the largest private valuations recorded this year — and to sharpen investor appetite for defense technology broadly.