How to Buy Anduril Stock Before the IPO

Anduril Industries just hit a $14 billion valuation—making it one of the most valuable private defense companies in America. Founded by Palmer Luckey (yes, the Oculus VR guy), Anduril builds autonomous drones, AI-powered surveillance systems, and next-generation defense technology for the U.S. military.

And you want in before the IPO.

The short answer: you almost certainly can’t buy Anduril stock. The company is private, has shown no signs of going public, and shares rarely—if ever—appear on secondary markets. Even accredited investors with six-figure minimums struggle to access this one.

This guide breaks down the reality of Anduril investment access, what alternatives exist, and whether waiting for an IPO makes sense.

Quick Summary

What Is Anduril?

Anduril Industries builds autonomous defense systems—think AI-powered drones, surveillance towers, and underwater vehicles designed for military applications. The company represents a new wave of defense technology that competes with legacy contractors like Lockheed Martin and Raytheon by moving faster and thinking like a tech company.

The Founding Story

Palmer Luckey founded Anduril in 2017 after leaving Facebook (which acquired his previous company, Oculus VR, for $2 billion). He partnered with Trae Stephens, a former Palantir executive, and Brian Schimpf, who now serves as CEO.

The company’s name comes from Tolkien—Anduril is the sword reforged for Aragorn in The Lord of the Rings. The symbolism is intentional: Anduril positions itself as a modern weapon for defending Western democracies.

Key Products and Contracts

Anduril’s flagship products include:

• Lattice — An AI-powered operating system that connects sensors, drones, and weapons systems
• Ghost — Autonomous reconnaissance drones
• Sentry Tower — AI surveillance systems deployed along the U.S.-Mexico border
• Dive-LD — Autonomous underwater vehicles for naval applications

The company has secured significant contracts with the Department of Defense, U.S. Customs and Border Protection, and allied nations including the UK and Australia.

Funding History

Anduril has raised over $2.8 billion in funding across multiple rounds:

The investor roster reads like a who’s who of Silicon Valley: Founders Fund (Peter Thiel’s firm), Andreessen Horowitz, and 8VC have all made significant bets on Anduril’s vision.

Can You Buy Anduril Stock?

The direct answer: No. Anduril is a private company with no publicly traded shares. Unlike some high-profile unicorns, Anduril shares don’t regularly appear on secondary markets.

Here’s the breakdown by investor type:

Accredited Investors

Even if you qualify as an accredited investor, your options are severely limited. Major secondary market platforms like Hiive, EquityZen, and Forge Global don’t consistently list Anduril shares.

Why? A few reasons:

1. Tight share control — Anduril’s investor base is concentrated among institutional VCs who aren’t selling
2. Employee restrictions — Defense contractors often have stricter rules about share transfers
3. No liquidity pressure — The company has raised billions and doesn’t need secondary market activity
4. Security considerations — Defense tech companies face additional scrutiny on ownership transfers

If shares do appear on secondary platforms, expect:

• Minimum investments of $25,000-$100,000
• Transaction fees of 2-5%
• Lengthy verification and transfer processes
• Potential company approval requirements

Retail Investors

Retail investors have no direct path to Anduril stock. The company is private, and the secondary markets that occasionally trade private shares require accredited investor status.

Your options are limited to indirect exposure through public markets—covered in the alternatives section below.

Accredited Investor Requirements

If you’re hoping to access Anduril shares through secondary markets (should they become available), you’ll need to qualify as an accredited investor.

The SEC defines accredited investors as individuals meeting at least one of these criteria:

Income Test

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse/partner
• Reasonable expectation of the same income this year

Net Worth Test

• $1 million+ net worth, excluding your primary residence

Professional Credentials

• Series 7, 65, or 82 licenses
• Certain professional designations (CFA, etc.)

Quick Check: About 13% of U.S. households qualify as accredited investors. If you don’t meet these thresholds, skip to the “Alternatives for Retail Investors” section—there are ways to get defense sector exposure without accreditation.

How to Invest in Anduril (If You’re Accredited)

Assuming you qualify as an accredited investor and shares become available, here’s how secondary market investing works:

Secondary Market Platforms

Forge Global

• One of the largest secondary market platforms
• Minimum investments typically $25,000+
• Connects buyers with existing shareholders
• Charges 2-5% transaction fees

EquityZen

• Specializes in pre-IPO investments
• Creates funds that hold private company shares
• Minimums around $25,000
• Fees range from 5-10%

Hiive

• Newer platform with competitive pricing
• Direct matching between buyers and sellers
• Minimums start around $25,000
• Lower fee structure than some competitors

The Reality Check

Here’s what platforms won’t tell you: just because they exist doesn’t mean Anduril shares are available. You can create accounts, verify accreditation, and still find zero Anduril listings.

Defense tech companies are particularly difficult to access because:

1. Investor concentration — VCs like Founders Fund hold large positions and aren’t selling
2. Employee restrictions — Defense contractors often limit when and how employees can sell
3. Transfer approval — Companies may have right of first refusal on share transfers
4. Security clearance considerations — Ownership changes can trigger additional review

Practical advice: Set up accounts on major platforms and enable alerts for Anduril. If shares appear, you’ll need to act quickly—demand typically exceeds supply.

Alternatives for Retail Investors

You can’t buy Anduril directly, but you can get exposure to the defense technology sector through public markets.

The Closest Public Comparable: Palantir

Palantir Technologies (PLTR) is the most direct public comparison to Anduril:

• Founded by: Peter Thiel (also a key Anduril investor)
• Focus: AI and data analytics for government and enterprise
• Government exposure: Major contracts with DoD, CIA, and allied nations
• Market cap: ~$170 billion

Palantir isn’t Anduril, but it operates in the same defense tech ecosystem. Both companies:

• Sell AI-powered software to the U.S. military
• Were founded by people in Peter Thiel’s network
• Position themselves as tech disruptors in the defense industry

The key difference: Palantir focuses on data analytics and software, while Anduril builds hardware (drones, autonomous systems). If you believe in the “Silicon Valley disrupts defense” thesis, Palantir offers liquid exposure to that trend.

Defense Sector ETFs

If you want broader defense exposure without picking individual stocks:

Important caveat: These ETFs hold traditional defense contractors (Lockheed Martin, Raytheon, Northrop Grumman)—not emerging defense tech companies. They won’t capture the “Anduril thesis” of tech disruption in defense, but they do provide exposure to increased defense spending.

Public Defense Tech Companies

Beyond Palantir, consider these public companies in adjacent spaces:

Kratos (KTOS) and AeroVironment (AVAV) are particularly relevant—both focus on drone and autonomous systems, similar to Anduril’s product focus. They’re smaller and more volatile than legacy contractors, but offer more direct exposure to the autonomous defense trend.

The “Wait for IPO” Strategy

Sometimes the best investment is patience. If Anduril eventually goes public, you’ll have the opportunity to buy shares at market price without accreditation requirements or secondary market complexity.

The tradeoff: you won’t capture pre-IPO gains (if any), and the IPO price may reflect years of private market appreciation.

Valuation Context

Anduril’s valuation trajectory has been aggressive:

A 14x increase in five years is remarkable—but it also raises questions about entry price for new investors.

Is the Valuation Justified?

Arguments for the current valuation:

• Defense spending is increasing globally
• Anduril has secured major government contracts
• The company is growing revenue rapidly
• Autonomous systems represent the future of warfare

Arguments for caution:

• Private valuations can be disconnected from fundamentals
• Defense contracts can be canceled or delayed
• Competition from legacy contractors is intensifying
• No public financials to verify revenue claims

The reality: At $14 billion, Anduril is priced for significant future growth. If you could buy at this valuation, you’re betting the company becomes a major defense prime contractor—not just a promising startup.

Risks of Pre-IPO Defense Tech Investing

Even if you could access Anduril shares, you’d face significant risks:

Liquidity Risk: You Can’t Sell When You Want

Private shares don’t trade on exchanges. If you need to exit:

• You must find a buyer on secondary markets
• Transaction times can take weeks or months
• You may accept significant discounts to attract buyers
• The company may restrict transfers entirely

For defense tech specifically: Security considerations can add additional transfer restrictions. Treat any investment as locked capital for 5-10 years.

Government Contract Dependence

Anduril’s revenue comes primarily from U.S. government contracts. This creates risks:

• Budget cycles — Defense spending fluctuates with political priorities
• Contract cancellations — Programs can be cut mid-development
• Competition — Legacy contractors lobby aggressively to protect their turf
• Administration changes — New presidents can shift defense priorities

Regulatory and Export Risks

Defense technology faces unique regulatory constraints:

• ITAR restrictions — International Traffic in Arms Regulations limit foreign sales
• Security clearances — Key personnel must maintain clearances
• Foreign ownership — Limits on who can own defense company shares
• Sanctions exposure — Anduril was sanctioned by China in 2024

Valuation Risk

Anduril’s $14 billion valuation is based on private market negotiations—not public market price discovery. Historical examples show private valuations don’t always hold:

• Instacart was valued at $39 billion privately, IPO’d at $9.9 billion
• WeWork was valued at $47 billion privately, eventually went public at ~$9 billion
• Many 2021 unicorns have seen significant down rounds

This doesn’t mean Anduril is overvalued—but it means the entry price carries risk.

When Will Anduril Go Public?

Official position: Anduril has not announced IPO plans.

Reading the tea leaves:

Unlike consumer tech companies that often need IPO liquidity for employee retention, Anduril operates differently:

1. Well-funded — With $2.8 billion raised, there’s no immediate capital need
2. Patient investors — VCs like Founders Fund take long-term positions
3. Defense sector norms — Defense companies often stay private longer
4. Security considerations — Public disclosure requirements may conflict with defense work

Comparable timeline: Palantir stayed private for 17 years before its 2020 direct listing. SpaceX, another defense-adjacent tech company, remains private after 22 years.

Best estimate: 3-5+ years minimum, with significant uncertainty. Anduril appears focused on building the business rather than optimizing for an exit.

The Bottom Line

Anduril represents an intriguing investment thesis: a tech company disrupting the traditional defense industry with AI and autonomous systems. The company has strong backers, significant government contracts, and operates in a sector with tailwinds.

But you almost certainly can’t invest directly.

For accredited investors: Set up accounts on secondary market platforms and monitor for availability, but don’t expect shares to appear. If they do, be prepared for high minimums, significant fees, and long holding periods.

For retail investors: Consider public alternatives like Palantir (PLTR) for defense tech exposure, or defense ETFs (ITA, XAR) for broader sector exposure. The “wait for IPO” strategy may ultimately provide the best risk-adjusted entry point.

For everyone: Be skeptical of any platform or service claiming easy access to Anduril shares. If it sounds too good to be true, it probably is.

The defense unicorn doesn’t need retail capital—and it’s not making access easy.

FAQ

Can you buy Anduril stock?

No. Anduril is a private company with no publicly traded shares. Even accredited investors face extremely limited access, as shares rarely appear on secondary market platforms.

Is Anduril publicly traded?

No. Anduril Industries is privately held. The company has not announced plans for an IPO or direct listing.

How much is Anduril worth?

Anduril was valued at $14 billion in its August 2024 Series F funding round. The company has raised over $2.8 billion from investors including Founders Fund and Andreessen Horowitz.

When will Anduril IPO?

Anduril has not announced IPO plans. Based on defense sector norms and the company’s strong funding position, an IPO is likely 3-5+ years away—if it happens at all.

How can retail investors get exposure to Anduril?

Retail investors cannot buy Anduril stock directly. Alternatives include: Palantir (PLTR) for defense tech exposure, defense ETFs like ITA or XAR for sector exposure, or smaller defense tech companies like Kratos (KTOS) or AeroVironment (AVAV) that focus on autonomous systems.

Who founded Anduril?

Anduril was founded in 2017 by Palmer Luckey (co-founder of Oculus VR), Trae Stephens (former Palantir executive), and Brian Schimpf (current CEO). The company is backed by Peter Thiel’s Founders Fund.

Sources

• Wikipedia: “Anduril Industries” (December 2024) — https://en.wikipedia.org/wiki/Anduril_Industries
• SEC: Accredited Investor Definition, Rule 501 — https://www.sec.gov/education/capitalraising/building-blocks/accredited-investor
• Hiive: Platform documentation — https://hiive.com
• EquityZen: Platform overview — https://equityzen.com
• Forge Global: Platform overview — https://forgeglobal.com
• Yahoo Finance: PLTR stock data — https://finance.yahoo.com/quote/PLTR/
• Yahoo Finance: LHX stock data — https://finance.yahoo.com/quote/LHX/