Inside the US$60-billion defence startup challenging Lockheed Martin
BNN Bloomberg
If 2026 is shaping up to be a significant year for high-profile IPOs, one of the most closely watched could come from an unlikely corner of Silicon Valley: defense technology.
Anduril Industries, a startup founded less than a decade ago, has reportedly reached a valuation exceeding US$60 billion in private markets. That figure places it in rare company and squarely in competition, at least in market value terms, with some of America’s largest and longest-standing defence contractors.
We recently took a closer look at Anduril’s business model on Ticker Take.
To understand the opportunity, it helps to start with the companies Anduril is challenging.
For decades, U.S. military power has been closely tied to a small group of industrial titans. Companies like Lockheed Martin, RTX, Northrop Grumman, Boeing and General Dynamics have dominated the defence landscape.
Among them, Lockheed Martin stands out. It is the prime contractor behind the F-35 Lightning II program, one of the most expensive weapons systems in history, with a lifetime program cost estimated in the trillions of dollars. The company generates roughly US$75 billion in annual revenue, much of it from the U.S. government.
A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
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New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.