CONFIDENTIAL

LFG x Anduril 2025

Terms

  • Valuation: ~$23B (~$35.40/sh)

    • Our previous investment in Oct 2024 was at a valuation of ~$17.58B ($27.30/sh).

    • Anduril is trading on EquityZen at a $51B valuation (~222% premium).

  • Structure: secondary, LP interests

  • Management Fee: 6% (one-time, upfront) for Non-Members | 3% for LFG+ Members

  • Carry: 20% for Non-Members | 15% for Members

  • Priority: Members will receive priority to limited allocation.

Timeline

Priority will be given to LFG+ Members and on a first come first serve basis.

  • Commitment due ASAP

  • Signature and funds due on/around February 11th

Click to Commit

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About Anduril

Manifesto

Here is Anduril's manifesto.

Memo

Here is a confidential investment memo.

Company Overview

Anduril Industries is a technology and defense company founded in 2017 by Palmer Luckey, the inventor of Oculus VR. The company is headquartered in Los Angeles, California, and has offices in Washington D.C. and other locations. Anduril's mission is to develop and deploy advanced technologies to protect national security and defend against emerging threats.

Market Opportunity

The global defense market is projected to reach $1.7 trillion by 2025, driven by increasing investments in modernization and innovation. Anduril is well-positioned to capitalize on this trend by developing cutting-edge technologies such as autonomous systems, artificial intelligence, and augmented reality. The company's focus on emerging threats and asymmetric warfare also presents a significant market opportunity.

Product

Anduril's product portfolio includes the Anduril Autonomous Ground Vehicle (AGV), a modular and scalable autonomous system designed for reconnaissance and surveillance missions. The company is also developing advanced sensors and software solutions for defense and security applications. Anduril's products are designed to be adaptable to a range of environments and scenarios.

Competitive Advantage

Anduril's competitive advantage lies in its ability to develop and deploy advanced technologies quickly and efficiently. The company's focus on innovation and R&D allows it to stay ahead of the curve in terms of technology development, and its partnerships with leading defense contractors and government agencies provide access to significant resources and expertise.

Business Model

Anduril's business model is focused on developing and deploying advanced technologies for defense and security applications. The company generates revenue through the sale of its products and services to government agencies, defense contractors, and other customers. Anduril also partners with leading defense companies to develop and integrate its technologies into existing systems.

Traction

Anduril has made significant progress in a short period of time, with a growing team of over 200 employees and a portfolio of products and technologies that are being used by government agencies and defense contractors. The company has also secured significant funding from leading investors and has established partnerships with major defense companies.

Management

Anduril's management team includes Palmer Luckey, the company's founder and CEO, who has a strong background in technology and innovation. The company's leadership team also includes experienced executives from the defense and technology industries, including former government officials and defense contractors.

Funding

Anduril has received significant funding from leading investors, including a $450 million Series C round in 2020 led by Fidelity Management & Research Company. The company has also received funding from other investors, including Valor Equity Partners, Founders Fund, and others.

Press

  1. Palmer Luckey’s Defense Startup, Anduril, Raises $1.5 Billion to Produce AI-Powered Weapons

  2. Anduril reaches milestone with major defense hardware contract

  3. Anduril: The Business of Defense

Learn more at anduril.com

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©2025 LFG VENTURES

Please note that nothing herein constitutes or should be construed as financial or investment advice. While the information is believed to be accurate, it may include estimates, errors, or inaccuracies. You are responsible for conducting your own due diligence. You are solely responsible for determining whether any investment, investment strategy, security, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. Investors and users should consult with licensed legal professionals and investment advisors for any legal, tax, insurance, or investment advice. Investing in private is extremely speculative and involves a high degree of risk. You should not invest unless you are in a position to lose the entire amount of your investment. No public market currently exists for this opportunity, and there can be no assurance that such a public market will ever exist.