Anduril chief says company is not rushing toward an IPO

Anduril Chief Executive Brian Schimpf said the defense-technology company is not under pressure to pursue an initial public offering, even after its private valuation doubled to $61 billion in May. Speaking to CNBC’s Julia Boorstin at the Allen & Co. Sun Valley Conference on Thursday, Schimpf said elevated pricing across parts of the market had made timing more sensitive for companies considering a listing.

Schimpf said Anduril measures a successful IPO by whether investors have earned a strong return three years after the company goes public. He told CNBC that listing during a period of intense investor enthusiasm would be a poor setup, adding that Anduril is “not in a rush” to enter the public market.

The comments come as defense-technology companies benefit from higher demand for drones, autonomous systems and AI-enabled weapons. CNBC reported that the sector has drawn support from President Donald Trump’s plans for military reindustrialization, with the U.S. defense budget on course to reach $1.5 trillion.

Anduril, founded by Palmer Luckey, makes drones and artificial intelligence-powered weapons. In May, CNBC reported that the company’s valuation had doubled to $61 billion, placing it among the most highly valued private technology groups. At the time, Schimpf said Anduril would invest aggressively to expand production of defense systems for the United States.

Private funding has also flowed to other defense-technology groups. CNBC reported that Shield AI and autonomous shipbuilder Saronic completed large financing rounds earlier this year. Schimpf said the level of enthusiasm across the field carried risks, telling CNBC that some valuations were “crazy high” because they relied on expectations for future growth.

An IPO converts a privately held company into one whose shares trade on a public exchange. That process can give early investors and employees a route to liquidity, while giving the company broader access to capital markets. It also exposes the business to public-market pricing, quarterly disclosure requirements and investor scrutiny. For fast-growing private companies, the listing price can shape market expectations for years after the offering.

Schimpf told CNBC he was not sure the market was “particularly rational” in current pricing. He also said many companies were moving toward valuations that could prove too high and potentially backfire.

The broader technology IPO market remains mixed, according to CNBC. SpaceX completed a record offering last month, but its shares, after closing at $201.80 on their third trading day, have since fallen by about a quarter and trade only modestly above their $150 opening price, CNBC reported.

Other large private AI companies are also preparing for possible public listings without firm dates. CNBC reported that OpenAI and Anthropic have confidentially filed to go public, though neither company has set a timetable. Some investors are questioning whether public markets would accept valuations near $1 trillion, according to CNBC.

Questions about Anduril’s eventual listing have persisted as the company has expanded. Luckey has said he “definitely” wants the company to go public, CNBC reported, but no target date has been set.

This story draws on original reporting from CNBC.