**Anduril's secondary-market marks have climbed to approximately $114.5 billion as of early October 2026, up sharply from the $61 billion post-money valuation set in its May 2026 $5 billion Series H round.** This gap reflects robust trader demand for shares amid expanding U.S. defense contracts, including potential multi-billion-dollar Air Force Collaborative Combat Aircraft production work and Army Lattice platform task orders, alongside 2025 revenue of $2.2 billion. Recent acquisitions, such as Popoto Modem for undersea systems, and ongoing talks around higher funding rounds further support elevated implied valuations near $130-plus per share on secondary platforms. With only weeks until the October 31 resolution, near-term catalysts center on any new contract announcements or additional secondary trades that could confirm or lift marks before month-end.