Anduril is in talks with investors for a new funding round that could see it valued at around $100 billion, Reuters reported Friday, citing people familiar with the matter.

Such a valuation would make the company as valuable as longstanding defense giants such as Lockheed Martin (LMT) and Northrop Grumman (NOC), which are valued at $117 billion and $74 billion, respectively.

The report said that one proposal under discussion would involve a two-stage funding structure, with investors committing to a future financing round at a higher valuation if the company meets certain financial performance targets.

The size of the fundraising and the valuation remain subject to change.

Anduril did not immediately reply to MT Newswires' request for comment.

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