Anduril Industries Inc. is in talks to raise $400 million to $500 million in further funding from investors, in a deal that could increase the Costa Mesa-based defense contractor’s valuation to $10 billion, Bloomberg News said, quoting people familiar with the discussions.
The deal could take the form of a convertible note, according to Bloomberg.
“Instead of raising a traditional funding round, Anduril could raise the money as debt slated to convert to equity at a $10 billion valuation in the future, in the event of a new financing round or other deal,” Bloomberg said.
The talks haven’t been finalized and the details of the convertible note could still change, Bloomberg quoted the people familiar as saying.
Anduril was most recently valued at $8.5 billion.
