THE MONEY: Home-schooled, unorthodox entrepreneur. At age 21 sold Oculus VR to Facebook for $2.3B in 2014. Says Facebook, now Meta, fired him in 2017; This year patched up relations with Facebook founder Mark Zuckerberg after a long-standing feud. Co-founded Anduril Industries in 2017, choosing the name of a sword from “Lord of the Rings” fame; valuation has doubled this year to $30.5B.
THE VENTURES: Anduril initially focused on border security before widening its strategy to include AI-powered defensive weapons, particularly drones. The company’s ever-expanding lineup includes autonomous weapons, airborne drones, underwater drones, cruise missiles and a project to greatly improve battlefield vision and sensory abilities for the Army. Drones have also been used in Ukraine’s fight against the Russians. The list seemingly expands every week.
BIG-TIME BANKING: Palmer and other President Donald Trump-supporting billionaires are backing the establishment of a crypto-focused bank called Erebor N.A. to support tech startups and other potentially risky ventures. They are reportedly aiming for a $2B valuation.
THE INTRIGUE: Has dangled the prospect of a public listing for years now, and investors have been clamoring to get in on the action early. Wall Street Journal said the company is “shaking up the U.S. defense industry” by developing products using methods similar to Silicon Valley.
THE STYLE: Often seen wearing cargo shorts, Hawaiian shirts and sandals. Owns submarine, helicopters and a PT boat. Is frequent debate partner of Mark Cuban, No. 13 on our list—see page 42.
THE VALUATION: While Anduril’s valuation is more than double last year’s $14.5B and Eredor is a new unicorn, the Business Journal conservatively estimates his worth up 50%.
QUOTABLE: “I am a technology enthusiast, writer and modder. Founder of @ModRetro, @Oculus VR, and @Anduriltech. Keeping American superheroes safe with autonomous systems.” — self-description on X
