Defense tech company Anduril is reportedly in talks to raise a new round of funding that could value the business at about $100 billion. Reuters, citing anonymous sources, said the fresh capital raise may push the company to a much higher valuation than before.

If the round is completed at that level, it would represent a major increase from Anduril’s earlier valuation and, according to the report, could put it at more than three times last year’s mark. The reported jump signals how strongly investors may be valuing companies tied to defense and national security technology.

A valuation near $100 billion would place Anduril among the most highly valued private companies. It would also underscore the growing interest in defense tech as investors look for businesses operating in areas linked to military systems, autonomy, and security-focused innovation.

The reported fundraising discussions have not been detailed publicly in the available report, and deal terms can still change before any transaction is finalized. Even so, the Reuters report suggests Anduril remains a closely watched company in the private funding market.