If 2026 is shaping up to be a significant year for high-profile IPOs, one of the most closely watched could come from an unlikely corner of Silicon Valley: defense technology. Anduril Industries, a startup founded less than a decade ago, has reportedly reached a valuation exceeding US$60 billion in private markets. That figure places it in rare company and squarely in competition, at least in market value terms, with some of America’s largest and longest-standing defense contractors. We recently took a closer look at Anduril’s business model on Ticker Take.