{
  "metadata": {
    "company": "Anduril Industries, Inc.",
    "slug": "anduril",
    "dataset_version": "1.0.0",
    "schema_version": "1.0.0",
    "research_cutoff": "2026-08-04T05:37:45Z",
    "published_date": "2026-08-04",
    "methodology_url": "https://darkfloorsintel.com/methodology",
    "canonical_url": "https://darkfloorsintel.com/companies/anduril",
    "citation": "Dark Floors, Anduril Private-Market Evidence Archive, version 1.0.0, data through August 4, 2026."
  },
  "coverage": {
    "unique_sources_reviewed": 71,
    "source_tiers": {"tier_1": 51, "tier_2": 8, "tier_3": 12, "tier_4": 0},
    "financing_events": 11,
    "valuation_observations": 12,
    "per_share_observations": 24,
    "completed_secondary_transactions": 0,
    "verified_bids": 0,
    "verified_asks": 0,
    "verified_estimates": 4,
    "fund_mark_rows": 13,
    "providers_or_routes_checked": 10,
    "verified_current_opportunities": 0,
    "spvs_and_other_vehicles": 11,
    "material_government_contracts": 15
  },
  "principal_findings": [
    {
      "id": "model-dispersion",
      "finding": "Anduril's published price estimates diverge 2.3x: $60, $116.17, $117.34 and $140 per share across different methods, dates and unresolved securities; they cannot be averaged responsibly.",
      "classification": "calculated_and_interpreted",
      "calculation": "140 / 60 = 2.3333x; displayed as 2.3x"
    },
    {
      "id": "latest-completed-financing",
      "finding": "The latest completed financing is the $5 billion Series H at a $61 billion valuation on May 13, 2026.",
      "classification": "observed",
      "source": "https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise"
    },
    {
      "id": "uncompleted-valuation-talks",
      "finding": "Reported valuations near $100 billion and a conditional value near $110 billion were financing talks, not completed transactions.",
      "classification": "reported_uncompleted",
      "source": "https://www.reuters.com/business/aerospace-defense/defense-tech-company-anduril-talks-raise-funding-about-100-billion-valuation-2026-07-24/"
    },
    {
      "id": "fund-mark-boundary",
      "finding": "The recovered research package found filed fund marks from approximately $40.88 to $96.71 per share across different dates and securities; none is a completed secondary trade.",
      "classification": "calculated_and_interpreted"
    },
    {
      "id": "contract-ceiling-boundary",
      "finding": "The Army's $20 billion IDIQ is a maximum contract ceiling, not demonstrated funding, backlog or revenue.",
      "classification": "observed_and_interpreted",
      "source": "https://sam.gov/opp/faa1702550a947dbb4732a2ea77389dd/view"
    },
    {
      "id": "no-executable-opportunity",
      "finding": "No publicly verifiable, executable Anduril opportunity was found; complete all-in cost for a $50,000 investment cannot be calculated.",
      "classification": "interpreted",
      "implication": "Insufficient evidence to rank responsibly."
    }
  ],
  "public_price_models": [
    {"provider": "Hiive", "as_of": "2026-08-02", "price_per_share_usd": 60, "type": "indicative display", "executable": false, "source": "https://www.hiive.com/securities/anduril-stock"},
    {"provider": "Nasdaq Private Market", "as_of": "2026-07-20", "price_per_share_usd": 116.17, "type": "proprietary estimate", "executable": false, "source": "https://www.nasdaqprivatemarket.com/company/anduril/"},
    {"provider": "Notice", "as_of": "2026-08-04", "price_per_share_usd": 117.34, "implied_market_cap_usd": 103810000000, "type": "algorithmic price", "executable": false, "source": "https://notice.co/c/anduril"},
    {"provider": "Forge", "as_of": "2026-08-04", "price_per_share_usd": 140, "implied_valuation_usd": 123860000000, "type": "proprietary indicative Forge Price", "executable": false, "source": "https://forgeglobal.com/anduril_stock/"}
  ],
  "conflicts": [
    {
      "id": "notice-internal-conflict",
      "severity": "high",
      "detail": "Notice displays $117.34 and $103.81B at the top, then says Anduril is not currently traded, lacks enough data for a price history, is missing all funding valuations, and has raised $0 across 0 rounds."
    },
    {
      "id": "forge-series-g1",
      "severity": "high",
      "detail": "Forge publishes a $500M Series G-1 at $42.93 per share and $32.54B, but the recovered research found no issuer or filing corroboration."
    },
    {
      "id": "forge-share-field",
      "severity": "high",
      "detail": "Forge's expanded round rows label a value as shares outstanding even though multiplying it by round price approximates round amount, not company-wide shares; it is excluded from cap-table inference."
    },
    {
      "id": "fund-mark-dispersion",
      "severity": "medium",
      "detail": "Filed funds mark different securities on different dates at different values; accounting marks do not establish a live market."
    },
    {
      "id": "marine-corps-overlap",
      "severity": "medium",
      "detail": "Potential overlap between Marine Corps counter-UAS awards could not be resolved from public records without risking double counting."
    }
  ],
  "contract_intelligence": {
    "material_contract_rows_reviewed": 15,
    "headline_ceiling_usd": 20000000000,
    "headline_ceiling_award_date": "2026-03-13",
    "headline_ceiling_type": "10-year single-award firm-fixed-price IDIQ enterprise contract",
    "funds_identified_at_vehicle_award_usd": 0,
    "first_reported_task_order_usd": 87000000,
    "rule": "Ceiling, obligation, funded amount, bookings, backlog and recognized revenue remain separate fields and must never be added or substituted."
  },
  "missing_evidence": [
    "Current cap table and fully diluted share count",
    "Share-split and recapitalization history",
    "Current 409A common-stock value",
    "Charter rights by share class",
    "Complete issuer transfer and right-of-first-refusal policy",
    "Live offering documents and proof of current availability",
    "SPV ownership chains and distribution waterfalls",
    "Complete buyer, seller, management, administration and carry economics",
    "Audited financial statements",
    "Cash and debt",
    "Contract backlog",
    "Award-level revenue recognition"
  ],
  "limitations": [
    "Account-gated order books were not independently verified.",
    "A confidential IPO filing, if any, is not publicly inspectable.",
    "A fully exhaustive SAM.gov and USAspending export was not completed.",
    "The original ChatGPT-generated workbook and JSON sandbox links expired before local ingestion; this publication preserves the recovered research conclusions and independently re-verifies the public core."
  ],
  "quality_control": {
    "passes": 24,
    "partial": 1,
    "disclosed_incomplete_areas": 2,
    "passed_checks": [
      "JSON validation",
      "observation ID integrity",
      "source integrity",
      "calculation checks",
      "deduplication",
      "classification checks",
      "cross-artifact consistency"
    ]
  },
  "downloads": {
    "observation_csv": "https://darkfloorsintel.com/data/anduril_publishable_core_v1.csv",
    "machine_readable_intelligence": "https://darkfloorsintel.com/data/anduril_intelligence_v1.json"
  }
}