Microsoft Just Handed IPO Prospect Anduril a $22 Billion Opportunity

Core Insights - Anduril Industries is poised to take over the Integrated Visual Augmentation System (IVAS) project from Microsoft, which could significantly enhance its revenue and valuation as it moves towards an IPO [1][2][3] Company Developments - Anduril has announced a partnership with Microsoft to develop IVAS, a project valued at $22 billion over 10 years, which will see Anduril assume primary responsibilities for the software and hardware development [2][3] - The company is currently in discussions to raise up to $2.5 billion in new funding at a valuation of $28 billion, based on its projected $1 billion revenue for 2024 [7] Financial Implications - If Anduril successfully takes over the IVAS project, its revenue could potentially triple, adding $2.2 billion to its existing $1 billion revenue, leading to a total revenue of $3.2 billion [7] - Winning the IVAS contract could elevate Anduril's valuation from $28 billion to as much as $90 billion in an IPO scenario [8] Industry Context - The IVAS project aims to enhance soldiers' combat effectiveness through advanced technologies, including augmented reality and artificial intelligence, aligning with Anduril's focus on military applications [4][5] - The shift in responsibilities from Microsoft to Anduril indicates a strategic realignment within the defense industry, with Anduril positioned as a leader in AI-powered military solutions [6]