Anduril in Talks to Raise More Than $400 Million From Investors

Anduril Industries Inc. is in talks to raise $400 million to $500 million in funding from investors in a deal that could take the form of a convertible note, according to people familiar with the discussions.

The defense technology startup is seeking a valuation of about $10 billion, said two of the people, who asked not to be identified discussing private information. Instead of raising a traditional funding round, Anduril could raise the money as debt slated to convert to equity at a $10 billion valuation in the future, in the event of a new financing round or other ...