Anduril at $60B would rewrite defense investing. If Anduril closes its reported ~$4B raise at a ~$60B valuation, it would rank among the five most valuable private companies in America, alongside SpaceX, Stripe, and the AI foundation model leaders. Palmer Luckey's company has done what no defense startup has achieved before: built a venture-scale business on government contracts by treating defense like a software problem. For VCs, the question is whether Anduril is a category-defining outlier or the start of a new era where defense tech commands tech-like multiples.
Autoimmune biotech is the sector's hottest sub-category. Prolium Bioscience's $50M launch is the third major autoimmune raise in days, following Candid Therapeutics' $505M PIPE and a growing list of companies betting on T-cell engagers. The thesis: redirecting the immune system to selectively eliminate disease-causing B-cells could replace the broad immunosuppression that defines current treatment. RTW Investments is making concentrated bets here, and the race to clinical proof-of-concept is intensifying.
Marketplace valuations meet reality. IAC selling Care.com for ~$320M, a 36% loss on its $500M acquisition in 2020, is a data point that resonates beyond one deal. Marketplace businesses that traded at peak multiples during the 2020-2021 era are being repriced. For PE buyers, this creates opportunity: Care.com's marketplace of caregivers is a real asset, just not a $500M asset in today's market.