The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 98 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 5 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Grimm: Anduril could not have built the business on half the capital
“I don't think I would say, oh, we could have done this on half as much money. No, not at all. I mean, if anything, I think we should raise more and go faster.”
Grimm: Pentagon and UK MOD vision documents remain consistent across administrations
“There's like a slight misunderstanding that like, oh, the entirety of the Pentagon turns over every four years. It's just fundamentally not true. Same here in, in, in MOD Manon Whitehall. It doesn't turn over with every administration end to end. So I think th…”
Anduril employee tender offer participation sits at roughly 30%
“Every time we've done one of these structured tenders we've had a relatively low participation rate in them. Somewhere in the like, 30% range of the percent of shares that could have been sold that were eligible to be sold.”
Grimm: Venture funding allows defense startups to build hardware before selling
“The other angle we can take is we can just do it. And I think that this is part of our strength where we've raised Pretty good amount of venture capital money. We have incredible broad freedom on what we can do with that money. So like if we have an idea of a …”
Matt Grimm: Fully remote hardware companies are a contradiction in terms
“It's hard, basically impossible to run a hardware company in a fully remote capacity. It comes down to it. Somebody has to turn the wrench and build the thing. So like a full remote kind of hardware company is kind of a contradiction in terms.”
Grimm: Reaching $100B requires massive production of autonomous systems
“I think really what it takes and this is gonna sound kinda, kinda silly, kinda pithy is, is full scale production. Massive scale production of robot planes, robot subs, more drones, more missiles, more everything.”
Eisenberg: Anduril will scale defense contracting much faster than Palantir
“Palantir took 20 years to crack this code. Andrew will crack it much faster because of Palantir.”
Stephens: Operational Role at Anduril Makes Him a Better VC
“And so I think being in a place where I'm operationally engaged at Andrel, like, I actually, I'm up to date. Like I know what people are using. I know what like is impacting our business in a meaningful way. I know what stuff that we're, we started using that …”
Stephens: Self-Funding R&D Risk Was Crucial to Anduril's Early Wins
“Shifting that risk to us rather than putting it on the government was really important to those early wins.”
Stephens: Every Big Founders Fund Win Had a $100B Advocate
“If you look at any of the big outcomes across our portfolio, whether it's you know, Spotify, Stripe, Airbnb, Palantir, SpaceX, Andrel stem centric. So if you look at all of these big outcomes for us, every single one of them, there was someone on the team bang…”
Anduril won major government defense contracts within two years
“I think it took Andrel two years. The speed at which these guys were able to break in to these large government contracts was astounding.”
No other Silicon Valley company was innovating in defense before Anduril
“At the time when we did this, there was no other company in Silicon Valley innovating in defense.”
Boyle: Anduril Solved a 30-Year Government Defense Incentive Problem
“Same thing with creating new defense companies like Andrel. For 30 years, the government has not been able to figure out how do we build new technology and how do we incentivize Silicon Valley to work with us, and Andrel has figured out how to align the incent…”
Boyle: In 2017, No Silicon Valley Startup Competed With Defense Incumbents
“There are very few companies, and particularly in 2017, when Andrew was founded, there wasn't anyone in Silicon Valley building a new defense contractor that wanted to compete with Raytheon and Lockheed Martin.”
Laqua: Anduril and Anthropic are philosophically distinct yet both potential winners
“You know, a metaphysical level, there's a really big difference between Andrel and like Anthropic, right? Those are like super different companies. And I think both of those could be good companies.”
Anduril took 24 months from concept to fielding Roadrunner
“Roadrunner was, I think, 24 months from, like, a back of a napkin drawing to a fielded system.”
Steckman: Government contract success relies on finding a single internal champion
“All of these things can be characterized by Like a singular champion on the other side of the table that gets it, that believes in it, that wants to shepherd it. Actually you mentioned Shyam. He talks a lot about this kind of like heroism. Like it actually com…”
Stebbings: Founders Fund closing $6B in new capital after deploying $3.3B in 11 months
“Founders Fund are closing in on six billion dollars of new funds. They invested the last 3.3 in 11 months in amazing businesses like SpaceX and Stripe and Anduril.”
General Catalyst claims unique portfolio of US, European, and Indian defense primes
“I think we're the only firm that's invested in a defense prime in US, Europe, and India. We did Andrel, we did, you know, invested in Helsing, and we invested in a company called Rafi in India.”
Taneja: General Catalyst joined every funding round for Helsing and Anduril
“We invested in Helsing. You know, Jeanette has seeded that, if you remember before, and we've invested that in all the rounds that they've raised since then. If you look at Andrel, same thing. We seeded that, and we invested in every round that they've raised …”
Stebbings: Founders Fund wrote record $1B check for Anduril's Series G
“Specifically with regards to Amgrills raising two and a half billion Series G, I don't know if you guys knew this, they got a billion from Founders Fund in this latest round. A billion again, making it their largest ever check, and the Founders Fund's prior la…”
Grimm: Women Account for 18% to 20% of Anduril's Workforce
“We're about, I think, like, 18%, 20%, something like that.”
Anduril operates internally as an apolitical company following Coinbase's philosophy
“Internal to Anderrill, like we're an apolitical company. Like we don't talk about personal politics inside the company. We kind of subscribe to the Brian Armstrong Coinbase kind of philosophy of like, we're here for a mission.”
Grimm: Anduril reinvests all revenue and remains EBITDA negative
“Like, Andrew, we're gonna do, we're doing very well financially this year revenue's off, off the charts. And then we reinvest every single nickel of that right back into future growth, future programs, all of that. So, like, we're still, you know, ebbed and ne…”
Matt Grimm: Anduril will go public and likely be his final company
“I think probably. I mean, we're all in this for the long haul. I think probably. We're gonna ring the bell one day, and then we're, you know, gonna build a massively successful publicly traded company, and like, yeah, it's probably my last.”
Grimm: Anduril has raised $4B in equity and $5B total including debt
“Short of debt, it would be about four billion. With debt, it'd be about five billion.”
Grimm: Anduril will succeed regardless of whether Trump or Harris wins
“I think I think we were going to succeed under either, like we've succeeded under President Biden, we succeeded under President Trump before that, so I don't think I don't think there's a massive difference to Andrew.”
Matt Grimm: Anduril allocates 60% to 70% of budget to R&D
“Oh no, no, no, no. It's like 60, 70%. It's a huge number.”
Defense procurement takes 15 to 20 years from requirements to full deployment
“So it can be upwards of 15, 20 years to go from first requirements document to full fielding of a system.”
Grimm: Defense incumbents currently outperform Anduril at hardware logistics and fielding
“There's like a real kind of logistics and fielding piece there that to be honest as of today, they're better at than we are since we have a lot to learn there.”
Anduril never provides financial or strategic disclosures to SPV brokers
“Andoril has never once ever approached an SPV broker and said, hey, here are detailed financials. Here's our detailed strategy. Let me avail our management team for different interviews or different kind of sessions.”
Grimm: Almost All of Anduril's Acquisitions Were Bootstrapped
“Most of our acquisitions almost all of them have not been venture backed. They've been sort of bootstrapped and ground up started.”
Matt Grimm: Anduril has explored potential collaboration with Helsing
“Oh, we love them. Like, good relationship with them. I hope they succeed. We've talked about, talked with them a couple times about potential collaborations.”
Maguire: Missing Anduril's seed round was my biggest investment mistake
“I should have had the chance to like my, yeah, I should have had the chance to. I was right around those guys. And yeah, I'm a moron for not finding a way in there.”
Stephens: Brian Schimpf Is the Most Brilliant Software Engineer I've Worked With
“We should keep in mind that the co-founder CEO is Brian Schimpf, who is the most brilliant software engineer I've ever worked with.”
Stephens: US Government, Not Defense Startups, Decides Foreign Military Buyers
“This is probably like, not to put a, you know, a target on your back, Harry, but this is the most naive question that non-defense people ask, because the reality is that we don't decide. The US government decides.”
Singerman: Bullish on defense tech, but no team compares to Anduril
“Defense tech is an area that I'm bullish on, but there's nothing like Endural.”
Singerman: Founders Fund has invested $400 million total into Anduril
“We put more than, we put four hundred million in that company total now. This is just our most recent one was two hundred million.”
Singerman: Anduril's software platform is its most transformative product
“It is truly transformative in the defense space to have a real software platform backing all of your products that doesn't exist. And so I do still think that that is the most important and impressive part of the company right now.”
Anduril exclusively sells to the US and its allies
“Yeah, I mean, we only sell to the US and our allies. We don't do anything where it would not be good with the US government to work with. We would not work with any countries that are not, you know, total allies in the United States.”
Boyle: Anduril's Founding Team Is Equivalent to the 1998 Chicago Bulls
“Andrew was a very special case and that this team is So excellent. I mean, it really is, you know, I think everyone's watching The Last Dads, but it really is the 98 Chicago Bulls. I mean, this is such an extraordinary team that had worked together before, eve…”
Boyle: General Catalyst Didn't Lead an Anduril Round Until Series B
“With Anderil, we invested in the seed. We also invested in the A, but we didn't lead around until the series B when we co-led with Founders Fund.”
Luckey: Anduril sells defense software continuously as a service, not annual licenses
“We don't sell somebody a software system and then sell them the new version a year later. Instead, we're basically continuously selling it to them usually as a service.”
Luckey: Anduril will avoid hiring 1,000 people in a single year
“I don't want to hire a thousand people in a year because I know that it's almost impossible for any organism to survive that.”
Steckman: Anduril operates 20 distinct P&L business units
“We have 20 different P&Ls at the company all that are going after different parts of the defense apparatus that take a lot of these fundamental Technologies that we build and kind of piece them together in different ways.”
Steckman: Anduril's leadership team remains unchanged since founding
“There's kind of some magic in the fact that it's the same leadership team today as it was when we started the company.”