The defense tech IPO wave is gathering steam with Anduril leading the charge. The "before June 1, 2027" market exploded from 22¢ to 97¢, suggesting traders believe an announcement is imminent. Founder Palmer Luckey told CNBC that Anduril is "definitely going to be a publicly traded company" and is "running this company to be the shape of a publicly traded company". Luckey indicated that Anduril will go public after the Arsenal-1 manufacturing facility becomes operational, with a target date of mid-2026. The company just raised $2.5 billion at a $30.5 billion valuation, and Bloomberg reported discussions for a new funding round above $60 billion. The market is pricing in the perfect storm: a hot IPO environment, massive defense spending, and a company with approximately $1 billion in 2024 revenue and 138% year-over-year growth. SpaceX also saw action with its "before June 1, 2026" market climbing from 16¢ to 38¢.