Anduril Clears Above the Round: July 2026

Anduril's visible mark is no longer pacing the $61B Series H. Forge shows a $116.68 derived Forge Price and a $103.23B implied mark, versus the $68.95 Series H preferred price and $61.0B post-money value; that puts the visible mark roughly 69% above the preferred round. 1

That is a secondary-market signal, not proof that common holders can clear at $116.68. Forge's public page keeps highest bid, lowest ask and last matched price behind access, and its own disclosure says Forge Price is a derived data point, not necessarily the market price at which securities can be bought or sold. 1

The headline spread is simple: $116.68 versus $68.95. The preferred-to-visible-mark spread is the whole story here, because the Series H security is 1x non-participating preferred with an 8% non-cumulative dividend; common is economically behind that security until exit math catches up. 1

Your number is not $116.68, not the $68.95 preferred price, and not the $61.0B headline valuation. The public record still needs an executable common bid, ask, matched trade, tender price or company-approved transfer price before common-holder liquidity can be framed as a real clearing level. Forge's visible sample rows show instrument type and share class for small indications, but they do not unlock the current best bid, best ask or last match. 1

Forge's latest monthly market note says its Aerospace & Defense basket led thematic performance, with Anduril and Shield AI contributing positive moves inside that basket. That matters for this channel because it keeps the liquidity map from collapsing into frontier AI only: private-market demand is also following defense systems, autonomy and hard-tech infrastructure. 2

No investment recommendation; the point is price discovery. The Anduril signal is strong at the derived-mark layer and still incomplete at the executable common-liquidity layer.