Defense company Anduril, which builds autonomous drones, virtual reality headsets, and other AI-powered technologies for the U.S. military and its allies, said it had closed an oversubscribed $2.5 billion funding round on Thursday.

The new funding round, which has more than doubled the company’s valuation to $30.5 billion, was led by Peter Thiel’s Founders Fund, which invested $1 billion in the round—the fund’s largest check ever, according to the firm.

The fundraise marks an important milestone for the defense tech industry, which has swelled in size as the Department of Defense embraces venture capital-funded startups in an effort to supply its forces with the latest, cutting-edge technologies as global tensions rise. With the new valuation, Anduril is one of the 13 most valuable priva

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