Structured secondary-market access to Anduril Industries — the leading defense technology company applying Silicon Valley engineering to autonomous weapons systems and AI-enabled command and control. Exclusively for professional investors.
The bonds offered are an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out.
* Pre-IPO markets move fast, and exact prices are confirmed only at the time of the trade. That's why every order includes a protective buffer – so your execution stays smooth and reliable even when the market shifts. In practice, we usually execute at around the current secondary market valuation, well below the cap. The cap is your ceiling, not your price: by placing an order, you consent to execution at any level up to it.
Anduril's flagship Lattice OS — often described as the "operating system for war" — fuses data from thousands of sensors across air, land, sea, and space into a real-time 3D battlefield picture, performing data fusion, target classification, threat assessment, and operator-supervised autonomous action. It competes directly with the legacy defense primes Lockheed Martin, Northrop Grumman, RTX, and Boeing.
Anduril self-funds R&D and develops products before securing government contracts — a model that allows faster delivery cycles and higher margins than traditional cost-plus defense contracting. Revenue doubled from USD 1 billion in 2024 to USD 2.2 billion in 2025, with management guiding to approximately USD 4.3 billion in 2026.
The company is the central technology partner for the U.S. Department of Defense's modernization push: the March 2026 U.S. Army enterprise contract carries a USD 20 billion ceiling, the EagleEye (IVAS) program with Meta is valued at USD 22 billion, and Anduril won the U.S. Air Force's Collaborative Combat Aircraft (CCA) program against Boeing, Lockheed Martin, and Northrop Grumman — with an IPO widely anticipated within the medium term.
Anduril's last completed primary financing valued the company at USD 61 billion (Series H, May 2026), and secondary-market transactions are reportedly clearing at and above that mark. The dashed line marks Cometum's indicative entry valuation cap.
Solid line = primary funding rounds (post-money). Open point = secondary-market indication. Source: Cometum analysis based on public data and market research (Bloomberg, TechCrunch, CNBC, Reuters, PitchBook, Sacra, The Information, Fortune). All valuation figures are indicative. Actual transaction values may vary and do not necessarily reflect Cometum's entry price. Dashed line = Cometum entry valuation cap (non-binding, indicative).
Investors purchase the Cometum Bond — a German security with €1,000 denomination and €5,000 minimum subscription. The bond confers no share, membership or ownership rights in Anduril Industries, Inc.
Cometum's SPV participates in one or more special purpose vehicles.
These special purpose vehicles are directly or indirectly holding the shares of Anduril Industries, Inc. Economic performance is passed through to investors solely via the subordinated bond.
Subordinated bearer bond providing structured economic participation in the value development of Anduril Industries, Inc. — issued as a German security. The bond confers no share, membership or ownership rights. One-time Participation Fee of 5.0% of the subscription amount, charged for the economic participation via the bond; cost item of the investor, no share, membership or ownership rights are conferred.
Cometum fees of 10.5 % are included in the nominal amount. Of each EUR 1,000 subscribed, EUR 895 is the investment amount that participates in Anduril at the indicative entry valuation cap; distribution partner costs of up to 10 % are reflected in the cap. No ongoing fees are charged by Cometum. Additional costs may apply at the level of the underlying investment vehicles.
For professional clients as defined by MiFID II only. Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.
The binding terms and conditions of the Cometum Anduril Bond (ISIN DE000A4AVXG5).
Statutory consumer information pursuant to Art. 246b EGBGB.
The specific risks associated with the bonds of Cometum Direct Invest GmbH & Co. KG.
Lawyer specialized in banking and capital markets law. Previously Ashurst LLP and CACEIS Bank.
sascha.miller@cometum.comSpecialist in Wealth Management & B2B Sales. Previously Scalable Capital and Reimann Investors.
uwe.passmann@cometum.comAvailable exclusively to professional clients as defined by MiFID II. Contact our team to receive the offering documents, terms and conditions, and the full risk notice.
Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.This website is operated by Cometum Direct Invest GmbH & Co. KG (the Issuer). All contents of this website are contents of the Issuer and are the sole responsibility of the Issuer. This product is intended exclusively for professional clients as defined by MiFID II. Buyers of a bond assume a significant risk, which can lead to the complete loss of the invested capital. The information provided here is non-binding promotional material and, in its nature and form, expressly does not constitute financial or any other investment advice. The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The issuer expressly points out the following facts: Only the information provided in the issuer's offering documents (Cometum Direct Invest GmbH & Co. KG), i.e., the terms and conditions of the bond and the risk notice, are decisive for the assessment of the bond. None of the information constitutes an invitation to submit an offer to purchase, nor is it an offer to subscribe to or buy the issuer's bond. Cometum is not a bank, but solely an issuer and product provider for exclusive private markets products. This investment does not involve the direct acquisition of Anduril Industries, Inc. shares by the investor, but rather a structured participation that allows participation in the value development of Anduril Industries, Inc. The information regarding the current valuation of Anduril Industries, Inc. serves informational purposes only. The valuation at which structured participation in Anduril Industries, Inc. takes place may differ from the current market valuation. The cap represents the indicative, non-binding valuation at which the structured participation is intended to be entered. The company operates in a highly competitive market environment characterized by regulatory developments and geopolitical uncertainties. The strategic focus is on technology-oriented clients who require innovative solutions and high adaptability. Cometum participates directly or indirectly through one or more investments in special purpose vehicles, which in turn are directly involved with Anduril Industries, Inc. The Anduril bond is therefore an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out. The shares of Anduril Industries, Inc. are quoted in the foreign currency US Dollar ("USD"). Therefore, in addition to customary market price fluctuations, they are also subject to exchange rate risk. Changes in the exchange rate between the euro and the USD can affect the performance and the euro-denominated return of the investment both positively and negatively. An appreciation of the euro against the USD may lead to losses, even if the price of Anduril Industries, Inc. shares in their home currency, USD, has risen. Additional fees may apply at underlying participation levels (management fees, performance fees, exit fees, fees in connection with an IPO). The exact number of Anduril Industries, Inc. shares outstanding is not necessarily publicly known or fixed at the time of investment. Anduril Industries, Inc. may issue additional shares — for example in connection with its IPO, the financing of an acquisition, further financing rounds, or employee participation programmes. Such issuances dilute existing holders: the total number of shares increases, and the proportion of the company attributable to each existing share decreases accordingly. As a result, the valuation at which the structured participation was entered may, in retrospect, prove higher relative to the effective per-share basis and may change to the investor's disadvantage. In particular, the total valuation of the company may increase while the value attributable to an individual share — and therefore to the investor's participation — does not increase to the same extent, or may even decline. The headline valuation figures stated in this material are therefore not a reliable indicator of the value development of the investor's participation, which depends on the per-share value at the relevant point in time. Imprint: Cometum Direct Invest GmbH & Co. KG · Lärchenstraße 4, 82166 Gräfelfing · Registergericht: Amtsgericht München, HRB 119905 · Vertreten durch die persönlich haftende Gesellschafterin Cometum Asset Management GmbH (Amtsgericht München, HRB 275278), diese vertreten durch den Geschäftsführer Sascha Miller · Kontakt: invest@cometum.com · Verantwortlich für den Inhalt: die Emittentin. This presentation does not constitute an offer. It is a non-binding invitation to professional clients to express interest (no offer). It is for informational purposes only.
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