Behind the Valuation: A Cap Table Strategy Worth Studying

What makes this raise exceptional isn’t just the amount, but the precision in cap table orchestration:

• The primary raise fuels growth, capacity, and government-scale manufacturing via Arsenal-1, their new 5-acre autonomous weapons facility in Ohio.

• The secondary component (tender offer) allows liquidity without over-diluting existing equity holders: a sophisticated signal to later-stage investors that the company is managing both growth and retention strategically.

• Inclusion of major investors like Thrive Capital in both the primary and secondary deals reflects confidence in long-term upside while rewarding early believers.

  
  

In essence, Anduril is balancing capital inflow, employee retention, and ownership clarity - a trifecta often overlooked by founders rushing to close deals.

Why Your Cap Table is Not Just a Spreadsheet

Whether you're raising a $2M Seed round or preparing for a $200M growth round, your capitalisation table (cap table) tells the story investors actually read:

• Who owns what, and who might own what tomorrow (options, SAFEs, convertibles).

• Who gets diluted under which scenarios, and how that impacts future decision-making.

• What optionality exists for exits, secondary liquidity, and future rounds.

  
  

Smart founders use their cap table not only to record ownership, but to model strategic scenarios: future rounds, option pool refreshes, note conversions, and founder dilution thresholds.

The best cap tables are:

• Accurate, updated in real-time as decisions are made.

• Scenario-ready including full dilution modeling, not just issued shares.

• Investor-grade, clean, clear, and structured to answer investor questions before they’re asked.

Anduril's Strategic Positioning

Beyond capital structure, Anduril’s momentum stems from deep alignment with geopolitical trends:

• A 10-year, multi-billion dollar opportunity with the US Army’s battlefield systems

• A product roadmap co-developed with Meta (AI military helmet)

• Coverage of over one-third of the US border via autonomous surveillance

• Early alignment with policymakers and former military decision-makers

  
  

This is a company building long-term institutional defensibility.

What This Means for You and How The Ark Can Help

Raising capital in today’s environment requires more than a pitch deck. Investors are now asking:

• “How clean is your cap table?”

• “Where’s your dilution risk in future scenarios?”

• “Is your structure attractive for secondaries or ESOP?”

  
  

At The Ark, we help founders and growth-stage companies prepare not only to raise but to raise strategically.

Whether you’re:

• Considering a pre-Series A round

• Planning an employee option scheme

• Navigating secondary share structures or SAFE conversions

We offer tailored Capital Advisory Services covering:

✔ Cap Table Design & Scenario Modeling✔ Pre-Raise Structuring & Valuation Insights✔ Secondary Liquidity Planning✔ Investor-Ready Data Room Preparation

Let’s make your next raise more than a transaction.