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Just as President asks for $20 billion for military assistance to Ukraine, news breaks that a Southern California military defense startup may be raising at least $500 million.

Costa Mesa, California-based , an advanced defense technology startup, is reportedly looking to raise at least $500 million—and as much as $1 billion—at a more than $7 billion pre-investment valuation, to .

Anduril provides AI-enhanced military and surveillance technologies across land, air and sea. In January, it that the had picked Anduril to support its counter-drone systems in a deal worth nearly $1 billion.

In June, the company raised a $450 million Series D at a post-money valuation of $4.6 billion. The round was led by , with participation from , , , , , and .

Aside from its investors, the company has other notable names behind it. Anduril was co-founded by —who co-founded , the VR startup sold to for $2 billion in 2014. Luckey also serves as Anduril’s CTO.

, who serves as the company’s co-founder and CEO, previously was at software defense company , itself a venture-backed unicorn with ties to national defense.

Palantir raised more than $3 billion—according to SA¹ú¼Ê´«Ã½â€”for its data and analytics work that can be used by the military. , which has connections to the , was an investor.

However, more than a year and a half after its IPO, Palantir’s stock is still hovering around its $10 per share IPO price.

Investors surely are hoping for more from Anduril.

Illustration: .