We're excited to share a transformative achievement from our portfolio company Anduril: a $99.7 million IDIQ contract and Program of Record designation from U.S. Space Systems Command. This development represents more than just a significant contract win—it demonstrates Anduril's remarkable ability to rapidly transform innovative technology into critical defense infrastructure.What makes this achievement particularly noteworthy is Anduril's unprecedented speed to Program of Record status. The company's journey from a 2021 Space Force Pitch Day participant to a Program of Record in just four years showcases the kind of rapid execution that validates our investment thesis in defense technology companies that can move at commercial speeds.The contract positions Anduril as a key player in space domain awareness, one of the fastest-growing segments of the defense technology sector. Their Lattice platform will serve as the backbone for modernizing the Space Surveillance Network (SSN), demonstrating how commercial innovation can transform legacy defense systems:

• Replacing outdated infrastructure with resilient mesh networking
• Enabling rapid sensor-to-sensor communication
• Facilitating seamless data sharing among mission partners
• Providing built-in flexibility for future capability integration

Anduril has already demonstrated operational success in Hawaii, with full-time operations imminent. The company's ability to meet the aggressive 2026 deployment timeline set by U.S. Space Command reflects their proven capability to execute at scale—a crucial differentiator in the defense sector.This contract represents more than revenue—it establishes Anduril as a trusted partner in the space domain, complementing their existing capabilities across air, land, and sea. Their recent partnerships with Apex and Impulse further strengthen their position in this rapidly evolving sector.

For investors, this milestone validates several key aspects of Anduril's business model:

• Ability to rapidly convert innovation into institutional programs
• Success in scaling from pilot to full deployment
• Capability to address complex technical challenges
• Strong positioning for future space-related opportunities

We believe this Program of Record designation will serve as a catalyst for Anduril's continued growth in the space domain while reinforcing their position as a leading defense technology innovator.

Other People's Capital is an investor in Anduril Industries. This analysis reflects publicly available information and should not be considered as investment advice.