The key race: a continuing-resolution bar on new production, and a Steelfin family with no contract yet
Public Law 119-103, the Continuing Appropriations and Extensions Act, 2027, makes fiscal 2027 continuing funds available until 11 December 2026, or until the applicable full-year appropriation is enacted sooner. Section 102 bars the Department of Defense from using those funds for new production of items not funded for production in fiscal 2026, for production rates above the fiscal 2026 rate, or for projects that lacked fiscal 2026 authority. Section 104 bars starting or resuming a project that lacked fiscal 2026 authority.
Anduril's 12 October announcement is a different weapon family. Steelfin is a two-stage surface-to-air interceptor line meant to cover cruise, ballistic and hypersonic threats from launchers already in the field, including the M903A2, Mk 41 and Typhon. Anduril said ballistic tests with representative air vehicles are complete, flight testing begins next year, and short-term output is planned on the order of several thousand variants a year. The page says the family is targeting a fraction of the cost of today's benchmark interceptors. It does not disclose a production contract or a funded quantity.
Who else moved: Airbus flew a European Valkyrie, and SDA put up a fourth transport plane
Airbus said on 12 October that it and Kratos completed the first flight of the U740 Valkyrie in northern Europe, including a rocket-assisted takeoff and speeds up to Mach 0.8. Airbus described the flight as a step toward a combat-ready uncrewed collaborative combat aircraft by 2029 for Germany and other European forces. The release does not disclose an order. Airbus said later flights will carry its MARS mission system, which was not on this one. The company lists a length of 9.1 meters, a wingspan of 8.2 meters, a maximum takeoff weight of about three tonnes, a range above 5,000 kilometers and a service ceiling of 45,000 feet.
On 10 October a Falcon 9 from Vandenberg Space Launch Complex 4 East delivered 21 Northrop Grumman-built Space Development Agency Tranche 1 Transport satellites, the fourth orbital plane. SDA said that brought on-orbit Tranche 1 vehicles to 84, after an automated halt on 5 October. The satellites are for low-latency, beyond-line-of-sight data transport in support of missile tracking. SDA said Tranche 1 initial warfighting capability begins in 2027. The release reports a delivery of satellites already in the Tranche 1 campaign, and it does not announce a new satellite award.
The money: the 90 billion dollar figure is an employee sale
Anduril confirmed to CNBC on 14 October an employee tender that would value the company at roughly 90 billion dollars. CNBC said the May 2026 round remains a 5 billion dollar primary raise at a 61 billion dollar valuation. CNBC attributed to Bloomberg a 94.80 dollar share price, a cap of about 1.3 billion dollars, an opening on 13 October and a close on 9 November, with employees in 16 countries eligible. The offer lets employees sell stock. CNBC's account does not describe a new primary raise.
Steelfin does not add a contracted dollar figure to that picture. The 12 October company page describes a configurable family, a short-term plan for several thousand variants a year, and flight tests next year. It states no contract value and no selected program.
What to watch through 2027
Watch whether Congress enacts fiscal 2027 appropriations, or another continuing resolution, before the 11 December 2026 date in Public Law 119-103. Until then, section 102 still withholds continuing funds from new Defense production of items that were not funded for production in fiscal 2026, and from projects that lacked fiscal 2026 authority.
Watch whether Steelfin flight tests begin in 2027 and whether a service names a funded buy. Watch whether the employee tender closes on 9 November at the price CNBC attributed to Bloomberg, and whether a separate primary round is announced. Watch Airbus follow-on flights with MARS, and whether the 2029 combat-ready claim becomes an order. Watch the remaining Tranche 1 launches against SDA's statement that initial warfighting capability begins in 2027.
