Anduril is raising money at a $100 billion valuation, good news for defense-tech investors and a threat to old-line weapons makers.

• Anduril is in talks to raise funds at a $100 billion valuation, up from $61 billion just two months ago, putting it near giants like Lockheed Martin and Northrop Grumman.
• It builds missiles, interceptors, and drones using car-factory assembly lines, making them with 90% fewer parts, faster and far cheaper than traditional weapons.
• Unlike old defense firms that get taxpayers to fund research on "cost plus" deals, Anduril builds finished products on its own money and sells them ready-made.
• Demand is booming amid the US conflict with Iran, especially after reports the US ran low on Patriot interceptor missiles.
• Founder Palmer Luckey, who sold Oculus to Facebook for $2 billion, is pitching cheap mass-produced cruise missiles partly to deter China from moving on Taiwan.

Outlook: Expect the funding round to close and more autonomous drone and missile products as militaries scramble to restock cheaply.