Anduril vs Kratos: Shared Aircraft Class, Separate Investment Cases

Anduril vs Kratos Share a Jet Drone Class but Not a Stock

Anduril and Kratos Defense both build jet-powered collaborative combat aircraft. On the Air Force's own competition, Anduril's YFQ-44A Fury won a CCA Increment 1 production award on June 17, 2026, and Kratos was not part of that award. Kratos's XQ-58A Valkyrie sits on a separate track as the Marine Corps's first CCA program of record.

Anduril cannot be bought on any exchange. It has no ticker, has not filed for an initial public offering (IPO), and carries an ipo-watch status on this site. Kratos can be bought, but a KTOS share is a claim on a broader defense business in which unmanned aircraft are one segment among several.

This page carries no share price, price target, valuation or rating for either company. It sets out what Anduril and Kratos each sell and what each has disclosed, so a reader can judge whether Kratos fits a research thesis built around Anduril.

Company Snapshot

Anduril and Kratos differ on listing status, business mix, and which military service has backed their combat aircraft. The table below lines up seven dimensions. For a look at Kratos against another drone name, see the Kratos vs Draganfly comparison.

Anduril's YFQ-44A Fury and the Air Force Award

Anduril's collaborative combat aircraft is the YFQ-44A, nicknamed Fury, which the Air Force selected alongside General Atomics' YFQ-42A for CCA Increment 1. Both aircraft are meant to fly alongside crewed fighters such as the F-35. The Anduril Fury offering page covers the airframe in more detail.

The YFQ-44A made its first flight on October 31, 2025. In February 2026 a YFQ-44A prototype flew carriage flights with an AIM-120 Advanced Medium-Range Air-to-Air Missile (AMRAAM). In March 2026 Anduril flew the YFQ-44A under both Shield AI's Hivemind autonomy and its own Lattice software.

On March 24, 2026, Anduril announced that Fury had entered serial production at its Arsenal-1 factory in Ohio, as reported by The Aviationist. That announcement came roughly three months before the Air Force's June 17, 2026 CCA Increment 1 production-contract awards to Anduril and General Atomics.

The Air Force has not released an individual unit flyaway price for the Fury. A reader modeling Fury revenue has no official per-aircraft figure to work from. Treat any unit price seen elsewhere as unverified.

Anduril Lines That Kratos Does Not Sell

Anduril sells several product lines that Kratos does not. Anduril builds counter-unmanned aircraft system (counter-UAS) equipment, loitering munitions, and autonomous ground, air and maritime systems, all tied together by a command-and-control layer called Lattice.

The largest disclosed figure is a U.S. Army enterprise IT and software contract with a ceiling of up to $20 billion, awarded in March 2026, according to the Army's contract announcement. The contract integrates Lattice for counter-UAS work tied to Joint Interagency Task Force 401. It is an indefinite-delivery, indefinite-quantity (IDIQ) contract, and an IDIQ ceiling is the maximum the government may order.

That ceiling does not guarantee the Army will spend $20 billion. Two other awards are on record as well.

The Royal Australian Navy's Ghost Shark undersea vehicle moved into an A$1.7 billion program of record in September 2025, according to Anduril's newsroom. In March 2025 the U.S. Marine Corps awarded Anduril a 10-year IDIQ worth up to $642.2 million for installation counter-small-UAS.

Anduril develops these systems on internal funding and sells them as products. It is not paid to develop them under a cost-plus contract.

Kratos's XQ-58A Valkyrie and the Marine Corps Track

Kratos's collaborative combat aircraft is the XQ-58A Valkyrie, a jet-powered tactical aircraft the U.S. Marine Corps has named its first CCA program of record. That selection puts Valkyrie on a Marine Corps track. It is separate from the Air Force Increment 1 competition in which Fury won a production award.

Trade press reported in January 2026 that Kratos and Northrop Grumman were selected under an other-transaction agreement (OTA) to integrate Northrop Grumman's autonomy technology with the Valkyrie for the Marine Corps's MUX TACAIR program. The reported initial value is $231.5 million.

That figure comes from trade coverage rather than a Kratos or Northrop Grumman press release, so confirm it on the Kratos investor relations site before using it.

Whether new unmanned awards are prototype agreements or production contracts is one of the main watch items for Kratos.

The Rest of the Kratos Business

Kratos's Unmanned Systems segment includes more than Valkyrie. It also sells the UTAP-22 Mako and the BQM-167 and BQM-177 target drones, which the Navy uses to simulate cruise-missile threats in testing.

Target drones are a recurring consumables business tied to training and test ranges. The CCA concept is developmental and can absorb spending for years before it produces meaningful production revenue. Services and defense electronics work funds Kratos through that gap.

Kratos also develops jet engines. The GEK800 turbofan, developed with GE Aerospace, was reported to have received the U.S. military type designation F143, tied to a Joint Air-to-Surface Standoff Missile (JASSM) family program, according to Stock Titan. No primary release has confirmed the value or scope of that work.

Kratos's fiscal year 2026 (FY2026) guidance calls for $1.75 billion to $1.81 billion in total revenue with 18% to 23% organic growth companywide. Its Unmanned Systems segment showed single-digit organic growth in the most recent quarter, while Government Solutions grew at a double-digit pace.

Anduril vs Kratos for Public-Market Exposure

Owning Kratos stock gives an investor exposure to Kratos's own revenue, which comes from target drones, Valkyrie, electronics, engines and services. None of that revenue comes from Fury, Lattice or Ghost Shark.

Anduril has not filed for an IPO. Its newsroom confirmed a $5 billion Series H funding round in May 2026, and that release gives no listing date or valuation figure. Any IPO date, price or valuation published elsewhere is unverified until it appears in a Securities and Exchange Commission (SEC) filing or an Anduril release.

A researcher who wants public-market exposure to the theme Anduril represents would look at AeroVironment or Kratos before looking for a private-company workaround. The drone stocks hub covers the wider group of listed names.

Buying Kratos for its Valkyrie program means accepting the gap between development spending and production revenue. Valkyrie's program-of-record status comes from the Marine Corps, and whether new unmanned awards are prototype agreements or production contracts is a Kratos watch item.

Who This Comparison Is Not For

A reader looking for a way to own Anduril before any listing should read the guide to investing in pre-IPO companies. Private-share routes are outside this comparison.

A reader looking for a buy or sell call on KTOS will not find one here. The page carries no rating, price target or share price for Kratos.

A reader comparing valuation multiples will not find them either. Anduril's only company-level financial figure on record is its funding round, and no valuation for it is confirmed. For other Anduril comparisons, see Palantir vs Anduril, Helsing vs Anduril and Anduril vs General Atomics, which sets Fury against the other CCA Increment 1 airframe. The wider competitive field is mapped at Anduril alternatives.

What Would Change This Comparison

Three events would change this comparison. An Anduril IPO filing would put SEC-filed financial statements on record, which would make a direct financial comparison with Kratos possible.

A formal U.S. Air Force or Navy production award naming the Valkyrie would put Kratos on a production track comparable to Fury's Increment 1 award.

Kratos disclosing Unmanned Systems results that grow faster than the rest of its business would make KTOS a closer proxy for the CCA theme. Today that segment grows at a single-digit organic rate.

How to Use This Comparison

Treat Anduril and Kratos as separate research files that share one aircraft category. For Kratos, read the 10-K and 8-K filings on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system for Unmanned Systems segment results, and check the Kratos investor relations site for guidance updates.

For Anduril, follow the Anduril newsroom and the Department of Defense contract announcements for new awards. Treat any private funding or valuation report as unverified until it appears in a filing.

Start the Anduril vs Kratos research by pulling Kratos's latest 10-K from EDGAR and reading its Unmanned Systems segment results.