Anduril Industries Inc. has closed a new funding round of $2.5 billion, a deal that more than doubles the defense startup’s valuation to $30.5 billion, Executive Chairman Trae Stephens said in an interview on Bloomberg Television.

Defense tech startup Anduril raised $2.5 billion in a round that included a $1 billion investment from lead backer Founders Fund.

Defense company Anduril, which builds autonomous drones, virtual reality headsets, and other AI-powered technologies for the U.S. military and its allies, said it had closed an oversubscribed $2.5 billion funding round on Thursday.