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.

Anduril Industries in Costa Mesa, Executive Chairman Trae Stephens said Thursday. The latest capital injection and increased valuation — up from $14 billion last year — underscores how quickly the company is establishing itself as a major player in the corporate landscape of American national security.