Anduril did not reprice its rounds to clear oversubscription, because Trae Stephens said that would have reduced velocity. Listen
Trae Stephens said every Anduril round was oversubscribed, and that the company could have adjusted the price to match supply and demand. He said that would have optimized for minimizing dilution and decreased velocity, which he does not think is the right call in most cases.
“Oh, yeah, yeah for sure like the Velocity was the name of the game and you know for us it was we were oversubscribed to every round”
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From What It Takes to Build a Generational Company | Anduril’s Trae Stephens.