Defense-tech firm Anduril is in discussions to raise up to $2.5 billion in new capital, doubling its valuation to $28 billion, according to several media reports on Friday. The startup, founded by Palmer Luckey, has already signed a term sheet for the funding round.

As of August, Anduril was valued at $14 billion. This new round of funding, if successful, would mark a significant increase in the company's valuation within a short period of time.

Luckey, who is known for selling his virtual reality company Oculus to Meta, formerly known as Facebook (NASDAQ: META ), for $2 billion in 2014, has been a vocal supporter of Donald Trump.

The specifics of the funding round, including potential investors and the timeline for the capital raise, remain undisclosed at the moment. The company has not made any official statement regarding the rumored funding round.