Is Anduril Industries or Discord equity better for employees?

It depends on your risk tolerance and time horizon. Anduril Industries is valued at $61B with secondary market signals at $61B (+0% premium). Discord is valued at $15B with secondary market at $15B (+0% premium). Use PrivatePulse's calculator to model your specific grant at each company.

What equity type does Anduril Industries grant versus Discord?

Anduril Industries grants ISO/NSO with strike prices typically ranging from $110–$145. Discord grants ISO/NSO with strike prices typically ranging from $28–$45.

What is the secondary market price for Anduril Industries versus Discord?

As of 2026-05, Anduril Industries secondary market trades imply a valuation of $61B on Tender, a 0% premium over the last primary round. Discord secondary market implies $15B as of 2026-01, a 0% premium.

PrivatePulse·Companies·Anduril Industries vs Discord

Anduril Industries vs Discord: employee equity compared

Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Anduril Industries and Discord.

Secondary market data updated monthly · Sources: Hiive, Forge

Anduril Industries

Defense · Costa Mesa, CA · Founded 2017

Defense technology — autonomous systems (Roadrunner, Ghost, Bolt), command software (Lattice), and counter-drone.

Last primary round$61B · Series H (2026-05)

Secondary market$61B (+0% vs primary)

Annual revenue$2.2B ARR · +100% YoY (very fast)

Headcount~5,000

Equity typeISO/NSO

Strike price range$110–$145 (depends on cohort)

Illiquidity discount~15%

Last round leadThrive Capital / Andreessen Horowitz

Liquidity outlook

IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.

Key equity angle

Government-contract stability; ISO/NSO options; longer liquidity timeline vs consumer tech

Full Anduril Industries profile Calculate my equity

↑ Higher secondary premium

Discord

Consumer · United States · Founded 2015

Voice, video, and text platform originally built for gamers — now home to 19M+ active servers spanning gaming, study groups, sports, crypto, and brand communities.

Last primary round$15B · Series H (2021-09)

Secondary market$15B (+0% vs primary)

Annual revenue$0.6B ARR · +20% YoY (solid)

Headcount~700

Equity typeISO/NSO

Strike price range$28–$45 (depends on cohort)

Illiquidity discount~20%

Last round leadDragoneer Investment Group

Liquidity outlook

IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.

Key equity angle

Consumer brand with network effects; ISO/NSO options; IPO when unit economics proven

Full Discord profile Calculate my equity

Key differences for employees

Equity structure

Anduril Industries grants ISO/NSO with strike prices ranging from $110–$145 depending on your grant year. Discord grants ISO/NSO with strike prices from $28–$45.

Secondary market premium

The secondary market is pricing Anduril Industries at a +0% premium over its last primary round ($61B → $61B). Discord trades at +0% over its last round ($15B → $15B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.

Revenue and growth

Anduril Industries runs at $2.2B ARR, growing +100% YoY (very fast). Discord runs at $0.6B ARR, growing +20% YoY (solid). Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.

Liquidity timeline

Anduril Industries: IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.

Discord: IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.

Calculate your specific grant

Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.

Calculate at Anduril Industries →Calculate at Discord →

Frequently asked questions

Is Anduril Industries or Discord a better company to work at for equity?↓

There's no universal answer — it depends on your risk profile, time horizon, and specific grant terms. Anduril Industries at $61B and Discord at $15B offer very different risk/reward profiles. Use the calculator above to model your exact grant at each company.

How do I know if my Anduril Industries or Discord equity is fairly priced?↓

Compare your grant's implied per-share value against the secondary market price. If investors are paying a premium on Hiive or Forge over the last primary round, that's a signal of strong demand. PrivatePulse shows you the gap between your 409A and what the secondary market says.

Can I sell my Anduril Industries or Discord shares on the secondary market?↓

Secondary market transactions (Hiive, Forge, Caplight) require accredited investor status and your company's consent — most private companies have right-of-first-refusal (ROFR) provisions. Tender offers, when available, are typically the most accessible path to partial liquidity for employees.

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