Anduril Industries vs SpaceX: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Anduril Industries and SpaceX.
Anduril Industries
Defense technology — autonomous systems (Roadrunner, Ghost, Bolt), command software (Lattice), and counter-drone.
IPO possible 2026–2028 as scale builds. No confirmed timeline; tender offers may provide interim liquidity.
Government-contract stability; ISO/NSO options; longer liquidity timeline vs consumer tech
SpaceX
Falcon, Starship and Starlink.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Deep tech with milestone-driven upside; ISO/NSO options; patient capital essential
Key differences for employees
Equity structure
Anduril Industries grants ISO/NSO with strike prices ranging from $110–$145 depending on your grant year. SpaceX grants ISO/NSO with strike prices from $175–$215.
Secondary market premium
The secondary market is pricing Anduril Industries at a +0% premium over its last primary round ($61B → $61B). SpaceX trades at +0% over its last round ($1.3T → $1.3T). 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). SpaceX runs at $15.5B ARR, growing +50% YoY (fast). 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.
SpaceX: IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
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.