Anduril Industries vs Canva: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Anduril Industries and Canva.
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
Canva
Visual design platform with 185M+ monthly active users across 190 countries — the Google Docs of graphic design.
IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
Predictable B2B ARR; RSU (no exercise cost); exit via IPO or strategic buyer
Key differences for employees
Equity structure
Anduril Industries grants ISO/NSO with strike prices ranging from $110–$145 depending on your grant year. Canva grants RSU — no exercise cost.
Secondary market signal
The secondary market prices Anduril Industries at +2% vs its last primary round ($61B → $62.1B, source: Hiive). Canva trades at +62% vs its last round ($26B → $42B, source: Public Report). A higher secondary premium typically 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). Canva runs at $2B ARR, growing +40% 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.
Canva: IPO plausible 2027–2029 if growth trajectory holds. Liquidity may come via tender offer or strategic acquisition before listing.
Calculate your specific grant
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