Is Anduril Industries or Epic Games 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). Epic Games is valued at $31.5B with secondary market at $32.4B (+3% premium). Use PrivatePulse's calculator to model your specific grant at each company.

What equity type does Anduril Industries grant versus Epic Games?

Anduril Industries grants ISO/NSO with strike prices typically ranging from $110–$145. Epic Games grants ISO/NSO with strike prices typically ranging from $60–$85.

What is the secondary market price for Anduril Industries versus Epic Games?

As of 2026-05, Anduril Industries secondary market trades imply a valuation of $61B on Tender, a 0% premium over the last primary round. Epic Games secondary market implies $32.4B as of 2026-01, a 3% premium.

PrivatePulse·Companies·Anduril Industries vs Epic Games

Anduril Industries vs Epic Games: employee equity compared

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

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

Epic Games

Consumer · United States · Founded 1991

Creator of Fortnite (350M+ registered players) and Unreal Engine (the dominant real-time 3D platform used in films, architecture, and automotive visualisation).

Last primary round$31.5B · Strategic (2022-04)

Secondary market$32.4B (+3% vs primary)

Annual revenue$5.5B ARR · +8% YoY

Headcount~4,000

Equity typeISO/NSO

Strike price range$60–$85 (depends on cohort)

Illiquidity discount~25%

Last round leadSony / Kirkbi (LEGO Group)

Liquidity outlook

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

Key equity angle

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

Full Epic Games 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. Epic Games grants ISO/NSO with strike prices from $60–$85.

Secondary market premium

The secondary market is pricing Anduril Industries at a +0% premium over its last primary round ($61B → $61B). Epic Games trades at +3% over its last round ($31.5B → $32.4B). 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). Epic Games runs at $5.5B ARR, growing +8% YoY. 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.

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

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 Epic Games →

Frequently asked questions

Is Anduril Industries or Epic Games 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 Epic Games at $31.5B 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 Epic Games 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 Epic Games 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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