Is Anduril Industries or Fanatics 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). Fanatics is valued at $31B with secondary market at $31.9B (+3% premium). Use PrivatePulse's calculator to model your specific grant at each company.

What equity type does Anduril Industries grant versus Fanatics?

Anduril Industries grants ISO/NSO with strike prices typically ranging from $110–$145. Fanatics grants RSU (no strike price to pay).

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

As of 2026-05, Anduril Industries secondary market trades imply a valuation of $61B on Tender, a 0% premium over the last primary round. Fanatics secondary market implies $31.9B as of 2026-01, a 3% premium.

PrivatePulse·Companies·Anduril Industries vs Fanatics

Anduril Industries vs Fanatics: employee equity compared

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

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

Fanatics

Consumer · United States · Founded 1995

Vertically integrated sports platform encompassing licensed merchandise, trading cards (Topps acquisition), and sports betting (Fanatics Sportsbook).

Last primary round$31B · Series I (2022-12)

Secondary market$31.9B (+3% vs primary)

Annual revenue$7.3B ARR · +15% YoY

Headcount~10,000

Equity typeRSU

Illiquidity discount~22%

Last round leadSoftbank / BlackRock

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; RSU (no exercise cost); IPO when unit economics proven

Full Fanatics 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. Fanatics grants RSU — no exercise cost.

Secondary market premium

The secondary market is pricing Anduril Industries at a +0% premium over its last primary round ($61B → $61B). Fanatics trades at +3% over its last round ($31B → $31.9B). 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). Fanatics runs at $7.3B ARR, growing +15% 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.

Fanatics: 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 Fanatics →

Frequently asked questions

Is Anduril Industries or Fanatics 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 Fanatics at $31B 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 Fanatics 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 Fanatics 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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