Anduril Industries vs Helsing: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Anduril Industries and Helsing.
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
Helsing
European AI defence company developing software-defined sensor fusion, threat recognition, and autonomous targeting systems for NATO allies.
No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
Government-contract stability; RSU (no exercise cost); longer liquidity timeline vs consumer tech
Key differences for employees
Equity structure
Anduril Industries grants ISO/NSO with strike prices ranging from $110–$145 depending on your grant year. Helsing 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). Helsing trades at +4% over its last round ($5.4B → $5.6B). 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). Helsing runs at $0.1B ARR, growing +150% YoY (very 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.
Helsing: No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.
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.