PrivatePulse·Companies·Anduril Industries vs Helsing

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.

Secondary signals manually reviewed · Sources: Hiive, Forge · Not tradable prices
⚠One or both companies have weak model support. Treat this comparison as directional only.

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$62.1B (+2% 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

Data quality
Secondary: Verified · Hiive · 2026-06
Revenue: Disclosed
Full Anduril Industries profileCalculate my equity

Helsing

Defense · Munich, Germany · Founded 2021

European AI defence company developing software-defined sensor fusion, threat recognition, and autonomous targeting systems for NATO allies.

Last primary round$5.4B · Series C (2024-06)
Secondary marketNo recent verified signal
Annual revenue$0.1B ARR · +150% YoY (very fast)
Headcount~500
Equity typeRSU
Illiquidity discount~30%
Last round leadGeneral Catalyst
Liquidity outlook

No near-term IPO expected. Company likely 2028+ at earliest; patient equity required.

Key equity angle

Government-contract stability; RSU (no exercise cost); longer liquidity timeline vs consumer tech

Data quality
Secondary: No verified signal — last primary only
Revenue: Disclosed
Full Helsing profileCalculate 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. Helsing 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). Helsing has no recent verified secondary signal. 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). 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 using peer-multiple, secondary-market, time-decay, and sector-momentum methods.

Calculate at Anduril Industries →Calculate at Helsing →

Frequently asked questions

Is Anduril Industries or Helsing 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 Helsing at $5.4B 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 Helsing 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 Helsing 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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