Anduril Industries vs Vannevar Labs: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Anduril Industries and Vannevar Labs.
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
Vannevar Labs
AI-native defence intelligence platform processing open-source, commercial, and classified data for the DoD and IC.
Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
Government-contract stability; ISO/NSO options; 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. Vannevar Labs grants ISO/NSO with strike prices from $7–$14.
Secondary market premium
The secondary market is pricing Anduril Industries at a +0% premium over its last primary round ($61B → $61B). Vannevar Labs trades at +0% over its last round ($1.2B → $1.2B). 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). Vannevar Labs runs at $0.1B ARR, growing +80% YoY (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.
Vannevar Labs: Early-stage — IPO 4–6+ years away. High-risk, high-upside equity. Liquidity most likely via acquisition or late-stage tender.
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.