Databricks vs Anduril Industries: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between Databricks and Anduril Industries.
Databricks
Data & AI platform — Delta Lake, MLflow, Unity Catalog, plus the Mosaic foundation-model stack.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Sticky enterprise ARR; ISO/NSO options; IPO imminent when ARR > $1B
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
Key differences for employees
Equity structure
Databricks grants ISO/NSO with strike prices ranging from $85–$110 depending on your grant year. Anduril Industries grants ISO/NSO with strike prices from $110–$145.
Secondary market premium
The secondary market is pricing Databricks at a +0% premium over its last primary round ($134B → $134B). Anduril Industries trades at +0% over its last round ($61B → $61B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
Databricks runs at $5.4B ARR, growing +65% YoY (fast). Anduril Industries runs at $2.2B ARR, growing +100% 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
Databricks: IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Anduril Industries: 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.