SpaceX vs Anduril Industries: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between SpaceX and Anduril Industries.
SpaceX
Falcon, Starship and Starlink.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Deep tech with milestone-driven upside; ISO/NSO options; patient capital essential
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
SpaceX grants ISO/NSO with strike prices ranging from $175–$215 depending on your grant year. Anduril Industries grants ISO/NSO with strike prices from $110–$145.
Secondary market premium
The secondary market is pricing SpaceX at a +0% premium over its last primary round ($1.3T → $1.3T). 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
SpaceX runs at $15.5B ARR, growing +50% 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
SpaceX: 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.