Anduril Industries is the leading venture-backed defense tech company in the United States, building AI-powered autonomous systems for the US military and allied forces. Its Series H in May 2026 priced the company at $61B ($5B raised, led by Thrive Capital / a16z), after 2025 revenue reached $2.2B (+100% YoY).
For employees, the interesting dynamic is Anduril's revenue model. Unlike pure SaaS companies where revenue scales without headcount, Anduril's government contract business has longer sales cycles and recognition periods. This makes it less likely to see 5× revenue growth in a single year — but also more stable and harder to disrupt.
What equity does Anduril grant?
Anduril grants ISO and NSO options to employees, with strike prices that varied from approximately $6/share (early employees, 2018–2020) to $35/share (recent 2025–2026 grants). With the Series H confirming $61B, early-grant employees are sitting on substantial in-the-money positions — potentially 5–10× in-the-money for 2019–2021 hires.
Secondary market dynamics
Forge Global and Hiive are the primary secondary market venues for Anduril shares. The $61B Series H was priced at a level consistent with secondary market trading in early 2026, suggesting the round was market-confirming rather than market-setting.
Defense tech liquidity timeline
Anduril's path to liquidity is longer than pure software companies. The company has not signaled an IPO timeline, though the $20B US Army contract (March 2026) and $2.2B revenue make it IPO-ready on fundamentals. Many Anduril employees model a 2027–2028 liquidity event. Employees with expiring options (10 years from grant) should track their expiration carefully.
The defense tech multiplier
Defense tech currently trades at 8–12× revenue for public comparables (L3Harris, Booz Allen), compared to 15–25× for high-growth AI software. Anduril's $61B private valuation at $2.2B revenue implies approximately 28× — a premium that reflects its AI-native platform potential and DoD tailwinds.
Anduril's ISO grants can be exercised early (83(b) election). With strike prices as low as $6 and current secondary prices at a 9-10× premium, early exercise can lock in the low cost basis. Run the AMT math — at these spreads, it may be significant.