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 F in August 2024 priced the company at $28B, led by Founders Fund and Sands Capital.
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 $22/share (recent grants). With secondary market trades implying ~$33B, early-grant employees are sitting on substantial in-the-money positions.
Secondary market dynamics
Forge Global is the primary secondary market venue for Anduril shares. Bid-ask spreads are moderate — Anduril is large enough to have consistent buyer interest but small enough that prices can move significantly on limited volume. The $33B secondary market implied valuation represents a 18% premium over the $28B Series F.
Defense tech liquidity timeline
Anduril's path to liquidity is longer than pure software companies. The company has not signaled an IPO timeline. Government revenue, while sticky, grows more slowly than consumer or enterprise SaaS, which typically delays the IPO window. Many Anduril employees model a 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 private valuation at $28B implies a premium to these multiples, reflecting its growth potential — but expect mean reversion to defense industry multiples as the company matures.
Anduril's ISO grants can be exercised early (83(b) election). With strike prices as low as $6 and current secondary prices at a 4-5× premium, early exercise can lock in the low cost basis. Run the AMT math — at these spreads, it may be significant.