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Anduril employees can face a particularly complicated financial planning situation because a significant portion of compensation may come through private-company equity. In 2026, Anduril moved from a double-trigger RSU structure toward a single-trigger structure, allowing certain time-vested RSUs to settle into shares without waiting for an IPO or another broad liquidity event. That changes the planning equation because an employee can receive actual Anduril shares and recognize taxable compensation while those shares remain private and subject to restrictions on their sale.
For employees with meaningful equity compensation, the financial questions go well beyond how much to contribute to a 401(k). You need to understand what you own, when it becomes taxable, how you will fund the resulting tax liability, how much of your wealth should remain tied to Anduril and what you can do to build financial flexibility outside the company.
What changed with Anduril RSUs in 2026?
Historically, Anduril RSUs reportedly used a double-trigger structure. An employee could satisfy the normal time-based vesting requirement but still have to wait for a qualifying liquidity event before the shares were actually settled. In 2026, Anduril moved toward a single-trigger structure, meaning time-based vesting can result in settlement into Anduril common stock without requiring an IPO or acquisition first. This is a significant change for employees because the tax event can now occur while the company remains private and the shares aren’t freely tradable.
It’s important to distinguish between vesting, settlement and liquidity. An RSU represents a future right to receive shares or cash, while settlement is the point at which the shares are actually transferred. IRS guidance explains that stock-settled RSUs generally become subject to the tax rules when the stock is actually transferred, with the value of the stock generally included in the employee’s income.
That doesn’t necessarily mean the employee can immediately sell the shares for cash. Private-company shares can remain subject to company restrictions, so an employee may have taxable wealth on paper without having an equivalent amount of liquid money available.
Why can you owe taxes on Anduril shares you can’t sell?
This is one of the most important issues for Anduril employees to understand. When an RSU settles in shares, the value of those shares generally becomes taxable compensation under the applicable tax rules. The IRS also generally treats the amount included in income as part of the employee’s tax basis in the shares.
The challenge for a private-company employee is that taxable income and available cash aren’t necessarily the same thing. If a large number of RSUs settle during the year, you could recognize substantial compensation income even though the resulting Anduril shares aren’t freely tradable. Your employer may withhold shares or cash to satisfy required tax withholding, but that withholding isn’t necessarily the same as your eventual federal and state tax liability. Depending on your total income and circumstances, you could still need additional cash when you file your tax return or make estimated payments.
That makes tax planning around each settlement particularly important. Rather than waiting until tax season to determine whether the withholding was sufficient, you can estimate the additional liability ahead of time and decide how much cash needs to remain available outside the company.
How should you prepare for future RSU settlements?
Once RSUs begin settling rather than simply accumulating behind a future liquidity event, each settlement becomes another financial planning event. Before a settlement occurs, look at the number of shares expected to settle, the applicable valuation, your salary and other income for the year, your expected marginal tax rate and the amount of cash you have available outside Anduril. You should also understand exactly how the company handles withholding because the mechanics can change and your current equity-plan documents and company communications should take precedence over general information found online.
The decision to use cash to cover taxes instead of having shares withheld also deserves consideration. Keeping more shares means maintaining a larger position in one private company, so the decision is effectively an investment decision as well as a tax decision. An employee who already has substantial Anduril exposure may have a very different answer from someone who has significant retirement and taxable assets outside the company.
How much of your wealth should be tied to Anduril?
Your Anduril equity is different from an ordinary investment because your career and your investment are connected. Your salary comes from Anduril, future compensation may depend partly on Anduril and your career prospects are tied to the company’s performance. If a large percentage of your investment wealth is also represented by Anduril shares, one company can influence several parts of your financial life at the same time.
There isn’t a universal percentage that every employee should sell or keep. Instead, look at your entire balance sheet, including retirement accounts, taxable investments, cash reserves, home equity, future spending needs and the amount of Anduril equity you already hold. The more significant your private-company position becomes, the more important your other assets may be as a source of liquidity and diversification.
What is a 409A valuation?
Employees at private companies will often encounter the term 409A valuation when dealing with equity compensation. A 409A valuation is generally used to establish the fair market value of private-company common stock for certain tax purposes, particularly when determining the exercise price of stock options. It shouldn’t automatically be treated as the same thing as a private funding-round valuation or the price an investor would pay for a different class of company shares.
That distinction matters because a private company can have multiple valuation points at the same time. A funding round may involve preferred stock with rights that common stock doesn’t have, while a 409A valuation generally concerns common stock. A company-sponsored tender offer can establish another price for a particular transaction. Employees therefore shouldn’t assume that a single private-company valuation represents the amount they could actually receive for their shares in a future liquidity event.
What should you consider if Anduril offers a tender?
A tender offer can provide eligible employees with an opportunity to sell some private-company shares without waiting for an IPO or another broad liquidity event. The specific terms matter, including who can participate, how many shares can be sold, the price and any other restrictions that apply to the transaction.
If you’re eligible for a tender offer, the decision should start with your financial situation rather than a prediction about where Anduril’s valuation might go. Proceeds could be used to fund taxes, increase your cash reserves, pay for a major purchase, diversify your investment portfolio or reduce the percentage of your net worth tied to Anduril. You may also decide that continuing to hold a portion of the shares fits your overall plan. The important part is understanding the specific terms of the offer and how the transaction would affect your taxes, liquidity and overall concentration.
What happens when you sell Anduril shares?
Once you have settled shares and eventually sell them, there are generally two different tax components to understand. The value recognized as compensation when the shares settle generally establishes your tax basis, and any subsequent increase in value can create a capital gain when you sell. IRS guidance generally provides that the basis of property received as compensation reflects the amount included in income.
The holding period can also affect whether a subsequent gain is treated as short-term or long-term. For employees accumulating shares through multiple settlement dates, keeping track of individual tax lots can therefore become important. When a liquidity opportunity eventually becomes available, you may have several groups of shares with different settlement dates, bases and holding periods, all of which can affect the tax consequences of selling.
How should you build wealth outside Anduril?
Your Anduril equity may become a meaningful source of wealth, but your financial plan shouldn’t depend entirely on it. Retirement accounts, taxable investments and cash reserves can provide a financial foundation that doesn’t depend on an Anduril liquidity event, which becomes particularly valuable when you can’t necessarily sell private-company shares whenever you need cash.
Your other assets may eventually fund a home purchase, career transition, early retirement or other major financial decision while your Anduril shares remain restricted. They can also provide diversification while a large portion of your potential wealth remains tied to your employer. For someone with substantial Anduril equity, the investment strategy for the rest of the portfolio may need to account for that concentration rather than treating the Anduril shares as though they were simply another diversified holding.
What happens if you leave Anduril?
Leaving the company can create another important equity-planning decision. Before departing, review what happens to vested and unvested awards, whether settled shares remain subject to transfer restrictions, whether you have any stock options and whether leaving the company changes your eligibility for future liquidity opportunities. The exact answer depends on the terms of your individual equity agreements, so employees shouldn’t assume that all outstanding awards receive the same treatment.
This can matter when evaluating another job opportunity. A higher salary elsewhere may look attractive, but the financial comparison should account for unvested Anduril compensation, the value and timing of future equity and any tax or exercise consequences associated with leaving. At the same time, unvested equity shouldn’t be treated as guaranteed wealth because its ultimate value depends on the company’s performance and the terms of the award.
How should Anduril equity fit into your long-term financial plan?
The objective of financial planning isn’t simply to accumulate as many Anduril shares as possible. Your equity is one part of a larger financial picture that includes your income, taxes, retirement savings, investments, spending and long-term goals. For some employees, the priority may be building enough diversified assets outside Anduril that they can comfortably continue holding their private shares. For others, a future liquidity opportunity may provide a chance to reduce concentration and turn some paper wealth into a diversified portfolio.
The right approach depends on how much equity you have, how much you need for your lifestyle, your tax situation, your other assets and how comfortable you are with the risks associated with a concentrated private-company position. Anduril’s equity structure has changed significantly in 2026, which makes understanding the tax and investment consequences more important for employees whose compensation includes substantial private-company equity.
Inclinevest Wealth Management works with professionals in aerospace and defense on investment management, tax planning, retirement planning and major financial decisions.
About the Author
Gabriel Motta, CFP®, MBA, is the founder and principal of Inclinevest Wealth Management, a fee-only fiduciary financial planning and wealth management firm based in Greenwood Village, Colorado. He works with individuals and families in Denver and throughout Colorado, as well as clients nationwide, with a particular focus on professionals in the defense, technology and aerospace industries. Gabriel helps clients navigate retirement planning, investment management, tax-efficient strategies, Social Security, equity compensation and major financial decisions. He is a member of NAPFA and XY Planning Network. Learn more about Gabriel and Inclinevest Wealth Management or schedule a conversation.
Sources
- Internal Revenue Service, Publication 525, Taxable and Nontaxable Income
- Internal Revenue Service, Publication 551, Basis of Assets
- Internal Revenue Service, Publication 5992, Equity-Based Compensation Audit Techniques Guide
This article is for general informational and educational purposes only. It isn’t personalized investment, tax, or legal advice, and it shouldn’t be relied on as a substitute for guidance specific to your situation. Inclinevest Wealth Management is a registered investment adviser. Registration doesn’t imply any level of skill or training. Please consult a qualified professional before making decisions about your own financial circumstances.
