A pre-IPO framework for RSUs, taxes, and liquidity, built for Anduril shareholders. Whether you hold early ISOs that doubled in value, RSUs that now vest and settle every year, or a concentrated position with no plan around it, every decision on this page maps to the Worker to Investor framework.
Anduril equity looks simple on the surface. It is not. The structure creates a unique risk profile that requires specialized planning before liquidity arrives.
RSUs settle on their vest date and land on your W-2 at the current valuation. The income is real either way, and the tax bill does not wait.
Sell all the shares, keep some, or pay in cash. Liquidity can be scarce: a tender offer may give you a way to sell, but the timing and size are Anduril's call.
The most common wealth planning challenge for Anduril employees after the change.
Statutory withholding, typically 22% federal, is meant for average earners, not high-salary professionals.
When RSUs vest on top of your W-2 income, you can easily hit the 35 to 37% federal bracket plus up to 13.3% California tax.
Payroll covers only part, leaving a bill that may force rushed sales.
Anduril has offered tender opportunities before, but they are unpredictable and not guaranteed.
Treating them as reliable liquidity creates planning gaps: overextending on a home, delaying tax planning, lacking reserves.
Partial liquidity is not a strategy you can rely on. Preparation is.
Understand your Anduril equity, model the costs, and identify the time-sensitive decisions. Most shareholders stay here for years without realizing the cost of waiting is compounding against them.
"I have ISOs from 2021 or 2022 and the valuation just doubled."
"My RSUs vest every year now and I don't know what that does to my taxes."
"The tender talk keeps coming up. Should I count on it?"
"I can't produce my full equity picture on one page."
Eliminate cash drag, reduce concentration, and build the asset base that will eventually produce income on its own. This is where the transition is engineered, not improvised.
"Most of my net worth is Anduril and very little is anything else."
"I make $300K+ and I'm only using my 401(k)."
"If a tender opens, how much should I actually sell?"
"Should I exercise everything now, or stage it across years?"
Your equity built the foundation. Now scale it. Level 3 is where your wealth works without you. The selling plan converted concentration into capital. Now you have a portfolio to manage, a tax picture to optimize, and a critical mass number to protect.
"Liquidity arrived. Now I have a large cash position sitting idle."
"I crossed critical mass. Do I keep working?"
"I want liquidity without selling and triggering capital gains."
"I need to start thinking about estate planning and trusts."
Learn how to make intentional decisions like an investor, not a worker.
The clarity to make confident decisions under pressure.
Lessons from SpaceX shareholders, applied to Anduril.
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If your Anduril equity represents a meaningful portion of your net worth, a 30-minute conversation can map where you are in the framework and what comes next.
