Written By:
Max Michalczik CFP® | Space & Defense
Kekoa Pfau ChFC® | Space & Defense

Anduril is not your grandfather’s defense company. It pays like a tech company, moves like a startup, and attracts engineers and operators who want to actually build things instead of managing PowerPoints on a legacy program. The compensation reflects that ambition. Base salaries are strong, equity is part of almost every offer, and the benefits package has some genuinely impressive pieces.

But impressive benefits are not the same as a complete financial picture. There are real gaps worth knowing about, and there are also things worth appreciating that most employees click past during open enrollment without a second thought.

Here is an honest take on both sides.

What I Like

The 401(k) Has Both Pretax and Roth Options

This sounds like table stakes but it actually matters. Anduril gives employees the choice between pretax and Roth contributions inside the 401(k), and that flexibility is valuable.

Pretax contributions reduce your taxable income today, every dollar you put in pretax is a dollar the IRS does not touch this year. Roth contributions flip that around. You pay taxes now, but the money grows and distributes tax-free in retirement.

The right answer depends on where you are in your career, what you expect your tax situation to look like later, and how much equity compensation you are accumulating. Having both options available means you can be intentional about it rather than stuck with the default choice. Most people never change their contribution type after their first day of work, but it is worth revisiting.

The HSA Setup Is Excellent

Anduril covers 100% of the premiums on its High-Deductible Health Plan. This means employees can enroll in an HSA without paying anything for the underlying coverage. That is a real benefit.

Oftentimes, the HSA is the most underused account in personal finance. Even though it is triple tax-advantaged: contributions go in pre-tax, the money grows tax-free, and withdrawals for qualified medical expenses come out tax-free. No other account does all three. In 2026, you can contribute up to $4,400 as an individual or $8,750 for a family.

The move most people do not make: contribute the max, invest it in low-cost index funds, and do not touch it. Pay medical expenses out of pocket when you can. Let the HSA compound. After 65, you can withdraw for any reason without penalty, which makes it function like a traditional IRA for non-medical expenses.  By removing the premium barrier on the HDHP, Anduril makes this easier to access than at most other companies.

ESPP Is Available

Employees have access to an Employee Stock Purchase Plan, which allows you to buy Anduril shares at a discount. At a pre-IPO company this works differently than at a public company where you buy at a discount and can sell immediately.

In this case, the shares you are purchasing are not yet liquid. The discount is real, but so is the fact that you are adding to an already concentrated position in a company whose value you cannot yet realize. Whether participating makes sense depends on your existing equity exposure, the purchase price relative to the current 409A valuation, and your personal cash flow situation.

It is not a blanket yes or no. It is a conversation worth having before you opt in.

What I Don’t Like

No 401(k) Match

Anduril does not offer a 401(k) employer match. For a company that pays competitively and has an otherwise strong benefits package, this stands out.

However, context is important.  Anduril is pre-IPO and growing fast. The way it compensates for the missing match is through equity. RSUs, options for more tenured employees, and ESPP access are all part of a compensation philosophy that says we will give you ownership in what we are building instead of a guaranteed retirement contribution. That is not an unreasonable trade, and for employees who got in early at a low valuation, it may turn out to be a very good one.

However, equity is not the same as a matching contribution. A match is guaranteed and liquid. Equity at a pre-IPO company is neither. You cannot put it in your 401(k). You cannot sell it. You cannot use it to pay your mortgage. And if the company does not go public, or does not exit at the valuation you were expecting, it may not be worth what you thought.

It is also worth noting that this could change. Once Anduril goes public, it would not be surprising to see the compensation structure evolve. Public companies face different pressures than private ones, and a 401(k) match is often part of how public companies compete for talent. But that is speculation about the future. You must plan for the structure that exists today.

The practical takeaway: do not skip the 401(k) just because there is no match. The tax benefit is real and still one of the best tools available to high earners. Do not treat your RSUs or options as a substitute for building a real retirement account either. They are two different things serving two different purposes.

The Concentration Risk Is Real

This is related to the match issue but broader. Most Anduril employees are in a position where their salary, their benefits, their career trajectory, and a significant portion of their net worth on paper are all tied to the same company.

That is a lot of eggs in one basket–even if it is a compelling basket.

Pre-IPO defense companies carry specific risks that are easy to underestimate when you believe deeply in the mission. Program losses happen. Government spending priorities shift. IPO timelines slip. Valuations at exit do not always match internal expectations. None of that means the equity is worthless. It means it is not a sure thing, and your financial plan should not be built around an assumption that it is.

The employees who tend to come out ahead in these situations are the ones who treated their 401(k), their HSA, and their other accounts as real, independent wealth-building tools while they were working, not as backup plans in case the equity did not pan out. The equity is upside. The rest of your financial life should be solid regardless of what happens to it.

After Looking Through Andurils Benefits Package

Anduril offers a strong benefits package in a lot of areas. The health coverage is excellent. The HSA access is a unique opportunity that most employees underuse. The 401(k) flexibility gives you real options for managing your tax situation over time.

However, the gaps are real too. No match means you are building the retirement account entirely on your own contribution. The equity-heavy compensation structure, while potentially lucrative, creates concentration risk that deserves attention. And the benefits that exist today may look different once the company goes public.

The goal is not to be pessimistic about a company that has a lot going for it. Rather, the goal is to build a financial plan that works whether the equity outcome is great, okay, or disappointing. That is always the right frame–regardless of where you work.

---

This content is for educational and informational purposes only and should not be considered personalized investment, tax, or legal advice. The information provided is general in nature and may not apply to your individual circumstances. All investments involve risk, including the potential loss of principal.
The Freyr Group, LLC does not provide legal or tax advice. Any references to tax-related topics are provided for general informational purposes only, and individuals should consult with a qualified tax professional regarding their specific situation.
For additional information, please review our full disclosures.