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Anduril x J.P. Morgan

From equity to possibility

Supporting you as you shape the future: advice, access and strategies for the decisions before, through and well beyond your IPO.

Contact us See your launch sequence

Anduril x J.P. Morgan Private Bank

The IPO is a company milestone. The decisions it creates are deeply personal.

Your J.P. Morgan team is here to help you so the complexity of your financial life never slows you down. We work with founders, executives and mission-driven individuals at the most consequential companies in the world, and we understand what this moment means for you.

We have structured our offering and fees specially for Anduril employees, on fees and on access. Whether you are navigating pre-liquidity planning, understanding your equity holdings, deciding when and how much to exercise, building or reviewing your estate plan, or deploying capital after an IPO, we bring the full weight of J.P. Morgan's balance sheet, global network and decades of experience to help advise you on your situation.

We've got your financial needs covered while you transform defense capabilities with advanced technologies.

Questions worth sitting with

  • What do you want this moment to change, and what do you want it to leave untouched?
  • How much freedom would actually feel like freedom?
  • What becomes possible now that wasn't possible before?
  • Which decisions deserve to be made now and which deserve time?
  • Who else does this moment affect besides you?
  • What are you building toward now?
  • What haven't you thought to ask yet?

Planning starts with purpose

Before we recommend anything, we understand what it's for.

Through a thoughtful planning process, we help you bring clarity to what matters most, explore different possibilities and understand how your choices today can shape your future.

What matters most to you?

  • Family
  • Freedom
  • Time
  • What you're building
  • What you want to protect

What changes the math?

  • Equity
  • Liquidity
  • Taxes
  • Cash flow
  • Borrowing
  • Giving
  • Timing

What can we explore together?

  • What if you sell more or less?
  • What if you borrow instead?
  • What if you give earlier?
  • What if you move?
  • What if your priorities change?

Your Banker uses that fuller picture to help shape advice, weigh trade-offs and decide what deserves attention now.

Select the topics that matter most to you and submit a form below to talk in our first conversation.

Contact your J.P. Morgan team

A connected strategy

Financial decisions become increasingly interconnected.

The same financial life can look very different depending on whether each decision is handled on its own, or as part of a connected strategy.

Complexity when the pieces are separate

  • Your portfolio is managed separately from your liquidity needs.
  • Tax decisions are considered apart from investing and estate planning.
  • Borrowing, giving and diversification happen on different timelines.
  • Different advisors see different parts of the picture.
  • You are often the one connecting the decisions.

The risk isn't simply fragmentation. It's making one decision without seeing what it could mean for the rest.

Clarity when the pieces work together

  • Your equity, liquidity, investments and broader balance sheet are considered together.
  • Tax, estate and planning implications can inform decisions before they are made.
  • Decisions can be sequenced around liquidity, diversification and longer-term priorities.
  • Tradeoffs, risks and opportunities can be considered across the full picture.

With a connected view, your Private Banker can help you weigh the tradeoffs and find opportunities for one decision to strengthen another.

Your launch sequence

The IPO is one moment. The decisions around it unfold over time.

An IPO creates decisions before, during and long after the event itself. Knowing what deserves attention now, and what can wait, can help preserve more choices for later.

  1. Stage 01 · Pre-launch

    Before the IPO

    What deserves attention while you still have the most flexibility?

    • When and how should you exercise your options?
    • What could different choices mean for your taxes?
    • How much liquidity might you need before your shares are tradable?
    • What should you consider putting in place for your family now?

    Pre-flight checklist

    Build your team
    Coordinate early with your Banker and outside advisors (tax and legal counsel). Align tax modeling, liquidity, borrowing and estate structures.
    Establish a wealth plan
    Discuss and clarify your personal lifestyle and legacy priorities for your family. Map near-term cash needs alongside a long-term, goals-based plan where diversification, borrowing and gifting decisions align with your objectives.
    Evaluate cash needs
    A liquidity event may create near-term tax implications. Have a plan, and evaluate borrowing needs as appropriate, in line with the IPO timeline.
    Consider your legacy
    Define charitable and family transfer strategies now. Consider updating your estate documents and trust structures before material valuation changes to maximize the impact of your legacy.

  2. Stage 02 · Liftoff

    IPO + lockup

    What should you decide before you're able to sell?

    • How much of your wealth are you comfortable having tied to one company?
    • What will you eventually sell, hold or diversify?
    • How will taxes affect what you actually have available?
    • What near-term needs or opportunities should you plan for now?

  3. Stage 03 · Stage separation

    After lockup

    What should your first liquidity accomplish?

    • How quickly do you want to diversify?
    • What should remain invested, and where?
    • Could borrowing give you more flexibility than selling?
    • What purchases, investments or giving do you want to fund?

  4. Stage 04 · Orbit

    Beyond the IPO

    What are you building toward now?

    • What does financial independence look like for you?
    • How do you want this wealth to affect your family?
    • What do you want to build, own, support or give?
    • How should your strategy evolve as your priorities change?

After liquidity

Prepare your financial life for a very different balance sheet.

An IPO can change not only how much wealth you have, but what you need that wealth to do. As concentrated equity becomes liquidity, new considerations emerge across investing, borrowing, banking and planning for the future.

  1. Banking

    From everyday banking to managing more moving parts

    Larger transactions, multiple accounts, investments, properties and entities can make cash management more consequential, and make visibility, access and execution increasingly important.

  2. Borrowing

    From selling for cash to managing liquidity

    As your balance sheet grows, selling stock is no longer the only way to fund a purchase or opportunity. Cash, credit and investments can be considered together when deciding where liquidity should come from.

    How we help: liquidity solutions

    Our dedicated lending program is curated exclusively for Anduril employees. We offer a strategic approach, working with you to craft the right financing solutions that work in the best interests of your overall wealth plan.

  3. Trust & estates

    From personal assets to longer-term structures

    As wealth grows, how assets are owned and ultimately transferred matters more. Trusts, estate plans, beneficiaries and gifting structures can help ensure that what you've built supports the people and priorities you intend.

    How we help: wealth planning and advice

    We help you clarify the purpose of your wealth, define your goals, and align your resources and decisions around achieving them. We then build an integrated plan around your entire balance sheet, including your Anduril equity, helping you evaluate tax implications, option exercise opportunities, wealth transfer strategies and charitable giving. We coordinate closely with your attorney, CPA and other advisors to support tax-efficient planning while balancing liquidity needs, risk tolerance and long-term objectives.

  4. Investing

    From one company to a broader portfolio

    Your company may remain one of your largest holdings even as your wealth expands. Investing increasingly becomes a question of what should complement that exposure, and what role each asset should play.

    How we help: equity and concentrated stock planning

    Our dedicated team of professionals offers strategic management services, including diversification strategies, hedging, monetization and liquidity solutions tailored to your specific needs and goals.

JPMorgan Chase Bank, N.A. Member FDIC. This is not a commitment to lend. All extensions of credit are subject to credit approval. Bank products and services are offered by JPMorgan Chase Bank, N.A., and its affiliates.

Your J.P. Morgan Private Bank team

Our team with you at the center.

Your core team of Bankers, an Associate and an Analyst stays with you throughout, bringing in specialized knowledge as it becomes relevant. Everyone works from a shared understanding of you, bringing different perspectives to the same priorities.

Your financial foundation

Planning

  • Wealth Plan Plus
  • Pre-IPO and liquidity-event planning
  • Cash flow and liquidity analysis
  • Decision frameworks and option analysis
  • Ongoing monitoring as priorities change

Banking

  • Dedicated Client Service Team
  • Cash, deposits, payments and wires
  • Personal, business and private foundation banking
  • Custody and consolidated reporting
  • Seamless account transitions

Borrowing

  • Lending against stock and other holdings
  • Mortgages and real estate financing
  • Bridge financing around liquidity events
  • Prime Brokerage and Reg T margin
  • Financing for art, aviation, sports and other significant assets

Investing

  • J.P. Morgan Asset Management Long-Term Capital Market Assumptions
  • Strategic asset allocation and manager selection
  • Public and private markets
  • Concentrated equity strategies
  • Sports ownership and investing

Advice: J.P. Morgan Private Advisory

  • Wealth Strategy
  • Trust & Estate Planning
  • Tax Strategy
  • Private Business Advisory
  • Family & Family Office Advisory
  • Philanthropy
  • Cyber Advisory
  • Executive Advisory
  • Retirement & Asset Location
  • Specialty Advice

The world of the Private Bank

The full reach of J.P. Morgan

  • Global capabilities across 160+ countries
  • 75+ Private Bank offices globally
  • Investment Banking
  • Commercial Banking
  • Asset Management

Lifestyle services

  • Private aviation
  • Healthcare navigation
  • Art and collectibles
  • Household and family-office staffing
  • Outsourced CFO services
  • Luxury travel

Signature events & partnerships

  • Private Bank forums and gatherings
  • Cultural and sporting experiences
  • Iconic partnerships
  • Our network of connections around shared interests and opportunities

Insights & ideas

  • J.P. Morgan research
  • Market and investment insights
  • Industry and sector expertise
  • Briefings with specialists and leaders

Source: J.P. Morgan Private Bank, data as of September 2026.

What comes next

Turn what's possible into what comes next.

Your relationship is built to extend well beyond the decisions in front of you today. We bring a deep understanding of you and your family together with the experience and resources of J.P. Morgan, evolving with you as new priorities, opportunities and questions emerge.

  1. Define what matters

    Create a customized financial plan around your goals, family, wealth and the decisions ahead.

  2. Consider your equity

    Evaluate your holdings and options for exercising, selling, borrowing or gifting, with timing, taxes and company requirements in mind.

  3. Put liquidity to work

    For equity you choose to sell, develop a thoughtful sales strategy and portfolio around your goals and remaining concentration.

  4. Give with intention

    Consider how much to give to family or charity, the potential impact and which shares may be most appropriate, in coordination with your CPA. Whether you are giving back to a cause you care about or creating a lasting legacy, we provide strategic guidance so your generosity creates a meaningful impact.

Contact your J.P. Morgan team
Descriptive audio

SailGP 2026

3 VIDEOS

Wealth planning and advice

Liquidity solutions

Equity and concentrated stock

Philanthropy and charitable giving

FAQs

Answers to common equity questions

What's the difference between non-qualified stock options (NQSOs) and incentive stock options (ISOs)?
NQSOs and ISOs compared
FeatureNon-qualified stock options (NQSOs)Incentive stock options (ISOs)
Governed byContractual provisions onlyU.S. tax law and contractual provisions
Eligible recipientsEmployees, board members, consultants, etc.Employees only
Maximum grantPlan defines dollar amount of grantLimited to $100,000 per year1
TransferabilityPlan defines transferabilityNontransferable
ExpirationPlan defines scheduled expirationMaximum expiration 10 years after grant
Separation from servicePlan defines expiration upon separation from serviceOptions expire if not exercised within 90 days of separation from service2
PrevalenceCommon at publicly traded companies (because the options are deductible against company profits)Common at private companies, particularly startups3, 4
What is a 10b5-1 plan and how can it help you reach your goals?

10b5-1 plans help you adhere to Securities and Exchange Commission guidelines while pursuing your financial goals. A plan permits insiders to buy or sell company stock and provides an affirmative defense against insider trading liability. A 10b5-1 may be a strategy for insiders looking to maintain ownership requirements, reduce leverage or monetize stock options.

Through a 10b5-1 plan, created in close coordination with your dedicated team, we will help you develop a strategy that works in concert with your entire wealth plan.

  • Expanded opportunity set by creating a customized plan
  • Reduce signaling to the market
  • Help establish defense against allegations of insider trading
What are some of the risks associated with managing a concentrated stock position?

While the potential for growth can be greater for concentrated stock positions, this can be risky due to lack of diversification, which can lead to substantial losses if the stock's value declines. A thoughtful plan to help manage concentrated positions can make a difference.

How should you navigate the IPO process and the end of the lock-up period?

Going public is a complex process that requires careful planning and informed decisions. Employees and shareholders face unique challenges during this transition, making early preparation essential. By defining your long-term goals and optimizing financial strategies, you can position yourself well for the future. Depending on your situation, strategies may include divesting to monetize, hedging a concentrated stock position, borrowing for liquidity, or pursuing hedged monetization to diversify.5

  1. This $100,000 limitation is based on the option strike price and is calculated in the calendar year in which the ISOs become exercisable. Please consult with your own tax and legal advisors regarding your particular situation.
  2. If the company plan allows it, the ISOs may convert to NQSOs after 90 days and remain exercisable.
  3. Private companies may supplement ISO awards with NQSOs.
  4. Startups typically have lower profits than mature, public companies, and therefore may be less incentivized to grant NQSOs in order to deduct the option spread as a compensation expense.
  5. [Footnote 5 text to be confirmed by Compliance: the production page repeats footnote 4 here.]

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal and accounting advice. JPMorgan Chase & Co. and its affiliates do not provide tax, legal or accounting advice and are not responsible for any adverse tax consequences or liabilities. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Ready when you are

Your J.P. Morgan team can walk through each stage with you, from your first exercise decision to life well beyond the IPO
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