Anthropic Said to Plan Tender Offer at $350 Billion Valuation
Anthropic is working on a deal that would allow some employees to sell their shares in the company at a valuation of at least $350 billion, Bloomberg reports. The plan is taking shape alongside a funding round that could bring in more than $20 billion. The company is said to be planning an IPO for 2026.
The tender offer would allow Anthropic employees to cash in their equity at one of the world’s most valuable AI startups. The $350 billion valuation matches the one being discussed in the ongoing fundraising round and is a pre-money valuation—meaning it excludes the capital just being raised.
Bloomberg cites insider information; Anthropic declined to comment on the initiative. The details of the tender offer have not yet been finalized, according to a person familiar with the matter. The capital for the secondary deal is being assembled by investors, and the ultimate transaction value will depend on how many shares eligible current and former employees wish to sell.
How a Tender Offer Works
A tender offer is a public offer to purchase shares of a company. The offered price is often above the current market value to encourage as many shareholders as possible to sell. While classic tender offers frequently serve to gain control of a company, they are often used at startups like Anthropic to give employees or early investors the opportunity to divest their shares. Typically, the offer is contingent on a sufficient number of shareholders actually selling their shares.
Tender offers are not uncommon at startups: companies like OpenAI and Revolut have also regularly given their employees the opportunity to sell shares to new investors this way.
Valuation Could Still Change
The valuation of the tender offer could change depending on Anthropic’s current funding round and the company’s value. The exact terms are therefore not yet set—a typical scenario for deals running parallel to major funding rounds.
Trend Toward Secondary Sales
Secondary share sales are becoming a popular tool for startups to provide liquidity to employees—particularly in the competitive AI recruiting landscape, as more and more large startups remain private for longer.
OpenAI, Anthropic’s biggest rival, has routinely conducted share sales, including a $6.6 billion secondary at a $500 billion valuation in October. Both OpenAI and SpaceX have recently taken steps toward going public—a signal that exit strategies are becoming more concrete even at the most valuable private tech companies.
