Anthropic Plans $350 Billion Valuation Tender Offer, Targets $20 Billion Funding

Anthropic is preparing a tender offer that would allow select current and former employees to sell company shares at a valuation of at least $350 billion, according to people familiar with the matter. The move comes as the artificial intelligence startup also works on a new funding round expected to raise more than $20 billion, highlighting growing investor appetite for leading AI firms.

The proposed tender offer would provide employees with an opportunity to monetise a portion of their equity in one of the world’s most highly valued private AI companies, improving liquidity in an increasingly competitive talent market.

$350 Billion Valuation to Match Fundraising Talks

According to the source, the $350 billion valuation is pre-money, meaning it does not include the capital being raised in the new funding round. This valuation is also the benchmark currently under discussion in Anthropic’s ongoing fundraising negotiations.

The final value of the tender offer has not yet been determined and will depend on how many eligible employees and former staff members choose to participate. Financing for the secondary transaction is being arranged separately through investors, the source added.

Anthropic declined to comment on the matter.

Tender Offer Terms Still Being Finalised

Transaction Size May Vary

The person familiar with the situation, who requested anonymity due to the private nature of the discussions, said that key details of the tender offer remain under negotiation. The overall transaction size could change depending on employee participation levels and the outcome of the ongoing primary funding round.

Additionally, the valuation attached to the tender offer could be adjusted based on Anthropic’s final fundraising terms and overall company valuation at the time of closing.

Secondary Share Sales Gain Momentum in AI Sector

Startups Stay Private Longer

Secondary share sales have become an increasingly popular tool for fast-growing startups as many companies delay public listings. These transactions offer employees liquidity without requiring an initial public offering, a strategy that has gained traction across the technology and AI sectors.

Companies such as SpaceX and Stripe Inc. have completed multiple secondary share transactions in recent years, providing partial exits for employees while remaining privately held.

OpenAI and Other Rivals Follow Similar Paths

Anthropic’s largest competitor, OpenAI, has also relied heavily on secondary share sales. In October, OpenAI completed a $6.6 billion secondary transaction at a $500 billion valuation, underscoring the massive private-market valuations now attached to leading AI developers.

Both OpenAI and SpaceX have recently taken steps that bring them closer to potential initial public offerings, though no firm timelines have been announced.

AI Talent Wars Drive Liquidity Options

As competition for top AI talent intensifies, tender offers and secondary share sales are emerging as key incentives for employee retention and recruitment. Allowing staff to partially cash out equity helps startups remain competitive while maintaining private ownership structures.

If finalised, Anthropic’s tender offer would place it among the most valuable private companies globally and further cement its position as a major force in the rapidly evolving artificial intelligence landscape.