Anthropic's employee tender at a $350B valuation closes below the $5B to $6B investors wanted to buy
Anthropic launched an employee share sale in late February priced at a $350 billion pre-money valuation, with investors prepared to buy between $5 billion and $6 billion of stock from current and former employees with at least a year of tenure. The offer concluded in early April with fewer shares sold than investors wanted, as most employees chose to hold. The final amount was not disclosed. The tender price sat just under the $380 billion post-money of the $30 billion Series G closed in February, and well under the $965 billion mark of the $65 billion Series H that followed in May. An undersubscribed tender at a top-tier AI company is unusual. It says employees expect a public listing to price higher than secondary buyers will pay today, which is worth watching for any founder planning a tender in the next year.
