Clay lets employees sell up to $55M of stock at a $5B valuation in its second tender in nine months
Clay opened a tender offer on January 28 that lets team members sell a portion of their vested equity, up to $55 million in total, at a $5 billion valuation. DST Global led the buying group, with Conviction, Avra, Operator Collective and Frontline participating alongside angels and customers including Claire Hughes Johnson, Sheila Vashee, Shishir Mehrotra and Lenny Rachitsky. The price is more than three times the $1.5 billion valuation of Clay's first tender, led by Sequoia Capital the previous spring, and above the $3.1 billion post-money of its $100 million Series C in August 2025. Clay said it passed $100 million in ARR in December with revenue up more than 3.5x in a year, and serves about 14,000 customers. For founders, it is the clearest case yet of a company using recurring tender offers as a retention tool instead of a one-time founder windfall: liquidity every nine months, priced off the latest round, with the same investors buying each time.
