Decagon completes its first employee tender offer at a $4.5B valuation, three times June's price
Decagon closed its first tender offer on March 4, letting more than 300 employees sell a portion of their vested shares at a $4.5 billion valuation. The buyers were the same investors behind its $250 million Series D in January: Coatue, Index Ventures, Andreessen Horowitz, Definition, Forerunner and Ribbit Capital. The size of the sale was not disclosed. The price is three times the $1.5 billion valuation Decagon carried in June 2025. The company builds AI customer-support agents for large enterprises and last disclosed revenue in late 2024, when ARR passed eight figures. Tender offers are becoming standard at fast-growing AI companies well before any IPO: ElevenLabs, Linear and Clay all ran employee sales in the same stretch. For founders the signal is that retention liquidity now arrives at the Series C or D stage rather than after a decade.
