Anthropic plans $350B tender offer and $20B funding round
What's the story
Anthropic, one of the world's most valuable artificial intelligence (AI) companies, is said to be working on a tender offer that would allow certain employees to sell their shares. The pre-money valuation for this tender offer is pegged at around $350 billion, excluding any funds being raised. The move is coming together concurrently with a funding round that could raise over $20 billion for the company.
Offer specifics
Tender offer details being finalized
The details of the tender offer are still being finalized, according to reports. The final transaction value will depend on how much stock eligible current and former employees choose to sell. The funding for this secondary deal is being arranged from investors.
Market trend
Secondary share sales gaining popularity in startup ecosystem
As more big companies opt to stay private for longer, secondary share sales are becoming a popular way for start-ups to give employees liquidity in a competitive AI job market. This trend has been seen with SpaceX and Stripe Inc., both of whom have done similar deals. Anthropic's biggest rival, OpenAI, has also been selling shares regularly. In October, it completed a $6.6 billion secondary at a $500 billion value.