Anthropic is preparing a tender offer that would let employees sell shares at a $350 billion valuation, according to Bloomberg reports citing people familiar with the matter. The AI startup simultaneously plans a funding round targeting over $20 billion in fresh capital.
The employee share sale would provide liquidity to current and former staff at the pre-money valuation, which excludes the new funding.
Details remain unfinalised, with the final transaction value depending on how many shares employees choose to sell.
Anthropic's $350 billion valuation matches the figure discussed in its ongoing fundraising efforts. The company declined to comment on the tender offer plans, which sources say are being coordinated alongside the massive capital raise.
Secondary share sales have become increasingly common among large private tech companies seeking to retain talent. Stripe and SpaceX have executed multiple similar deals, while Anthropic's main rival OpenAI completed a $6.6 billion secondary at a $500 billion valuation in October.
The AI startup remains unprofitable, continuing to burn substantial cash on computing infrastructure and model training.
Like many AI companies, Anthropic faces massive operational costs driven by chip requirements and cloud resources.
Anthropic's growth has attracted backing from major technology firms including Alphabet, Amazon, Microsoft, and NVIDIA. These strategic investments underscore the company's position in the competitive AI landscape dominated by its Claude assistant.
The dual financing approach reflects investor appetite for leading AI companies as competition intensifies across the sector.
If completed, the $350 billion valuation would place Anthropic among the world's most valuable private companies.
Both OpenAI and SpaceX have recently taken steps toward initial public offerings, suggesting similar moves could follow for Anthropic once market conditions stabilize. The tender offer provides early liquidity while maintaining private company flexibility.
The funding round comes as AI companies race to secure capital for infrastructure expansion and model development. xAI recently raised $20 billion in an oversubscribed Series E round, highlighting the intense competition for AI funding.
Anthropic's valuation highlights the soaring stakes in generative AI, where companies compete on both technological innovation and financial resources.
Industry analysts note that secondary sales help startups retain employees who might otherwise seek liquidity through public markets. This approach has become standard practice for high-value private companies delaying IPOs in volatile market conditions.
