Imitating OpenAI? Anthropic allows employees to cash out, with a maximum scale of $6 billion

Artificial Intelligence startup Anthropic is launching an employee stock sale program that allows current and former employees to cash out at the valuation level of the company’s latest funding round.

On February 24, Bloomberg and tech media The Information reported, citing sources familiar with the matter, that Anthropic has arranged a $5 billion to $6 billion funding pool for this stock sale, with the final amount depending on the number of shares eligible employees choose to sell. The transaction price will be based on the company’s approximately $350 billion valuation, comparable to the valuation in the $30 billion funding round completed earlier this month.

According to reports, this transaction will be purchased by external investors rather than Anthropic itself. Amid a broader trend of AI companies extending their private phases, secondary market share sales have become an important way for startups to allow employees to benefit from valuation growth without undergoing acquisitions or IPOs.

This is the second major AI company after OpenAI to use secondary market transactions to provide liquidity for employees, highlighting a trend where large startups leverage equity monetization to retain talent amid fierce competition in AI talent.

Transaction Details: Valuation and Eligibility

According to Bloomberg, the valuation for this stock sale is approximately $350 billion, consistent with the funding round completed earlier this month. Sources familiar with the matter said that the funding round valued the company at $380 billion post-money, including cash injected by investors.

Participants must be current or former employees who have worked at Anthropic for at least 12 months. Sources indicated that although the company has arranged a $5 billion to $6 billion purchase fund, the actual transaction size will depend on the willingness of eligible employees to participate and the amount they choose to sell.

The details of the transaction are not yet finalized and may still change.

Earlier this month, Anthropic announced the completion of a $30 billion funding round led by Singapore’s sovereign wealth fund GIC and Coatue, with D.E. Shaw Ventures, Dragoneer, Founders Fund, Iconiq, and MGX participating.

A New Tool in the AI Talent War

Secondary market share sales are becoming a key tool for tech startups to address fierce talent competition, especially in AI. As more large startups choose to extend their private phases, liquidity options for employee equity become increasingly important.

Besides Anthropic, companies like Stripe and SpaceX have also allowed employees to sell shares. OpenAI has been particularly active in this area, conducting multiple employee stock sales, including a $6.6 billion secondary transaction last year at a $500 billion valuation.

This approach enables employees to realize gains from valuation growth even if the company is not yet public or acquired, helping startups stay attractive in the competitive AI talent market.

It is noteworthy that Anthropic, OpenAI, and SpaceX have recently taken steps to prepare for an IPO.

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