In a move to retain top-tier talent in the hyper-competitive AI landscape, Anthropic is reportedly planning a massive employee tender offer at a $350 billion pre-money valuation.
According to reports on February 3-4, 2026, the secondary share sale is being finalized alongside a primary funding round expected to raise over $20 billion. The $350 billion valuation represents a near doubling of the company’s $183 billion valuation from September 2025.
1. The “Talent Liquidity” Strategy
The tender offer is designed to provide immediate liquidity to eligible current and former employees, allowing them to cash out a portion of their equity without waiting for a public listing.
- Retention Tool: By allowing staff to realize gains at a $350 billion valuation, Anthropic aims to prevent “poaching” from rivals like OpenAI and xAI.
- Secondary Market Dynamics: This move follows similar practices by other private giants like SpaceX and Stripe. Anthropic’s primary rival, OpenAI, completed a secondary sale at a $500 billion valuation in late 2025.
- Participation: While the final transaction value depends on employee take-up, the deal is being underwritten by a consortium of existing and new institutional investors.
2. The $20 Billion Primary Raise
The tender offer is running concurrently with one of the largest primary financing events in the AI sector’s history.
- Funding Goal: The $20 billion+ in new capital is intended to fund Anthropic’s massive infrastructure needs, including a $50 billion plan for data centers in Texas and New York.
- Strategic Backing: The round reportedly includes participation from Microsoft and Nvidia, alongside existing backers like Google and Amazon.
- Valuation Surge: Analysts note that Anthropic is currently trading at roughly 17.5 times its annualized revenue run-rate (which exceeded $5 billion by late 2025).
3. Road to a 2026 IPO
The scale of this tender offer is seen as a “pre-IPO” maneuver to stabilize the cap table.
- Law Firm Tapped: Reports from December 2025 indicated that Anthropic has hired law firm Wilson Sonsini to begin groundwork for a public offering.
- Target Date: The IPO could come as early as mid-to-late 2026, potentially valuing the company at over $400 billion upon debut.
- Revenue Momentum: The surge in valuation is bolstered by the success of Claude Code, which is nearing $1 billion in annualized revenue on its own.
4. Financial Metrics Summary
| Metric | Late 2025 (Series F) | Feb 2026 (Current Round) |
| Valuation (Pre-money) | $183 Billion | $350 Billion |
| Annualized Revenue | ~$5 Billion | >$9 Billion (Projected) |
| Primary Capital Raise | $13 Billion | $20 Billion+ |
Conclusion: The AI Valuation Arms Race
Anthropic’s $350 billion milestone highlights an investor appetite that prioritizes scale and enterprise reliability over immediate profit. By balancing massive capital raises with employee liquidity, Anthropic is positioning itself as the “stable” alternative to OpenAI, providing its workforce with the financial rewards usually reserved for public companies while keeping its strategic focus private for just a little longer.
