nthropic launched a massive secondary share sale, offering current and former employees the opportunity to sell up to $6 billion of their equity to outside investors.
The move is part of a growing trend among “decacorn” AI startups to provide liquidity to early staff without the immediate need for an Initial Public Offering (IPO).
The Valuation Split
The share sale is happening at a slight discount compared to the company’s most recent primary funding round, which is common in secondary transactions to attract buyers for “insider” shares.
- Secondary Sale Valuation: Approximately $350 billion.
- Primary Funding Valuation: Earlier in February 2026, Anthropic raised $30 billion in a Series G round at a post-money valuation of $380 billion.
- Comparison: For context, this valuation makes Anthropic significantly more valuable than most S&P 500 companies, trailing only the global tech giants and its chief rival, OpenAI (recently valued at ~$500 billion).
Eligibility & Terms
The offer is designed to reward long-term commitment and is structured as follows:
- Target Participants: Both current and former employees are eligible to participate.
- Service Requirement: Employees must have worked at Anthropic for a minimum of 12 months to be eligible for the sale.
- The Buyers: The capital is being provided by outside investors, meaning Anthropic itself is not using its cash reserves to buy back the shares.
- Final Amount: While $6 billion has been allocated, the final transaction size will depend on how many eligible staff members choose to “cash out” their holdings.
Strategic Context: The Talent War
The timing of this $6 billion sale is no accident. With the AI industry facing a “talent war” for top researchers and engineers, providing a clear path to wealth is a critical retention tool.
| Company | Recent Liquidity Event | Valuation |
| OpenAI | $6.6 Billion (Oct 2025) | $500 Billion |
| Anthropic | $6.0 Billion (Feb 2026) | $350 Billion |
| SpaceX | ~$750 Million (Annualized) | $250 Billion+ |
The “Shadow Market” Crackdown
By facilitating this official company-run sale, Anthropic is also reportedly attempting to curb the “shadow secondary market.” Previously, some employees were selling shares through unauthorized Special Purpose Vehicles (SPVs) that charged predatory fees (up to 10% management fees and 10% carry). This $6 billion window provides a safer, regulated exit for staff.
