OpenAI and Anthropic have recently enabled their employees to convert stock into liquidity through substantial secondary tender offers. Collectively, both companies allowed employees to cash out around $14 billion in stock, an event seen as monumental in the tech industry.
#How significant are these tender offers?
These offerings are an essential mechanism for both companies to ease employee financial pressures before anticipated IPOs. OpenAI led the charge with a tender in October 2025, allowing around $6.6 billion in stock sales at a staggering valuation of $500 billion. Over 600 OpenAI employees participated, with 75 individuals reaching the maximum sale limit of $30 million each. Meanwhile, Anthropic’s tender in April 2026 aimed for $5 billion to $6 billion at a pre-money valuation of $350 billion. However, many employees chose to retain their shares, anticipating greater future value.
The secondary market suggests that Anthropic shares could now be valued between $500 billion and $800 billion, a notable increase from the earlier valuation during their tender offers.
#What implications does this have for investors?
Both companies are also working toward IPOs slated for 2026, further indicating that these tender offers are not merely beneficial perks for employees but strategic maneuvers to manage liquidity before going public. While $14 billion has flowed into employee hands, both firms still require substantial capital for model training, which can cost tens of billions annually.
Anthropic reportedly has a revenue run rate of $30 billion, although OpenAI contests this figure. For investors considering the IPOs, OpenAI and Anthropic currently resemble well-established market leaders with hefty price tags. The capital-intensive nature of training advanced AI models may present challenges for early investors upon public launch. Furthermore, employees who decided to hold their Anthropic stock during the tender offer may already realize significant financial gains in light of the rising market prices.