Anthropic's Tender Offer Falls Short Of Its Estimated $6 Billion

Anthropic's tender offer has fallen short of its estimated $6 billion, as employees decided to hold more of their shares ahead of the company's expected initial public offering (IPO) slated for sometime in 2026.

While some investors received their full requested allocation, others were forced to settle for a partial deployment of the capital they had earmarked for the tender offer, Bloomberg reported.

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The tender offer allowed employees to sell some of their shares at the same price set during the company's most recent fundraising in February. At that time, Anthropic's valuation was $350 billion, not including the $30 billion in new capital it raised during the round.

Employees who are holding onto their shares signal confidence in the company's future, as its annualized revenue continues to rise, an unnamed source told Bloomberg.

Anthropic's run-rate revenue surpassed $30 billion, up from approximately $9 billion at the end of 2025, the company reported this month.

Anthropic announced its Series G funding in February and noted that more than 500 business customers were each spending more than $1 million on an annualized basis. That number now exceeds 1,000, doubling in less than two months.

Companies typically use secondary share sales to let employees cash out some of their equity while the company remains private. This move is widely seen as a strategy to retain talent and reward long-term employees without pursuing an IPO.

In February, Stripe secured agreements with investors to provide liquidity to its employees through a tender offer, valuing the company at $159 billion, Benzinga reported.

Meanwhile, OpenAI closed a $6.6 secondary share sale in October, valuing the company at $500 billion. The tender offer allowed current and former employees to sell shares to investors such as Thrive Capital, Dragoneer Investment Group, Abu Dhabi's MGX and Softbank, according to CNBC.

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