Anthropic to offer employee share buyback at about $350 billion valuation

Anthropic has moved to give employees a path to liquidate some equity by arranging a structured tender offer that values the company at roughly $350 billion. The proposal is aimed at creating controlled secondary-market liquidity for staff while signaling a much higher internal price tag than prior financing rounds. Multiple market reports also suggest a large primary financing is being put together, with participation from prominent venture and crossover investors — reportedly including Sequoia Capital — sovereign wealth funds and conditional commitments from major technology suppliers. If those commitments materialize, the combined dynamics of a high-priced tender and fresh capital would extend Anthropic's runway and strengthen its negotiating position with cloud and infrastructure partners. But concentrated cross-ownership and deep vendor commitments could prompt closer scrutiny of information rights, board influence and potential conflicts of interest. For employees, the transaction provides immediate financial flexibility and may ease retention pressure, but it also crystallizes tax and concentration choices for individuals holding private stock. For existing backers, the tender reallocates liquidity and risk without creating new primary capital, while the parallel financing — if completed — would change the cap table and strategic leverage. Market participants will view the publicized valuation and investor roster as anchors that can influence future fundraising, M&A discussions and an eventual IPO price range. Competitors, customers and regulators will reassess vendor neutrality, data-access safeguards and governance protections in light of any privileged relationships implied by large strategic investments. The maneuver reflects a broader pattern in late-stage tech where companies use selective secondary windows and concentrated rounds to manage employee liquidity and shore up resources, trading short-term signaling and retention gains against longer-term scrutiny and governance complexity. How the market, counterparties and regulators react will determine whether the high number becomes a durable benchmark or a short-lived reference point.