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On April 8th, Bloomberg reported that Anthropic’s employee equity tender offer was completed last week. The valuation was consistent with the Series G funding round in February of this year, at a pre-money valuation of $350 billion (excluding the $30 billion raised). The transaction itself was not surprising; the surprising part was the outcome: Investors had prepared $5 to $6 billion to buy shares, but the final transaction amount fell far short of the upper limit. It wasn’t a lack of buyers; it was a lack of sellers. Looking at their stock, most Anthropic employees chose not to sell. What Are the Employees Betting On? To understand this result, we need to look at two background figures. The first is Anthropic’s revenue growth rate. By the end of 2025, the…# Analysis# guide# Token# ToolPre
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- Very few people noticed it at the time. Even though Nous Research has a certain reputation in the model community, and their Hermes series models have accumulated 33 million downloads on HuggingFac...