In March 2025, Anthropic closed a $3.5B Series E led by Google at a $61.5B post-money valuation. The company went from $18B (May 2024 Series D) to $61.5B in ten months — a pace very few private companies have matched at this scale.
The per-share math
With approximately 550M shares fully diluted, the implied per-share value at the Series E is $112. Anthropic grants RSUs to employees, so there is no strike price to subtract — every vested share is worth $112 in paper value at the primary.
Secondary market trades on Hiive in February 2025 settled at $112/share. That's an unusual signal: secondary investors are paying primary-round prices, suggesting the next round (if any) is expected to price higher.
Vesting status by cohort
Anthropic was founded in May 2021. Standard vesting is 4 years / 1-year cliff. Here's roughly where each cohort stands today:
- Founding team and 2021 hires: 100% vested. Eligible for any tender offer that emerges.
- 2022 hires: 75–100% vested depending on month.
- 2023 hires: 25–75% vested.
- 2024 hires: 0–25% vested. Most haven't reached the 1-year cliff yet.
RSU liquidity reality
Unlike option holders, RSU recipients owe ordinary-income tax on the value at vesting — even if they cannot yet sell. This creates the 'RSU liquidity trap': you may have a tax bill on $500K of paper value with no way to cover it from the shares themselves. Many tech employees rely on tender offers (Anthropic hasn't run one publicly yet) or wait for IPO.
If you're at Anthropic and have substantial vested RSUs, talk to a tax advisor before each vesting tranche. Even modest holdings at $112/share can trigger six-figure tax obligations.