OpenAI and Anthropic Staff Have Cashed Out Roughly $14B in Private Shares

Employees and early investors at OpenAI and Anthropic have sold a combined roughly $14 billion in private shares over the past five years through secondary tender offers. The moves provide pre-IPO liquidity and ease some of the pressure on both companies to go public, yet the labs still need public-market capital to fund the massive cost of training frontier models, according to a tally by The Information.