For creators and artists, the new currency is code, not cash
In the Bay Area, property prices have skyrocketed, with the median home in San Francisco now exceeding $2 million. Buyers are frequently bidding $1 million over the asking price, often waiving contingencies or paying in full to secure a deal. Yet, for the tech elite, there is a more potent asset than brick and mortar: equity in Anthropic or OpenAI.
Real estate listings swapping homes for stock
Last week, an Edwardian home at 160 Noe Street in the Duboce Triangle was listed for $2.9 million. The listing agent, Rachel Swann, noted that the price could also be paid in Anthropic or OpenAI shares based on current valuations. Swann explained that while many employees hold significant paper wealth, they often lack the liquidity to act on it. Some staff members were anticipating windfalls of up to $50 million from their holdings and wanted to leverage that value to purchase property.
This is not an isolated incident. In April, investment banker Storm Duncan proposed trading his Mill Valley residence and a neighbouring plot of land for Anthropic shares. Similarly, in May, Vijay Chattha, a PR agency owner, listed his Healdsburg home for $2.5 million, requesting $2 million in Anthropic stock. Chattha stated his intent was clear: to liquidate his property while simultaneously investing in the company he uses daily.
Chattha’s property is a three-bedroom, three-bathroom home featuring a pool and bocce court, situated in Sonoma County near renowned wineries. It holds a rare short-term rental designation, allowing it to be listed on platforms like Airbnb. Only a few properties in Healdsburg carry this status, and they are scarce on the market.
To attract Anthropic employees, Chattha offered a $500,000 discount. He argued that Anthropic’s share value would outpace other investments, citing the company’s rapid valuation jump from $380 billion in February to a reported $965 billion in May. He noted he was willing to exchange the house for Anthropic stock specifically, as he prefers their products over those of OpenAI.
The frenzy for IPO equity and policy hurdles
These listings emerge as investors eagerly await the initial public offerings of Anthropic and OpenAI. Both companies are preparing to file paperwork soon, fueling speculation that their stock prices will surge. This has created a frenzy on the secondary market for their equity, with transactions that may or may not be legitimate.
In response, Anthropic updated its policies regarding “unauthorized Anthropic stock sales” this spring. The policy states that any transaction purporting to sell shares without proper board approval is invalid. When asked about exchanging shares for real estate, an Anthropic spokesperson referenced this policy directly.
Could board approval be obtained for such a trade? David Hargreaves, the agent for Chattha’s home, suggested it is possible, noting he has heard of unconventional swaps, such as bitcoin purchases or property exchanges. Chattha admitted he was unsure of the mechanics and even asked Claude, Anthropic’s AI model, to investigate the feasibility.
Agents weigh in on the novelty
Helena Zaludova, a luxury real estate agent in San Francisco, described these listings as a “clever gimmick.” She pointed out that escrow companies generally cannot handle securities, particularly those that are not publicly traded. However, she acknowledged the media attention such listings generate.
Swann confirmed that 160 Noe Street has received sustained interest since the listing went live. She reported being approached by multiple agents representing clients from Anthropic and OpenAI. One client even called to ask if the sellers wanted to buy stock from them rather than a house.
Key takeaways
High real estate prices in San Francisco are driving a new trend where tech workers and sellers attempt to trade homes for equity in Anthropic and OpenAI.
While some sellers offer significant discounts to attract buyers with stock holdings, Anthropic has clarified that unauthorized share sales without board approval are invalid.
These unconventional listings are generating significant media buzz and interest from tech employees, even though the actual transaction mechanics remain legally complex.
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