In San Francisco, real estate has long been a symbol of wealth, with median house prices exceeding $2 million. However, a recent listing at 160 Noe Street challenges this norm by pricing the Edwardian home at $2.9 million or its equivalent in Anthropic shares, based on the company’s current valuation. This unconventional approach highlights the growing appeal of Anthropic stock among investors, as noted by real estate agent Rachel Swann, who was inspired by conversations with Anthropic employees at an open house. Swann explained that these employees, anticipating potential windfalls from their stock, questioned whether they could use their shares as leverage to purchase property. 'This kept coming up over and over again,' she said.
The trend extends beyond this single listing. In April, investment banker Storm Duncan proposed exchanging his Mill Valley home and land for Anthropic shares, while in May, Vijay Chattha listed his Healdsburg home for $2.5 million or $2 million in Anthropic stock. Chattha, who owns a PR agency for tech firms, emphasized his belief in Anthropic’s rapid growth, citing the company’s valuation jump from $380 billion in February to $965 billion. 'If you look at Anthropic's growth last year, it's insane,' he said. He also noted his preference for Anthropic over OpenAI, stating he was open to exchanging the house for shares but not for OpenAI stock.
The real estate listings coincide with heightened investor interest in Anthropic and OpenAI, as both companies prepare for potential initial public offerings. Despite their record valuations, many believe their stock prices will continue to rise, creating a frenzy in the secondary market. Anthropic recently updated its policy on unauthorized stock sales, stating that such transactions are invalid. While the legality of exchanging shares for real estate remains unclear, real estate agents like David Hargreaves acknowledge the novelty of the trend, citing past examples such as bitcoin transactions or property swaps. Helena Zaludova, a luxury real estate agent, called the listings a 'clever gimmick,' noting that escrow companies cannot handle securities, especially those not publicly traded. Still, she acknowledged the media attention generated by these listings.
Source: wired
