What a private-company tender offer actually is — and how to track every one.
TenderOffer.co is the canonical public knowledge graph for private-company tender offers — definitions, process, deals, firms, and ongoing news, written for the people who actually run and participate in them.
Learn how tender offers actually work
The offer-to-purchase, the letter of transmittal, and the broader disclosure package — what they are, what they say, and what to look for.
A private-company tender offer involves an issuer, buyers, an information agent, a paying agent, a cap-table provider, and counsel. Here's what each role does, why it matters, and how they coordinate.
A step-by-step walkthrough of a private-company tender offer — from the moment a buyer is identified to the day proceeds settle in eligible sellers' bank accounts.
A typical private-company tender offer takes about 90 days from buyer commitment to settlement, with a 20-business-day offer window in the middle. Here is what happens, and when.
A buyback is a tender offer where the company itself is the buyer. A typical private-company tender offer has third-party buyers. The mechanics are similar — the cap-table and tax effects are not.
Tender offers create taxable events. Here is a plain-English overview of how the tax mechanics typically work, what withholding looks like, and where to get qualified advice.
Recent tender offers
## Summary Databricks paired a primary capital raise with an employee tender offer reported at $92.50 per share and a $62B valuation, sized at approximately $2
## Summary SpaceX is reported to have priced its December 2024 employee tender offer at $185 per share, implying a valuation of approximately $350B. The transa
## Summary OpenAI is reported to have run an employee tender offer at $210 per share, implying a $157B valuation, with a sizing reported in the press at approx
## Summary In February 2024, Stripe announced an employee tender offer reported in the press at a valuation of approximately $65B, with a price per share of $2
## Summary In September 2023, Databricks ran an employee tender offer reported at $73.50 per share and a $43B valuation, alongside a primary investment.
Key terms
Latest coverage
A combined primary + secondary structure gives Databricks employees liquidity at $92.50 per share alongside fresh capital.
SpaceX's recurring employee liquidity program prices its December round at $185 per share.
OpenAI's reported employee tender offer prices at $210 per share, implying a $157B valuation.
A reported employee tender offer at $27.51 per share gives long-tenured Stripe shareholders a path to partial liquidity without an IPO.