A San Francisco home has changed hands for $2.9 million, with the buyer paying using shares of two of the most valuable private AI companies: OpenAI and Anthropic. The deal, one of the few known cases where startup equity directly bought real estate, closed in recent weeks, according to property records reviewed by GFdaily.
How the deal was structured
The buyer tendered a mix of shares from OpenAI and Anthropic rather than cash. Neither company is publicly traded, so valuing the stock required agreement between both parties. Real estate agents involved in the transaction declined to comment on how the exact share count was determined, but the final sale price matched the property's listing amount.
The seller accepted the equity as full payment, a move that bypasses traditional mortgage financing and avoids a cash outlay for the buyer. It also means the seller now holds positions in two AI startups that have collectively raised billions of dollars and are at the center of the industry’s rapid expansion.
Why the seller took the stock
For the seller, accepting OpenAI and Anthropic shares instead of cash represents a bet on future appreciation. Both companies have seen their valuations climb sharply in recent years — OpenAI most recently at an $80 billion valuation, Anthropic at around $18 billion. By taking equity, the seller gains direct exposure to that growth without having to buy shares on a secondary market.
The transaction also sidesteps capital gains taxes that would apply if the seller had received cash and then invested it in the same stocks. Tax professionals say such deals require careful structuring to satisfy IRS rules around like-kind exchanges and asset valuation.
The property and its place in a shifting market
The home itself sits in a residential neighborhood of San Francisco, a city where median home prices have fluctuated amid tech layoffs and remote-work trends. The $2.9 million price tag puts it well above the citywide median, which hovers around $1.4 million. The property includes three bedrooms, two bathrooms, and roughly 1,800 square feet, according to the listing.
Real estate observers say the deal reflects a broader willingness among high-net-worth individuals to use private-company stock as currency. Similar transactions have occurred with shares of SpaceX and Stripe, but they remain rare in the residential market.
Neither the buyer nor the seller was publicly identified in the filings. Representatives for OpenAI and Anthropic did not respond to requests for comment.
The deal's closure leaves a key question unanswered: how will tax authorities treat the transaction when the seller eventually sells the stock? The IRS has not issued specific guidance for real estate purchases using private-company equity, meaning the parties may face uncertainty when filing their returns.
