Storm Duncan, founder of tech investment bank Ignatious, is proposing to exchange approximately $8 million worth of Bay Area real estate—including a nearly $5 million Mill Valley home and an adjacent 11-acre property valued at about $4 million—for stock options in Anthropic, an AI company reportedly considering an initial public offering (IPO) this year [1]. Duncan's 4,372-square-foot estate, built in 2005, features amenities such as an infinity pool and chef's kitchen, and offers views across San Francisco Bay [1]. Realtor.com's automated valuation models estimate the home's value at $4.8 million, while Duncan's valuation for the combined properties totals around $8 million [1].
Anthropic, the creator of the AI assistant Claude, is reportedly seeking financing at a valuation close to $1 trillion, though Duncan is basing his proposed deal on an $800 billion valuation for the company [1]. Duncan, who already owns about $1 million in Anthropic shares, aims to increase his exposure to the company by acquiring more shares from an Anthropic employee who may wish to diversify their holdings ahead of a potential IPO, given the illiquidity and transfer restrictions on the shares [1]. He believes the deal could appeal to a younger Anthropic employee looking to lower their tax basis before the IPO and diversify out of concentrated stock holdings [1].
Duncan described the transaction as a 'diversification play' for himself, seeking less exposure to real estate and more to AI, expressing confidence in Anthropic's potential to deliver fundamental value [1]. The property has not been formally listed with agencies or on the multiple listing service, but Duncan has launched a LinkedIn page for the offering and has received some inquiries, though none have resulted in a sale yet [1].
He stated that any deal would be structured so that shares are transferred after the lockup period concludes, acknowledging the challenge of finding a buyer with millions of dollars in Anthropic shares and estimating the likelihood of a successful transaction at less than 50%, partly due to the emotional nature of home purchases [1].
CONCLUSION
Storm Duncan's unconventional proposal to swap high-value real estate for Anthropic stock highlights growing interest in AI investments ahead of the company's potential IPO. While the deal faces logistical and emotional hurdles, it underscores the perceived value and market anticipation surrounding Anthropic's future.