Selling a House for OpenAI or Anthropic Shares—How Does That Even Work?

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Some homeowners are putting their properties on the market with an unusual condition: Instead of cash, they want to be paid in shares of private companies that could become the next hot IPO.

One South Florida family that recently listed a $2.6 million waterfront home said it would seriously consider accepting shares in OpenAI, Anthropic or SpaceX as payment.1 They're not alone. Similar listings have appeared across the country, with some sellers reporting a flood of offers within days.2

SpaceX’s recent IPO has turned SPCX into one of the market’s most-watched new stocks, underscoring why some sellers may be tempted by shares tied to high-profile companies that are about to go public.

Attorneys told Investopedia that a home sale does not have to be paid for in cash. Real estate contracts are largely a matter of private agreement between buyer and seller, meaning company shares can be used as payment if both sides agree to the terms.

“Shares can serve as consideration in the same way money does," says Gwen Chelidze, a real estate attorney at Lux Law. "The transaction can be structured as a direct exchange between the parties. The homeowner transfers the deed and receives the existing shares in return, while the other party takes title to the property."

Selling a home for shares may be possible, but the deal can get complicated quickly. Valuation, liquidity, taxes and private-stock rules can all affect whether the trade is worth making.

Pricing a home is relatively straightforward. With shares, it depends on what kind.

Publicly traded shares have a transparent price that’s updated continuously. The challenge is that these prices can fluctuate, so both parties need to agree on a specific date or formula for locking in what they're worth.

Private company shares, meanwhile, are significantly more complicated. Companies such as Anthropic or OpenAI have no quoted market price, so their value must be estimated from recent funding rounds, secondary market transactions, comparable public company multiples and projected cash flows. That can leave significant room for disagreement between buyer and seller.

"The contract should be very clear about how the shares will be valued and when this valuation will occur," says Chelidze. "Determining the number of shares at contract signing keeps the structure simple, but the value may change significantly between contract signing and closing, so there needs to be a repricing formula as well as other meaningful contingencies to address any material changes."

Accepting equity instead of cash means swapping a home—an asset with everyday use and long-term value—for shares whose price can move up and down quickly.

"A home is somewhere to live and it's a relatively stable asset, “ says Islay Robinson, Group CEO of Enness Global. “Shares are volatile and can move fast, and while the explosive upside people imagine does happen, it doesn't always."

There's also the tax question. If the property is a primary residence, the seller may qualify for a capital gains exclusion of up to $250,000 for single filers, or $500,000 for married couples filing jointly. But that tax break does not apply to shares.3

The buyer handing over appreciated shares may also incur capital gains tax, which could affect their budget and how much they're willing to pay.

On the other side, a seller looking for equity in a specific company is limited not just to buyers who hold the shares, but those who want to part with them and can navigate this type of transaction. That’s a much narrower universe than the market for a straightforward cash offer, potentially reducing demand and competition.

An obvious alternative is to sell for cash and use some of the proceeds to buy shares directly.

Because private company shares are unregistered securities, federal law can restrict who is allowed to receive them. The buyer transferring the shares must ensure the seller qualifies as an SEC-accredited investor, which generally requires a net worth of at least $1 million excluding the primary residence, or annual income above $200,000.4

“I would not recommend this for most people,” says Luciano Oliveira, an attorney licensed in the U.S. and Brazil. “These are illiquid private securities, hard to value and hard to exit. The standard screens out exactly the type of homeowner who’d be hurt: the one whose wealth is the house they’re about to hand over. If the deal won’t let you in, that’s not a barrier—it’s a warning.”