Wayve, a UK-based self-driving tech startup, is allowing its employees to sell a portion of their vested equity. The $85 million tender offer — essentially a structured opportunity for employees to sell shares back to investors — is being led by the company’s existing and new investors at the company’s latest valuation of $8.5 billion.

That valuation was set in February when the nine-year-old company raised a $1.2 billion Series D led by Eclipse, Balderton and SoftBank Vision Fund 2, and included participation from Ontario Teachers’ Pension Plan, Baillie Gifford, Microsoft, NVIDIA and Uber.

This is Wayve’s second employee liquidity event. The company previously held a tender offer alongside its $1.05 billion Series C funding round in May 2024.

Wayve’s offering is part of a growing trend of AI startups. Rather than waiting years for an exit, companies are using tender offers as a retention tool, giving employees a reason to stick around rather than jump to a competitor — or start their own shop — the moment their options vest.

Other startups that have recently completed employee tender offers include Decagon, which builds AI agents that handle customer service for enterprises like Duolingo and Hertz; ElevenLabs, the AI voice-generation company behind much of the internet’s synthetic speech and dubbing tools; Linear, a popular project-management platform built for software teams; and Clay, a sales and marketing automation tool that helps companies research and reach prospects. (Clay has run two tenders in the last nine months alone.)

These startups are able to provide employee liquidity primarily because investors are eager to buy more of the equity in these high-growth companies, even at a premium, betting the businesses will be worth even more down the line.