Gusto launches a $200M+ employee tender offer at a $9.3B valuation
Gusto opened a tender offer of more than $200 million for current and former employees with at least two years' tenure, priced at a $9.3 billion valuation. The round was led by Teachers' Venture Growth, part of the Ontario Teachers' Pension Plan, taking its first stake in the company. The window ran 9 June to 8 July 2025.
Fortune reported on 10 June 2025 that Gusto had launched a tender offer of more than $200 million, valuing the company at $9.3 billion. The offer was open to current and former employees with a minimum of two years of tenure and ran from 9 June through 8 July 2025.
The buyer was Teachers’ Venture Growth, the late-stage arm of the Ontario Teachers’ Pension Plan, taking its first position in Gusto. This was a secondary transaction providing employee liquidity rather than primary capital for the company.
CEO Josh Reeves on IPO timing: “Gusto has been a long-term focused, multi-decade company from day one … When we have more details to share on an IPO, we’ll share it.”
Context reported alongside the offer: Gusto generated north of $500 million in revenue in its 2023 fiscal year and expected to add 150,000 new small businesses to the platform in 2025. As of September 2026 no Form S-1 appears in SEC EDGAR under the company name, and third-party IPO-tracker claims of a March 2026 S-1 filing are contradicted by other trackers and remain unverified.