FTX’s Anthropic Exit Under Scrutiny as AI Giant Eyes IPO

The disparity between the estate’s 2024 exit and the company’s explosive valuation growth has reignited tensions regarding the distribution of bankruptcy assets. Reports indicate Anthropic may seek an IPO valuation between $1.5 trillion and $2 trillion. If the estate had retained its former 7.84% stake, the value could theoretically exceed $117 billion, assuming no dilution from subsequent funding rounds. FTX offloaded the shares in two 2024 transactions to buyers including Abu Dhabi’s ATIC Third International Investment Company, Jane Street, and Fidelity-managed funds.

Bankruptcy Distributions and Forfeited Stakes

FTX’s bankruptcy plan calculates customer recoveries based on dollar-denominated claims pegged to the exchange’s November 2022 collapse, a methodology that has faced persistent pushback from creditors who missed out on the subsequent surge in asset prices. While the estate has initiated multiple distribution rounds—projecting returns of 119% for 98% of creditors—the missed opportunity on Anthropic remains a sore point. Beyond the corporate holdings, the government also seized and sold personal Anthropic investments belonging to former Alameda Research CEO Caroline Ellison and former FTX executive Nishad Singh, further complicating the narrative of lost potential gains for those caught in the exchange's collapse.