FTX’s Former Anthropic Stake Could Be Worth Up to $34.7 Billion

FTX and Alameda Research invested $500 million in Anthropic in 2021, initially securing a 13.56% ownership interest. Later financing rounds diluted the holding to about 7.84% by early 2024. After FTX collapsed in November 2022, the shares became part of its bankruptcy estate. US Bankruptcy Judge John Dorsey authorized their sale in February 2024 as administrators sought to recover funds for customers and other creditors. Some customers objected, arguing the investment had been funded with money taken from customer deposits, according to crypto.news.

The estate sold about 29.47 million shares for $884.1 million in a transaction that closed in April 2024, then sold roughly 15 million more in June for $452 million. The combined proceeds were nearly $1.34 billion, about $836 million above the original investment before associated costs. The shares sold for nearly $30 each. Buyers included institutional investors and private funds. ATIC Third International Investment Company, associated with Abu Dhabi’s Mubadala, bought the largest block: about 16.66 million shares for nearly $500 million. Other buyers included Jane Street Global Trading, funds managed by Fidelity Management & Research Company and HOF Capital. G Squared bought about 4.5 million shares for $135 million in a later transaction.

Anthropic’s November 10 filing with the US Securities and Exchange Commission proposes an IPO price of $70 to $78 per share. The company plans to offer 825 million Class A shares, including about 801.35 million newly issued shares and 23.65 million sold by existing investors, and has applied to list on the Nasdaq Global Select Market under the ticker ANT. The proposed range implies a fully diluted valuation of about $1.26 trillion to $1.41 trillion.

Anthropic completed a 10-for-1 stock split on September 17, 2026. Adjusted for the split, the roughly 44.54 million shares sold by FTX would represent about 445.4 million shares. At the proposed IPO prices, that hypothetical holding would be worth about $31.18 billion to $34.74 billion; the upper estimate is nearly 26 times the estate’s sale proceeds. The calculation assumes the shares retained their economic rights through the split. FTX no longer owns them, and the proposed IPO price is not final. The original block bought by the Mubadala-linked investor would equate to roughly $11.7 billion to $13 billion at those prices. Actual value would depend on Anthropic’s market price and shareholder trading restrictions.

Anthropic also plans a $26 billion private placement involving Google, Microsoft, Nvidia, AMD, Broadcom, Micron and TSMC Partners, scheduled to close after the IPO subject to conditions in the registration statement. The filing follows a May 2026 funding round that valued the company at $965 billion. Anthropic says it expects to begin selling shares once its registration statement becomes effective.