FTX’s former investment in artificial intelligence company Anthropic could now be worth more than $30 billion at its proposed IPO price, nearly two years after the bankrupt cryptocurrency exchange sold the entire holding for approximately $1.34 billion to repay creditors.
Summary
- FTX’s former Anthropic stake could be worth $34.7 billion at the proposed IPO price range.
- The bankruptcy estate sold its entire Anthropic investment for approximately $1.34 billion during 2024.
- FTX originally invested $500 million in Anthropic before selling its shares to institutional investors.
- Anthropic proposes an IPO price of 70–78 per share, implying a trillion-dollar company valuation.
Anthropic’s November 10 filing with the US Securities and Exchange Commission sets an estimated IPO price of $70 to $78 per share. Applying that range to the shares previously owned by FTX, adjusted for Anthropic’s September stock split, produces a potential valuation of approximately $31.2 billion to $34.7 billion.
The calculation concerns shares FTX sold in 2024. The bankruptcy estate no longer owns the investment, and the proposed IPO price has not been finalized.
FTX sold its Anthropic stake for $1.34 billion in 2024
FTX and its affiliated trading firm Alameda Research invested $500 million in Anthropic in 2021, when the artificial intelligence developer was still building its business.
The investment initially gave the group a 13.56% ownership interest. However, subsequent financing rounds diluted the holding to approximately 7.84% by early 2024.
Following FTX’s collapse in November 2022, the investment became part of the assets managed by its bankruptcy estate.
In February 2024, US Bankruptcy Judge John Dorsey authorized the estate to sell its shares as administrators worked to recover funds for customers and other creditors.
As crypto.news previously reported, some customers initially opposed the transaction, arguing that funds used for the investment had been taken from customer deposits.
The estate proceeded with the sale in two batches.
The first involved approximately 29.47 million shares sold for $884.1 million, with the transaction closing in April 2024. A second sale covering roughly 15 million shares followed in June, generating another $452 million.
Together, the transactions brought in almost $1.34 billion, or around $836 million more than the original investment before associated costs.
The sales were conducted at nearly $30 per share.
Anthropic IPO price puts former FTX shares above $30 billion
Anthropic’s amended prospectus proposes offering 825 million Class A shares, including approximately 801.35 million newly issued shares and 23.65 million shares sold by existing investors.
The company has applied to list on the Nasdaq Global Select Market under the ticker ANT.
Its proposed price range of $70 to $78 implies a company valuation of approximately $1.26 trillion to $1.41 trillion on a fully diluted basis.
Anthropic completed a 10-for-1 stock split on September 17, 2026, adjusting the number of shares represented by earlier investments.
After accounting for that split, the approximately 44.54 million shares sold by FTX would correspond to roughly 445.4 million shares.
At the bottom of Anthropic’s proposed IPO range, the former position would be valued at approximately $31.18 billion. At $78 per share, the same holding would be worth approximately $34.74 billion.
The upper estimate is nearly 26 times the proceeds FTX received in 2024.
The comparison assumes the previously sold shares retained their economic rights through the split. It represents a hypothetical valuation using Anthropic’s proposed share price, not money available to FTX creditors.
Who bought FTX’s Anthropic shares?
The bankruptcy estate sold the investment to institutional investors, investment funds and other private buyers.
ATIC Third International Investment Company, associated with Abu Dhabi’s Mubadala, purchased the largest block during the first sale.
Its acquisition covered approximately 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.
A later transaction included G Squared, which purchased approximately 4.5 million shares for $135 million.
Previous coverage of the bankruptcy sales detailed how the estate divided the investment among buyers while preparing cash distributions to creditors.
Under Anthropic’s proposed IPO prices, the original $500 million block purchased by the Mubadala-linked investor would correspond to shares worth roughly $11.7 billion to $13 billion after the stock split.
The final value of the investment will depend on Anthropic’s market price and the trading restrictions applicable to individual shareholders.
Anthropic prepares Nasdaq listing with $26 billion private placement
Alongside the public offering, Anthropic plans a $26 billion private placement involving several major technology companies.
The participants include Google, Microsoft, Nvidia, AMD, Broadcom, Micron and TSMC Partners.
The private placement is scheduled to close after the IPO, subject to conditions outlined in the registration statement.
Anthropic’s latest filing follows a May 2026 funding round that valued the company at $965 billion.
The proposed listing has already attracted interest from cryptocurrency investors. Recently, Bitget introduced Anthropic-linked subscriptions through its IPO Prime platform, with separate participation windows and subscription fees.
The amended prospectus states that Anthropic expects to begin selling shares once its registration statement becomes effective.
