FTX's Sold Anthropic Stake Would Be Worth Up to $34.7 Billion at IPO Price

The Anthropic shares FTX's bankruptcy estate sold for roughly $1.34 billion in 2024 would be worth between $31.18 billion and $34.74 billion at the AI developer's proposed IPO price range, according to a November 10 filing with the US Securities and Exchange Commission. The estate no longer owns the position, and the figure is a hypothetical valuation, not money available to creditors.

Anthropic's amended prospectus sets an estimated IPO price of $70 to $78 per share, implying a fully diluted company valuation of roughly $1.26 trillion to $1.41 trillion. The company has applied to list on the Nasdaq Global Select Market under the ticker ANT and plans to offer 825 million Class A shares — about 801.35 million newly issued and 23.65 million sold by existing holders.

What did FTX originally own?

FTX and its affiliated trading firm Alameda Research invested $500 million in Anthropic in 2021, when the AI developer was still building its business. The stake initially represented a 13.56% ownership interest, but subsequent financing rounds diluted it to roughly 7.84% by early 2024.

After FTX collapsed in November 2022, the holding passed to its bankruptcy estate. In February 2024, US Bankruptcy Judge John Dorsey authorized the sale as administrators worked to recover funds for customers and creditors. Some customers initially opposed the transaction, arguing the money used for the original investment had come from customer deposits.

How did the $1.34 billion sale unfold?

The estate executed the exit in two batches, both priced at nearly $30 per share:

• About 29.47 million shares sold for $884.1 million, closing in April 2024.
• Roughly 15 million shares sold for $452 million in June 2024.

Together the transactions recovered almost $1.34 billion — around $836 million more than the original investment, before costs.

What does the IPO math show?

Anthropic completed a 10-for-1 stock split on September 17, 2026. Adjusted for that split, the roughly 44.54 million shares FTX sold would correspond to about 445.4 million shares today. At $70 per share, that position would be worth approximately $31.18 billion; at $78, about $34.74 billion. The upper estimate is nearly 26 times what the estate received in 2024. The comparison assumes the sold shares retained their economic rights through the split.

Who bought the shares?

The estate sold to institutional investors, funds and other private buyers:

• ATIC Third International Investment Company, linked to Abu Dhabi's Mubadala, took the largest block — about 16.66 million shares for nearly $500 million. At the proposed IPO range, that block would correspond to shares worth roughly $11.7 billion to $13 billion after the split.
• Jane Street Global Trading, funds managed by Fidelity Management & Research Company, and HOF Capital also participated.
• G Squared bought roughly 4.5 million shares for $135 million in a later transaction.

What comes next for the listing?

Alongside the public offering, Anthropic 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. Crypto investors have already moved in: Bitget introduced Anthropic-linked subscriptions through its IPO Prime platform, with separate participation windows and subscription fees.

Anthropic says it expects to begin selling shares once its registration statement becomes effective, with final pricing — and the true size of the missed windfall — determined at that point.