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FTX's former Anthropic stake would be worth approximately $31.2 billion to $34.7 billion at the AI company's proposed IPO price range, after the bankruptcy estate sold it for about $1.34 billion in 2024.
Anthropic's latest prospectus outlines an offering of 825 million Class A shares at $70 to $78 each, implying a valuation of roughly $1.2 trillion to $1.4 trillion.
Why it matters
FTX and its affiliates invested about $500 million in Anthropic in 2021 and 2022 for an initial stake of roughly 8%. Bankruptcy trustees subsequently sold the stake in batches at approximately $30 per share to secure liquidity for cash payouts.
The implied IPO value highlights the gains the estate gave up by selling earlier. It is a valuation based on the proposed offering range, not proceeds FTX actually received.
Market impact
FTX owed creditors approximately $11.2 billion at its collapse. At the stated IPO range, the former stake's implied value would be nearly three times that debt, although the estate had already liquidated the shares to fund payouts.
Source: [Anthropic, PBC - S-1/A-2](https://www.sec.gov/Archives/edgar/data/2130357/000162828026072484/anthropicpbc-sx1ax2.htm)
Frequently asked questions
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How much did the FTX estate recover from its Anthropic stake?
The bankruptcy estate recovered approximately $1.34 billion by selling the stake in batches in 2024.
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Why did FTX's trustees sell the Anthropic shares?
The trustees sold the stake to secure liquidity for cash payouts during the bankruptcy restructuring.
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How much did FTX originally invest in Anthropic?
FTX and its affiliates invested approximately $500 million in 2021 and 2022 for an initial stake of roughly 8%.
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What IPO terms underpin the stake's implied valuation?
Anthropic's latest prospectus outlines an offering of 825 million Class A shares at $70 to $78 each, implying a company valuation of roughly $1.2 trillion to $1.4 trillion.
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How does the former stake's implied value compare with FTX's debts?
FTX owed creditors approximately $11.2 billion at collapse. The former stake's implied value at the IPO range is $31.2 billion to $34.7 billion, although the estate no longer owns the shares.
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