FTX Anthropic Stake Sale Draws Focus as IPO Looms

Anthropic's filing for a Nasdaq listing has brought renewed attention to FTX’s $1.3 billion sale of its investment in the artificial intelligence company, according to CryptoNews. An undiluted calculation applying FTX’s former 7.84% stake to a hypothetical valuation places the former holding well above $100 billion.

Anthropic announced on Oct. 26 that it filed an S-1 registration statement with the U.S. Securities and Exchange Commission to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares offered and the price range remain undetermined.

Valuation Comparisons and Prior Sales

The Wall Street Journal reported a potential $1.5 trillion to $2 trillion IPO valuation range for Anthropic. Applying FTX’s former 7.84% ownership percentage to the lower end of that range produces $117.6 billion, while the $2 trillion figure yields $156.8 billion, assuming the ownership percentage remained unchanged. These figures are hypothetical undiluted estimates and do not represent the confirmed current valuation of the specific shares sold by the estate.

Sam Bankman-Fried’s FTX group originally invested $500 million in the AI developer. U.S. Bankruptcy Judge John Dorsey authorized the estate to sell its investment in February 2024. By March 2024, the estate arranged to sell roughly two-thirds of the holding for $884 million, with an Abu Dhabi sovereign investor-linked entity, Jane Street, Fidelity-managed funds, and G Squared participating as buyers. The remaining 15 million shares were sold at approximately $30 apiece.

Creditor Repayments and Individual Forfeitures

FTX's confirmed bankruptcy plan bases customer recoveries on dollar claims tied to the exchange’s November 2022 collapse. The estate projected $14.7 billion to $16.5 billion in property available for distribution, with Anthropic share sale proceeds contributing to the estate's overall recovery pool.

Separately, former Alameda Research chief executive Caroline Ellison and former FTX engineering director Nishad Singh personally invested a combined $50 million in Anthropic’s 2022 Series B financing. Federal proceedings transferred their ownership interests to the U.S. government during 2025, and the U.S. Marshals Service subsequently sold those holdings to existing Anthropic investors.

Key facts

• Anthropic filed an S-1 registration statement with the U.S. Securities and Exchange Commission for a Nasdaq listing under the ticker ANT.
• FTX’s bankruptcy estate received approximately $1.3 billion from selling its 7.84% stake in Anthropic across two transactions in 2024.
• Applying FTX’s former ownership percentage to a hypothetical $1.5 trillion valuation produces $117.6 billion before subsequent dilution.
• Buyers of the estate's shares included an Abu Dhabi investment company, Jane Street, Fidelity-managed funds, and G Squared.
• FTX originally invested $500 million of customer funds into Anthropic through Sam Bankman-Fried’s group before the exchange's November 2022 collapse.