Former FTX Stake in Anthropic Could Be Worth $35 Billion Before IPO

The former investment of the bankrupt cryptocurrency exchange FTX in the artificial intelligence developer Anthropic could be valued at $31.18–34.74 billion at the preliminary initial public offering (IPO) price. This result is based on the registration statement filed by Anthropic with the U.S. Securities and Exchange Commission (SEC) on November 10, 2026.

The company set a preliminary IPO price range of $70–78 per share. This corresponds to a business valuation of approximately $1.26–1.41 trillion, taking into account potential capital dilution.

However, FTX no longer holds shares in Anthropic. Its bankruptcy estate fully realized the investment in 2024, receiving about $1.34 billion for creditor settlements.

How FTX Sold Its Stake in Anthropic

FTX and its affiliated trading company Alameda Research invested $500 million in Anthropic in 2021, initially acquiring a 13.56% stake. After subsequent funding rounds, the group's stake was reduced to approximately 7.84% by early 2024.

After the collapse of FTX in November 2022, the investment became part of the assets managed by those responsible for the bankruptcy proceedings. In February 2024, a U.S. court authorized the sale of the package to replenish funds intended for creditors.

The shares were sold in two stages. The first transaction covered about 29.47 million shares worth $884.1 million and was completed in April 2024. The second package of approximately 15.07 million shares was sold for $452.3 million in June. Total proceeds reached approximately $1.34 billion, exceeding the initial investment by about $836 million before accounting for related expenses.

Among the buyers were institutional investors and investment funds. The largest package in the first deal was acquired by a structure associated with Mubadala from Abu Dhabi. Other buyers included Jane Street, funds managed by Fidelity, and G Squared.

Why the Former FTX Stake Is Now Valued Over $30 Billion

On September 17, 2026, Anthropic conducted a 10-to-1 stock split. As a result, the number of shares equivalent to the previously sold FTX package increased from approximately 44.54 million to 445.39 million.

At the lower end of the proposed IPO at $70 per share, such a package would be valued at approximately $31.18 billion. At the upper end of $78, the estimated value would reach $34.74 billion. The latter amount is almost 26 times the actual proceeds from the sale in 2024. However, this comparison is purely theoretical. It assumes the retention of equivalent economic rights after the split and does not account for possible restrictions on the sale of securities.

Moreover, the IPO price has not yet been finalized and may change before trading begins.

Anthropic Prepares for Nasdaq Listing

According to the updated prospectus, Anthropic plans to offer investors 825 million Class A shares. Of these, about 801.35 million will be new company shares, and another 23.65 million will be sold by existing shareholders. The developer of the Claude model has applied for listing on the Nasdaq Global Select Market under the ticker ANT.

Simultaneously, Anthropic is preparing a private placement of shares worth $26 billion with the participation of major technology companies, including Google, Microsoft, Nvidia, AMD, Broadcom, and Micron. The deal is planned to be completed after the IPO upon fulfillment of the stipulated conditions.

Thus, the upcoming placement allows for an assessment of how the value of FTX's investment has changed since its realization in 2024. However, the new valuation of Anthropic does not change the actual amount received by the bankruptcy estate and does not imply additional proceeds for the exchange's creditors.