In 2024, the FTX bankruptcy estate sold its entire Anthropic stake for approximately $1.34 billion. As Anthropic prepares for a Nasdaq IPO, the same block of shares is now estimated to be worth between $30 billion and $45 billion.
How the sale came together
FTX and its sister trading firm Alameda invested $500 million in Anthropic in 2021. After the exchange went bankrupt, the estate sold its entire position in two transactions in 2024.
The first sales, in March and April, brought in about $884 million. A second sale in June added roughly $452 million.
The shares changed hands for about $30 each, with the stake divided among 38 buyers.
The largest individual block, valued at $500 million, went to ATIC Third International Investment, an entity linked to Abu Dhabi’s Mubadala.
On paper, the estate made a strong return: its $500 million investment became approximately $1.34 billion, yielding a profit of around $800 million.
By the time of the sale, however, FTX’s stake had been diluted. Its initial holding of about 13.56% after the investment had fallen to roughly 7.84% to 8% of Anthropic’s shares as the AI company raised more money.
Anthropic’s path toward a trillion-dollar listing
Anthropic is preparing to list on Nasdaq under the ticker ANT, with its debut projected for around November 19.
According to the company’s updated S-1 filing, it plans to price shares at between $70 and $78. At the upper end of that range, the offering would imply a fully diluted valuation of approximately $1.4 trillion.
The IPO also includes a concurrent $26 billion placement to firms including Google and Nvidia.
The listing follows a funding round in May 2026 that valued Anthropic at $965 billion.
Following a 10-for-1 stock split, the position represents approximately 445.4 million shares, or roughly 2.5% of Anthropic’s fully diluted share count.
Depending on the stock’s eventual pricing and trading, the stake is now valued at between $30 billion and $45 billion.
What this means
For FTX creditors, the difference between approximately $1.34 billion and a possible $30 billion or more is painful.
The 38 buyers, led by Mubadala-linked ATIC Third International Investment, paid around $30 per share. IPO calculations now value their position at many times that price.
A fully diluted valuation of as much as $1.4 trillion would place the company in rarefied territory. The S-1 range is a target, not a guarantee, and IPO pricing may change with market conditions up to the listing date.
The key dates to watch are the final pricing and the projected November 19 debut.
Source: cryptobriefing.com. Adapted by NBTC.
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