According to crypto.news, the assets of the bankrupt cryptocurrency exchange FTX include a former investment in artificial‑intelligence firm Anthropic that could be valued at more than $30 billion if the company’s planned initial public offering proceeds at the lower end of its indicated price range. The bankruptcy estate sold the entire Anthropic position for roughly $1.34 billion in 2024, generating a return of about $836 million over the original $500 million outlay. The valuation estimate is based on Anthropic’s filing with the U.S. Securities and Exchange Commission, which proposes an IPO price of $70 to $78 per share, implying a market capitalization of $1.26‑$1.41 trillion.

Background of the investment

FTX and its affiliated trading firm Alameda Research invested $500 million in Anthropic in 2021, when the AI startup was still in its early development phase. The capital infusion initially secured a 13.56% ownership stake, which was later diluted to approximately 7.84% after subsequent financing rounds. Following the collapse of FTX in November 2022, the Anthropic shares became part of the assets overseen by the bankruptcy estate. In February 2024, U.S. Bankruptcy Judge John Dorsey approved the sale of the shares, allowing the estate to raise funds for creditors. The sale was executed in two batches: about 29.47 million shares for $884.1 million in April and roughly 15 million shares for $452 million in June, both at around $30 per share.

Potential IPO valuation

Anthropic’s amended prospectus outlines an offering of 825 million Class A shares, including 801.35 million newly issued shares and 23.65 million sold by existing investors. The company completed a 10‑for‑1 stock split on September 17, 2026, which multiplies the number of shares representing the former FTX holding to roughly 445.4 million. Applying the proposed IPO price range to those shares yields a hypothetical valuation of $31.18 billion at $70 per share and $34.74 billion at $78 per share. The estimate is purely theoretical; the bankruptcy estate no longer owns the shares, and the final IPO price has not been set.

Who bought the stake and what’s next

The 2024 sales were purchased by a mix of institutional investors, including ATIC Third International Investment Company (linked to Abu Dhabi’s Mubadala), Jane Street Global Trading, Fidelity Management & Research, HOF Capital, and G Squared. The largest block—about 16.66 million shares—was acquired by the Mubadala‑affiliated buyer for nearly $500 million. Anthropic also plans a $26 billion private placement involving major technology firms such as