Sam Bankman-Fried’s cryptocurrency empire turned an early bet on Anthropic into a $1.3 billion windfall. However, the startup’s reported IPO ambitions suggest the stake could have been worth much more than that amount if FTX had held on.
FTX’s $500 Million Anthropic Investment
Bankman-Fried, FTX’s former CEO and co-founder, is serving a 25-year prison sentence after being convicted in 2023 on fraud and conspiracy charges.
Before FTX’s collapse, the cryptocurrency exchange invested $500 million in Anthropic in 2022, when the AI startup was valued at $2.5 billion. The investment secured an approximately 8% stake in the company, which develops the Claude family of AI models.
However, FTX’s subsequent bankruptcy forced the estate to liquidate assets to help repay creditors, including its investment in Anthropic.
In 2024, FTX sold its stake in two transactions, generating approximately $884 million and $450 million, respectively. The combined $1.334 billion in proceeds represented a substantial gain over the original investment.
Anthropic’s Reported $2 Trillion IPO Could Have Changed Everything
Anthropic has since emerged as one of the most valuable AI companies, with its valuation reportedly reaching $965 billion in May.
The company filed its public registration statement, known as an S-1, on Monday, setting the stage for a potential Nasdaq listing under the ticker symbol ANT. It is reportedly targeting an IPO valuation between $1.5 trillion and $2 trillion.
According to Anthropic’s Oct. 26 S-1 filing, FTX’s former stake amounts to 445.4 million shares, or approximately 2.5% of the company on a fully diluted basis, according to SBF Index.
At a pre-IPO price of $105.71 per share, the stake would be worth about $47.1 billion, compared with the $1.34 billion the FTX bankruptcy estate received from selling it in 2024. At a reported $2 trillion IPO valuation, the stake could be worth approximately $50.1 billion, excluding additional dilution from the IPO itself.
Meanwhile, in February, SBF sought a new trial, alleging that the Justice Department under former President Joe Biden pressured key defense witnesses to remain silent.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.