FTX’s Former Anthropic Stake Would Reach $117.6 Billion at $1.5 Trillion

A hypothetical $1.5 trillion Anthropic IPO valuation would put the 7.84% holding FTX had before its 2024 bankruptcy sale at $117.6 billion, far above the sale proceeds.

The valuation scenario under discussion implies a $116.3 billion difference from the roughly $1.3 billion the FTX bankruptcy estate collected. That comparison is not a realized loss: FTX sold its shares, and the estimate applies its 2024 ownership percentage to a hypothetical valuation. It also leaves out dilution from subsequent funding rounds.

FTX invested $500 million in Anthropic in 2021 for a 13.56% stake. Later financing reduced its ownership to 7.84% by 2024. The estate’s sale proceeds were about $800 million above the original investment.

Other investors’ holdings also produce large paper valuations under the same scenario. Menlo Ventures invested more than $1 billion, with its stake estimated at $21.8 billion. Iconiq invested more than $6 billion beginning in 2025, and its holding is estimated at $26.4 billion. Spark Capital’s $75 million investment in 2023, when Anthropic was valued at about $5 billion, corresponds to an estimated $10.9 billion stake.

Sequoia and Singapore sovereign wealth fund GIC each hold about 1%, or roughly $15 billion at that valuation. Sequoia invested about $3 billion; GIC invested more than $4.5 billion. Former Google CEO Eric Schmidt, who invested tens of millions of dollars in 2021, also holds about 1%.

FTX sold its Anthropic shares in tranches during its bankruptcy liquidation. The first transaction, worth about $884 million, involved 24 buyers. They included ATIC, a Mubadala affiliate, which bought about $500 million; Jane Street, which bought $100 million; and a fund affiliated with Fidelity, which bought $45 million.