TLDR
- Anthropic proposed a 70–78 IPO price range in its November 10 SEC filing.
- FTX’s bankruptcy estate sold 44.54 million Anthropic shares across two transactions in 2024.
- The transactions generated approximately $1.34 billion against an original $500 million investment.
- Anthropic’s stock split increased the equivalent historical share count to approximately 445.4 million.
- The proposed IPO range implies a hypothetical value between $31.2 billion and $34.7 billion.
Anthropic’s proposed IPO price values FTX’s former equity position at approximately $31.2 billion to $34.7 billion. The calculation uses Anthropic’s November 10 pricing range and FTX’s documented 2024 share sales. FTX’s bankruptcy estate received approximately $1.34 billion for the entire position. The difference represents hypothetical appreciation, not money available for creditor distributions.
IPO Filing Gives the Old Stake a New Benchmark
Anthropic’s November 10 announcement sets its proposed Nasdaq offering between $70 and $78 per share. The company plans to list under the ticker ANT, although the final price remains unsettled. Court schedules show FTX sold 44,539,240 Anthropic shares across two transactions. Anthropic’s updated SEC prospectus records a 10-for-1 stock split in September 2026.
That makes the former position equivalent to 445,392,400 shares at today’s adjusted share count. Multiplying that figure by Anthropic’s proposed offering range produces the $31.2 billion to $34.7 billion estimate. These are illustrative values, not realized proceeds. They also exclude any subsequent trading, transfers, or restrictions affecting individual purchasers.
Bankruptcy Records Detail the Sale Process
FTX originally invested $500 million in Anthropic in 2021. Following its 2022 collapse, the estate liquidated assets to fund creditor recoveries. A March 2024 court schedule lists 29,465,891 shares priced at $884.1 million. The estate completed that transaction in April. The largest allocation went to ATIC Third International Investment, which paid nearly $500 million.
A May 2024 schedule lists another 15,073,349 shares for $452.3 million. The court approved that sale in June. Combined proceeds exceeded the original investment by approximately $836 million. Unlike listed shares, Anthropic’s preferred stock had no continuously quoted public price. Those negotiated transfers preceded Anthropic’s plans for a Nasdaq listing.
However, the transactions were not conducted without buyer outreach. In a court declaration, adviser Perella Weinberg Partners described contacting more than 400 prospective purchasers. It reported 149 confidentiality agreements and 45 indications of interest. The adviser described the selected offer as the best available at that time. That assessment was contemporaneous, unlike valuations inferred from the later IPO. Those details distinguish the bankruptcy sale process from hindsight comparisons using today’s valuations.
Creditors Cannot Claim Hypothetical IPO Proceeds
The sale transferred exposure to Anthropic’s subsequent growth away from the bankruptcy estate. Any investment gains now depend on the ownership and trading decisions of later holders.
Historical percentage stakes also require care. Anthropic’s subsequent fundraising diluted earlier ownership, making FTX’s old percentage an unreliable basis for today’s valuation. CoinCentral previously covered Anthropic’s IPO plans. Anthropic’s filing still awaits effectiveness, and the offering price may change.
