FTX's Sold Anthropic Stake Could Be Worth $30B+ at Proposed IPO Range

Anthropic's IPO Filing and the Valuation Math

Anthropic's amended S-1 proposes offering 825 million Class A shares, including about 801.35 million newly issued shares and 23.65 million shares from existing investors. It has applied to list on the Nasdaq Global Select Market under the ticker ANT, with a debut projected around November 19. The company also completed a 10-for-1 stock split on September 17, 2026, which Crypto.news notes adjusts the share count for earlier investments.

The sources differ on the exact valuation figures. Crypto Briefing applies the $70 to $78 range to roughly 445.4 million post-split shares and estimates a stake worth $30 billion to $45 billion. Crypto.news, applying the same range to the same share count, arrives at approximately $31.18 billion to $34.74 billion, and cites the filing's implied company valuation at roughly $1.26 trillion to $1.41 trillion on a fully diluted basis. Crypto Briefing describes the top of the range as implying about $1.4 trillion. The $45 billion upper estimate in Crypto Briefing is not reproduced by the per-share arithmetic in the other source, and the figures should be read as a range of hypotheticals rather than a single value.

Anthropic's stake also changed size over time. FTX's holding was diluted from about 13.56% to roughly 7.84% to 8% before the sale, and the post-split position is described as about 2.5% of the fully diluted share count.

Caveats on What the Figures Mean

Neither source suggests FTX creditors hold the position today. The estate sold the shares in 2024, and the valuations are hypothetical figures based on the proposed IPO price, not money available to creditors. Crypto.news also notes the calculation assumes the sold shares kept their economic rights through the split.

The IPO price is a proposed range rather than a final price. Both sources emphasize that pricing can shift with market conditions before listing. The final pricing and the projected debut are the key dates to watch.

Why It Matters

For Traders

Anthropic's final IPO pricing and November debut date are the near-term catalysts, and proposed-range valuations can move before listing.

For Investors

The gap between FTX's 2024 sale proceeds and the hypothetical IPO value highlights how much private AI valuations have risen, though the outcome depends on final pricing.

For Builders

The sale and IPO illustrate how bankruptcy estates can liquidate private equity stakes, a precedent relevant to how legacy crypto-firm assets are recovered.