Key Takeaways
- • Anthropic filed an S-1 with the SEC on Oct. 26, 2026, preparing a Nasdaq listing under the ticker ANT, with share count and price range not yet determined.
- • Applying FTX's former 7.84% stake to the reported $1.5 trillion low-end IPO valuation yields a hypothetical $117.6 billion undiluted figure, rising to $156.8 billion at $2 trillion, per the calculation in the source article.
- • FTX's estate sold its Anthropic holding in 2024 for roughly $1.3 billion across two transactions, with buyers including ATIC (linked to Mubadala), Jane Street, Fidelity-managed funds, HOF Capital and G Squared.
- • The comparison is hypothetical: the calculations hold the 7.84% stake constant despite subsequent fundraising, including a $65 billion round in May at a $965 billion post-money valuation.
Summary
Anthropic's IPO filing has renewed attention on the $1.3 billion sale by FTX's bankruptcy estate of its Anthropic investment. The company announced on Oct. 26 that it had filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission, preparing to list its Class A common stock on the Nasdaq Global Select Market under the ticker ANT. The number of shares and price range have not been determined, and the registration statement is not yet effective. Goldman Sachs and Morgan Stanley were named as contacts for the preliminary prospectus.
The Wall Street Journal has reported a potential IPO valuation of $1.5 trillion to $2 trillion. Applying FTX's former 7.84% ownership to the low end produces $117.6 billion, and $156.8 billion at $2 trillion, assuming the percentage remained unchanged. The source article stresses these are hypothetical undiluted estimates rather than a confirmed value for the shares the estate sold. The stake had already been diluted by fundraising before the sale, with the 7.84% figure standing when the bankruptcy court approved the disposal.
U.S. Bankruptcy Judge John Dorsey authorized the sale in February 2024. By March 2024, the estate had arranged to sell roughly two-thirds of the holding for $884 million, with ATIC Third International Investment Company, linked to Abu Dhabi sovereign investor Mubadala, the largest buyer at nearly $500 million. Jane Street, Fidelity-managed funds and HOF Capital were also purchasers. The remaining 15 million shares sold at approximately $30 each, generating more than $450 million, with G Squared buying 4.5 million shares for $135 million. Across both sales, the estate received roughly $800 million more than the original $500 million investment, before associated costs.
Since the exit, Anthropic has raised substantially more capital. It announced a $30 billion Series G at a $380 billion post-money valuation in February 2026, led by GIC and Coatue, and in May raised $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Jane Street and Fidelity Management & Research Company were named among investors in the May round.
Separately, FTX's confirmed bankruptcy plan bases customer recoveries on dollar claims tied to the November 2022 collapse. The estate projected $14.7 billion to $16.5 billion available for distribution, and a second distribution exceeding $5 billion was scheduled for May 30, 2025, with class-specific rates ranging from 54% to 120% of allowed claims.
The Wall Street Journal has reported a potential IPO valuation of $1.5 trillion to $2 trillion. Applying FTX's former 7.84% ownership to the low end produces $117.6 billion, and $156.8 billion at $2 trillion, assuming the percentage remained unchanged. The source article stresses these are hypothetical undiluted estimates rather than a confirmed value for the shares the estate sold. The stake had already been diluted by fundraising before the sale, with the 7.84% figure standing when the bankruptcy court approved the disposal.
U.S. Bankruptcy Judge John Dorsey authorized the sale in February 2024. By March 2024, the estate had arranged to sell roughly two-thirds of the holding for $884 million, with ATIC Third International Investment Company, linked to Abu Dhabi sovereign investor Mubadala, the largest buyer at nearly $500 million. Jane Street, Fidelity-managed funds and HOF Capital were also purchasers. The remaining 15 million shares sold at approximately $30 each, generating more than $450 million, with G Squared buying 4.5 million shares for $135 million. Across both sales, the estate received roughly $800 million more than the original $500 million investment, before associated costs.
Since the exit, Anthropic has raised substantially more capital. It announced a $30 billion Series G at a $380 billion post-money valuation in February 2026, led by GIC and Coatue, and in May raised $65 billion at a $965 billion post-money valuation, led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Jane Street and Fidelity Management & Research Company were named among investors in the May round.
Separately, FTX's confirmed bankruptcy plan bases customer recoveries on dollar claims tied to the November 2022 collapse. The estate projected $14.7 billion to $16.5 billion available for distribution, and a second distribution exceeding $5 billion was scheduled for May 30, 2025, with class-specific rates ranging from 54% to 120% of allowed claims.
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