Key Takeaways
- FTX initially invested $500 million for a 13.6% stake in Anthropic in 2021
- Up to a third of the proceeds from selling Anthropic shares could potentially go to non-customer creditors.
- FTX’s stake in Anthropic, roughly 8%, now worth over $1 billion with Anthropic’s valuation at $15 billion, could be used to repay creditors.
Delaware Bankruptcy Court Judge John Dorsey has given the green light for the FTX bankruptcy estate to proceed with the sale of its stake in artificial intelligence (AI) startup Anthropic, as per court filings from Thursday.
The ruling, issued during a Feb. 22 hearing, came after FTX reached agreements with some customers who had objected to the sale. However, under the latest ruling, up to a third of the proceeds from selling Anthropic shares could potentially go to non-customer creditors.
This decision has sparked contention among some customers, arguing that they should be entitled to 100% of the sale proceeds, citing claims that customer assets were utilized to finance FTX’s initial investment in Anthropic.
FTX initially invested $500 million for a 13.6% stake in Anthropic in 2021, valuing the company at approximately $3.6 billion at the time. Since then, Anthropic’s valuation has surged to over $18 billion following its latest funding round.
With the judge’s approval to sell its Anthropic shares granted on February 23, FTX’s creditors stand to potentially gain significantly from the sale. Despite FTX’s investment in Anthropic nearly three years ago, the startup has since secured billions of dollars in additional funding, establishing itself as one of the most valuable AI startups globally.
The motion to sell around 7.84% of Anthropic held by FTX was filed in early February 2024, following an initial attempt to sell the stake in June 2023, which was halted after months of due diligence by potential buyers.
FTX and its sister firm Alameda initially invested $500 million in Anthropic in 2021, with the valuation of the stake estimated to be around $1 billion as Anthropic’s valuation soared to $15 billion.
Despite FTX’s reduced share in the startup to 7.84% since 2021, the investment could still hold significant value, potentially exceeding $1.4 billion today.
In January 2024, the FTX estate announced its intention to repay its customers fully. Meanwhile, Sam Bankman-Fried, the former FTX CEO, is awaiting sentencing next month after being convicted of fraud last year, with the duration of his prison sentence expected to be a point of contention.
