According to Anthropic's latest prospectus, the firm plans to offer 825M Class A shares priced at $70–$78 each, implying a ~$1.2T–$1.4T valuation. FTX and affiliates invested ~$500M in 2021–2022 for an initial ~8% stake, now worth ~$31.2B–$34.7B at the IPO range. However, during its 2024 bankruptcy restructuring, FTX trustees fully liquidated the stake in batches at ~$30/share to secure liquidity for cash payouts, recouping only ~$1.34B. With FTX owing creditors ~$11.2B at collapse, retaining the shares would have repaid the entire debt nearly 3x over.