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FTX agrees to sell most of its Anthropic stake for $884M

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Mar 26, 2024
Illustration of a hundred dollar bill in the shape of the FTX logo

Illustration: Sarah Grillo/Axios

The bankruptcy estate of FTX struck deals to sell most of its stake in AI startup Anthropic for $884 million, according to a court filing.

Why it matters: The Anthropic stake sale moves FTX one step closer to exiting bankruptcy and paying back customers.

The latest: Two dozen investors have agreed to buy nearly 30 million shares of Anthropic from FTX, which amounts to about two-thirds of its 7.8% stake in the company.

  • ATIC Third International Investment, which is affiliated with U.A.E. sovereign wealth fund Mubadala, is buying a $500 million stake.
  • Other investors include Jane Street, certain funds managed by Fidelity Investments, and HOF Capital.

Yes, but: The sale still needs court approval to be finalized.

Catch up quick: Former CEO Sam Bankman-Fried invested $500 million into Anthropic in October 2021.

  • FTX paused a previous attempt to sell the stake last summer, and Google invested in the AI company three months later.
  • Last month, the court approved plans to sell the shares after the bankruptcy estate reached a deal with customers who opposed the sale.

The big picture: Prior to the sale, the FTX estate had amassed $6.4 billion in cash, and it expects to repay all customers in full by the end of the bankruptcy process.

What's next: Bankman-Fried will be sentenced in New York City's federal court Thursday after being convicted of defrauding customers and investors.

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