# SBF Index

> A live index of what FTX and Alameda Research's 2021-22 venture investments would be worth today if the bankruptcy estate had never sold them. Built from court filings in In re FTX Trading Ltd., No. 22-11068 (Bankr. D. Del.) and Anthropic, PBC's Form S-1. Compiled by Zach Noble. Independent; not affiliated with Anthropic, FTX or the FTX Recovery Trust.

## Key facts (as of Oct 29, 2026; the homepage updates live)

- SBF Index: $65.76B. FTX and Alameda put $5.32B into these positions in 2021-22 (12.4x). The estate sold them for $6.23B.
- FTX's former Anthropic stake: 445,392,400 shares after Anthropic's 10-for-1 split on Sept 17, 2026 (44,539,240 Series B shares before it). That is 2.5% of about 17.78B fully diluted shares, per the S-1 filed Oct 26, 2026. At the pre-IPO price ($103.96 per share) it is worth $46.3B ($46,304,881,262).
- The estate sold those Anthropic shares in 2024 for $1,336,377,630 ($30.0045 per pre-split share) to 38 buyers in 45 purchases, per court purchaser schedules D.I. 10348-1 and 16380-1 (orders D.I. 11460 and 17380). The largest buyer, ATIC Third International Investment Company (Mubadala, Abu Dhabi), paid $500M.
- FTX's old block is about 1.85x CEO Dario Amodei's 240.6M shares and larger than any individual co-founder's stake, per the S-1's principal stockholders table.
- Widely reported figures ($75B in The Wall Street Journal, Oct 12, 2026; $80B and $30.4B in Forbes; $64B in Benzinga) multiplied a 2024-era 7.8% to 8% stake by later valuations and ignored dilution. At each article's own valuation, the court-record value was 2.3x to 2.9x lower.
- Customers were repaid about 105% of claims (120% for small claims) in November 2022 dollars, so they got none of this upside. Sam Bankman-Fried is serving a 25-year sentence.

## How to cite

SBF Index (sbfindex.com), "What FTX and Alameda's venture investments are worth today," Oct 29, 2026. Sources: Anthropic, PBC, Form S-1 (Oct 26, 2026); In re FTX Trading Ltd., No. 22-11068 (Bankr. D. Del.), D.I. 10348-1 and 16380-1.

## Pages

- [Live index](https://sbfindex.com/): the number, chart since 2021 vs the S&P 500 and bitcoin, holdings, and the media scoreboard.
- [Anthropic](https://sbfindex.com/anthropic): the share math step by step, every major holder from the S-1, and all 38 buyers with what each paid and holds now.
- [All 461 positions](https://sbfindex.com/holdings): every position at the bankruptcy, with what the estate got and the source for each.
- [Every estate sale](https://sbfindex.com/sales): 112 sales with buyer, price and a link to the court filing.
- [Sources](https://sbfindex.com/sources): 98 court filings linked to CourtListener, the S-1, the FT investment sheet, and the articles checked.
- [Method](https://sbfindex.com/method): how each position is priced, the weak spots, and the corrections log.
- [Data (CSV)](https://sbfindex.com/sbf-index.csv): the daily series since Jan 1, 2021, free to use with a link.

## Primary sources

- Anthropic, PBC, Form S-1: https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm
- Purchaser schedule D.I. 10348-1: https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.10348.1.pdf
- Purchaser schedule D.I. 16380-1: https://storage.courtlistener.com/recap/gov.uscourts.deb.188450/gov.uscourts.deb.188450.16380.1.pdf

Contact: hi@sbfindex.com