Question
Why the $75 billion figure for FTX's Anthropic stake is wrong
Short answer: Because it uses an old ownership percentage. The Wall Street Journal (Oct 12, 2026) multiplied FTX's 2024 stake of 7.8% by Anthropic's $965B Series H valuation. Anthropic had issued many new shares by then, so FTX's 44,539,240 shares were about 2.7% of the company, worth $26.2B at that round's price. By the share count in Anthropic's S-1 they are 2.5% today, worth about $43.3B at the pre-IPO price.
Nobody did it on purpose. Each new funding round shrank FTX's share of the company while its number of shares stayed the same, and that is easy to miss.
Nine articles, checked
Each one multiplied a 7.8% to 8% stake by a later valuation. The record column prices FTX's 44,539,240 shares at the article's own valuation, using Anthropic's share count at the time: 3.43% at Series F, 3.04% at Series G, 2.72% at Series H and 2.50% by the S-1.
| Article | Date | Said | At a valuation of | The record | Too high by |
|---|---|---|---|---|---|
| The Wall Street Journal ↗ | Oct 12, 2026 | $75B | $965B | $26.2B | 2.9× |
| TheStreet, on Yahoo Finance ↗ | Oct 12, 2026 | $75B | $965B | $26.2B | 2.9× |
| Moneywise, on Yahoo Finance ↗ | Oct 1, 2026 | $75B | $965B | $26.2B | 2.9× |
| Forbes ↗ | May 5, 2026 | $80B | $1T | $30.4B | 2.6× |
| Benzinga ↗ | Apr 23, 2026 | $64B | $800B | $24.3B | 2.6× |
| CCN, on Yahoo Finance ↗ | Apr 23, 2026 | $82.3B | about $1T | $31.2B | 2.6× |
| Benzinga ↗ | Apr 2, 2026 | $28.8B | $380B | $11.5B | 2.5× |
| Forbes (contributor) ↗ | Mar 18, 2026 | $30.4B | $380B | $11.5B | 2.6× |
| Benzinga ↗ | Sep 4, 2025 | $14.64B | $183B | $6.28B | 2.3× |
Archived copies of every article are in our research files. Corrections are welcome at hi@sbfindex.com. The share math step by step · Anthropic's S-1 ↗.