FTX creditors hope Google’s potential $2B investment in Anthropic will boost recovery prospects News ▸ FTX ▸ Bankruptcy
FTX creditors hope Google’s potential $2B investment in Anthropic will boost recovery prospects
Anthropic, in which FTX and Alameda Research invested a combined $500M, could see a $30 billion valuation if it secures new investments from Google.
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Updated: Oct. 4, 2023 at 4:42 pm UTC
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The FTX 2.0 Coalition, a group comprised of FTX creditors, said Google’s potential $2 billion investment in artificial intelligence firm Anthropic could help the exchange’s defunct users become whole.
In an Oct. 4 post on X (formerly Twitter), the group highlighted that if Anthropic’s valuation were to increase to a range of $20 billion to $30 billion, FTX’s stake in the company could surge to as much as $4.5 billion. This increase will drastically supplement FTX’s recovered assets, currently valued at $7.3 billion in cash and crypto.
Before declaring bankruptcy last year, FTX, alongside Alameda Research, invested $500 million in Anthropic. The bankrupt firm had suspended a planned sale of its stake in the company in June. At the time, the sale would have fetched the company “nine figures.”
Anthropic has emerged as one of the main rivals of OpenAI. The company was launched in 2021 by former researchers from OpenAI after raising $124 million in initial funding. The founders were reportedly motivated by concerns surrounding the safety and ethics of advanced AI systems. As such, the AI company aims to develop artificial general intelligence (AGI) with rigorous safety practices.
On Oct. 3, The Information reported that Anthropic was seeking to raise as much as $2 billion from investors, including Google, a few days after it had gotten a $1.25 billion commitment from Amazon. These investments will reportedly “quintuple” the company’s valuation from the $4.6 billion recorded earlier in the year.
Crypto Investment platform Matrixport noted that, with OpenAI’s ChatGPT rival worth approximately $30 billion, Anthropic’s valuation would push FTX’s stake to $2 billion.
Matrixport added that this, alongside other possible recoveries, would be positive for FTX’s users. The firm said:
“There is a potential $2.1 billion that could be reclaimed from Binance, another $700 million from an investment firm linked to a former Clinton aide, K5, and the $500 million stake in Anthropic, which could potentially gain additional value soon. Moreover, there are expectations of FTX 2.0 becoming a reality, which could significantly benefit claims holders.”
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Anthropic
Anthropic is a US-based artificial intelligence (AI) startup and public-benefit corporation founded by former members of OpenAI in 2021.
OpenAI
OpenAI is an AI research and deployment company committed to ensuring that general-purpose artificial intelligence helps all of humanity.