FTX’s 8% Stake in Anthropic: Who Will Be the Fortunate Buyer?
The bankruptcy court in New York has given its approval for FTX’s estate to sell its 8% stake in Anthropic, an artificial intelligence (ai) startup. This significant investment, worth $500 million three years ago, has now seen its value more than double due to the recent surge in the ai sector and is estimated to be over $1 billion.
Selling Process and Previous Attempts
The sale process for FTX’s stake in Anthropic commenced in February after a previous attempt to sell the shares, which was set to take place in June 2023, fell through following several months of due diligence.
Background on Anthropic
Anthropic, the ai company in question, is a formidable competitor in the market and has previously sought to raise $750 million in funding last December, valuing the company at approximately $18 billion. Given these numbers, FTX’s stake in Anthropic would have been worth around $1.4 billion.
Importance of Sale Flexibility
According to court documents, the Debtors have emphasized the importance of being able to sell their shares in Anthropic at different times and through various means to monetize their interest.
Anthropic’s Search for a Buyer
As per a recent report from CNBC, Anthropic is actively seeking a buyer to acquire a portion of their ownership. However, they have clarified that they are not considering investors from Saudi Arabia as potential buyers.
Geopolitical and National Security Concerns
Anthropic’s decision to exclude Saudi Arabia from the list of potential buyers is believed to be influenced by factors relating to national security and geopolitical complexities. These include Saudi Arabia’s controversial human rights record and its relationships with countries like China, as well as concerns about the potential risks of ai in both civilian and military applications.
CFIUS Intervention
The Committee on Foreign Investment in the United States (CFIUS) holds the power to block foreign investments that are considered a threat to national security. Given the increased interest from foreign state-backed entities, they may choose to intervene in the sale process of FTX’s stake in Anthropic.
In conclusion, the sale of FTX’s 8% stake in Anthropic is a significant development in the ai sector and holds implications for national security concerns. As the process unfolds, interested parties will be closely monitoring the progress to determine who will acquire this valuable investment.
