What SBF's Anthropic investment would be worth today

The SBF Index estimates what FTX and Alameda’s investments would be worth if the bankruptcy estate had never sold them, using court records and current market prices. As of October 30, 2026, its 461 tracked positions total $61.3 billion, compared with $5.32 billion invested and $6.23 billion realized by the estate. The index says the hypothetical portfolio grew about 11.5 times, outperforming equivalent investments in the S&P 500 or Bitcoin. Its largest holding is Anthropic: FTX’s original 445.4 million shares, now 2.5% of the company, are valued at $42.8 billion.

The central correction concerns claims that FTX’s Anthropic stake would be worth $75 billion or more. Those estimates apply FTX’s former 7.8%-8% ownership to later company valuations, overlooking dilution as Anthropic issued shares. At the relevant 2026 funding-round valuation, the same shares were worth $26.2 billion; at the index’s current pre-IPO price, they are worth $42.8 billion. The estate sold them for $1.34 billion in 2024, and 38 buyers now hold the potential gains. The index emphasizes that customer funds financed the investment, customers have received about 105% of claims so far, and Bankman-Fried owns none of the tracked upside. It is a hypothetical record, not an investable fund.