- Anthropic is in the process of evaluating potential investors to buy the stake.
- Saudi Arabia has been excluded from the race due to national security concerns.
As part of its bankruptcy settlement, the now-defunct cryptocurrency exchange FTX is reportedly planning to sell its about $1 billion stake in artificial intelligence company Anthropic, as reported by CNBC on March 22.
The report states that Anthropic is in the process of evaluating potential investors to buy the stake, and that a transaction is anticipated to be finalized “within a couple of weeks.” Due to the continuing nature of the financial discussions, the report cites people who have wanted to remain anonymous.
Being Sold Via an SPV
The shares are reportedly being sold via an SPV, as reported by CNBC’s sources. This is probably because FTX has declared bankruptcy; SPVs are basically distinct corporate legal entities that help parent companies meet their legal obligations when the parent firm goes bankrupt.
According to CNBC’s sources, Saudi Arabia has been excluded from the race due to national security concerns. However, it is unclear from the article whether this exclusion applies solely to state investors or if individuals, corporations, or citizens of Saudi Arabia who own or operate businesses abroad will also be barred. This is so even though the stock is technically a “Class B” non-voting shares.
Judge John Dorsey of the Delaware Bankruptcy Court allowed FTX to sell its Anthropic shares at a hearing on February 22, as previously reported. In April of 2022, FTX spent around $530 million on Anthropic shares. However, in the wake of the generative AI boom, the value of those shares has roughly doubled, and they are now valued at about $1 billion.
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