FTX’s $500 Million Bet on Anthropic Pays Off Amid Google’s Interest
Anthropic, a rival of OpenAI, has caught Google’s attention. Reports suggest that Google is currently engaged in discussions to invest a substantial $2 billion in the company. This news comes as a relief for FTX, the crypto exchange that went bankrupt last year. Moreover, FTX’s creditors can benefit from their $500 million stake in Anthropic.
Anthropic Seeks $2 Billion Funding Round
Anthropic, a company founded in 2021 by former OpenAI researchers and executives like Ilya Sutskever, Dario Amodei, and Daniela Amodei, is currently engaged in negotiations with several investors to raise $2 billion in a new funding round, as reported by The Information. Google is among the potential investors involved.
If the deal goes through successfully, Anthropic aims to achieve a valuation between $20 billion to $30 billion—an extraordinary boost for the company. Their mission centers around developing artificial intelligence systems that comprehend natural language, images, and other intricate data while aligning with human values and objectives.
With support from major backers such as Amazon.com Inc., who recently committed up to $4 billion in assistance for Anthropic, other notable investors like Reid Hoffman, Peter Thiel, Dustin Moskovitz, and Sam Altman have also joined forces.
Read Also: Breaking: Amazon To Invest $4 billion In OpenAI Rival Anthropic
FTX’s $500 Million Investment Could Pay Off
FTX, a major investor in Anthropic, faced bankruptcy in November 2020 due to a significant cyberattack, leading to substantial losses. According to an internal document obtained by Bloomberg, FTX and its affiliated hedge fund, Alameda Research, invested $500 million in Anthropic last year.
During the bankruptcy proceedings, FTX’s stake in Anthropic was uncertain as the company paused selling its shares. However, with the expected increase in Anthropic’s valuation after securing new funding, FTX’s investment has the potential for significant returns.
Although FTX had a $9 billion hole upon filing for bankruptcy initially, it has managed to recover around “$7B in liquid assets so far,” leaving approximately $2 billion outstanding. Hence, FTX’s investment may prove highly advantageous for the creditors.
Read also: Against $9bn In Liabilities FTX Holds Less Than $1bn In Liquid Assets
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