The U.S. government received $627 million in 2025 from selling Anthropic shares seized from former FTX executives Caroline Ellison and Nishad Singh. Had it held the 4.45 million shares, they could be worth about $3.94 billion at a potential $1.5 trillion valuation—roughly six times the sale proceeds. Anthropic has not yet announced pricing for its expected November IPO, and the $1.5 trillion figure is not a confirmed offering valuation.
4.45 million shares sold at $140.9676 each
Anthropic disclosed in an S-1 registration filing on Monday that it repurchased 4,453,900 Series B shares from the U.S. government in October 2025 for $140.9676 per share, or about $627 million in total. That price matched the per-share price for the company’s F-1 class of stock in its Series F financing the previous month.
The filing said the shares had been forfeited by their former holders in legal proceedings unrelated to Anthropic, but did not name Ellison or Singh. The number of shares corresponds to stock the two bought in 2022: Singh invested $40 million and Ellison $10 million, at $11.2261 per share. Their combined $50 million investment was later turned over to the government for disposition.
Anthropic then resold the shares to nine investors for the same total amount, meaning it made no profit on the transaction. The filing did not identify the buyers. The shares represent about 0.25% of Anthropic’s current share count; at a $1.5 trillion valuation, that stake would be worth roughly $3.94 billion.
Ellison and Singh shares handled separately from Bankman-Fried’s
Ellison and Singh previously worked at companies controlled by Sam Bankman-Fried. They later admitted to crimes connected to the case and testified at his federal criminal trial in Manhattan. A jury found Bankman-Fried guilty, and a judge sentenced him to 25 years in prison.
The U.S. government had taken ownership of Ellison’s and Singh’s Anthropic shares by April 2025 at the latest. The U.S. Marshals Service then handled the sale. Its Asset Forfeiture Division typically manages interests in private companies seized through criminal forfeiture proceedings.
Bankman-Fried’s own Anthropic holdings followed a separate route. His Series B shares, valued at about $500 million, became part of the FTX bankruptcy estate and were sold to dozens of buyers in 2024 for $1.3 billion. The proceeds were used to repay creditors, including customers and investors who suffered losses when FTX collapsed.
Destination of the $627 million remains unclear
Justice Department prosecutors previously told a federal judge that the government could set up its own claims process or work with the FTX bankruptcy proceedings to identify victims and direct forfeiture proceeds toward compensation. The government has not announced a victim compensation fund.
Bankruptcy court filings show that, as of June 2026, the government had not transferred the $627 million to the FTX estate. How the funds will ultimately be handled remains unresolved.
The sale highlights how sharply Anthropic’s shares may have appreciated, while leaving open how the forfeited proceeds could be used to compensate victims. The $3.94 billion estimate depends on a potential $1.5 trillion valuation, not a confirmed IPO price, and the government has yet to clarify the funds’ destination.