Major media outlets including Forbes and The Wall Street Journal mistakenly applied FTX's 2024 ownership stake of 7.8% to 8% to subsequent valuation increases. This approach overlooked Anthropic's continuous issuance of new shares, which systematically diluted the estate's true equity percentage. When properly accounting for the fixed count of 44,539,240 shares, the actual worth sits far below the inflated numbers reported across the press.
Key points
Media calculations failed to account for equity dilution caused by Anthropic issuing new…: Media calculations failed to account for equity dilution caused by Anthropic issuing new shares over time.
The errors spanned valuations ranging from $183 billion to $1 trillion across multiple fi…: The errors spanned valuations ranging from $183 billion to $1 trillion across multiple financial outlets.
The reporting discrepancies represent an industry-wide oversight rather than an intention…: The reporting discrepancies represent an industry-wide oversight rather than an intentional misrepresentation of the asset's value.
Sources checked by our analysis pipeline: 1
The media scoreboard
sbfindex.com2.9×too high
The Wall Street Journal, Forbes and Benzinga all multiplied FTX's 2024 stake (7.8% to 8%) by a later valuation. Anthropic kept issuing shares, so the stake kept shrinking.1 Nobody did it on purpose. Dilution is easy to miss.
What they saidThe record, same valuation
All 9 articles
- The Wall Street JournalOct 12, 2026Said $75B at a $965B valuation. The record: $26.2B. 2.9×
- ForbesMay 5, 2026Said $80B at a $1T valuation. The record: $30.4B. 2.6×
- Forbes (contributor)Mar 18, 2026Said $30.4B at a $380B valuation. The record: $11.5B. 2.6×
- TheStreet, on Yahoo FinanceOct 12, 2026Said $75B at a $965B valuation. The record: $26.2B. 2.9×
- Moneywise, on Yahoo FinanceOct 1, 2026Said $75B at a $965B valuation. The record: $26.2B. 2.9×
- BenzingaApr 23, 2026Said $64B at a $800B valuation. The record: $24.3B. 2.6×
- CCN, on Yahoo FinanceApr 23, 2026Said $82.3B at an implied $1T valuation. The record: $31.2B. 2.6×
- BenzingaApr 2, 2026Said $28.8B at a $380B valuation. The record: $11.5B. 2.5×
- BenzingaSep 4, 2025Said $14.64B at a $183B valuation. The…
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