In April 2023, FTX's bankruptcy estate sold a 5% stake in AI coding startup Cursor for $200,000, a valuation that has since skyrocketed to approximately $3 billion following SpaceX's acquisition deal. The transaction has brought attention to the significant gap between the initial sale price and the current valuation, with the difference representing a substantial 15,000% return. This development has sparked debate about the handling of FTX's assets during its bankruptcy, with former CEO Sam Bankman-Fried arguing that the estate's decision to liquidate assets quickly destroyed billions of dollars in potential value.
The Cursor stake's remarkable growth, from a $4 million valuation in 2022 to $60 billion today, is among the steepest in software startup history and has significant implications for FTX's creditors and customers.