The recent agreement between SpaceX and AI coding startup Cursor, valued at $60 billion, has brought to light a substantial missed recovery for FTX's bankruptcy estate. In April 2023, the estate sold its 5% stake in Cursor for $200,000, a stake that would now be worth approximately $3 billion. This significant disparity has sparked debate about the estate's handling of assets during the bankruptcy process.
SpaceX's decision to acquire Cursor is part of Elon Musk's efforts to enhance his company's AI coding capabilities, an area where he believes xAI, his AI company, is currently lagging behind competitors. The acquisition is contingent on SpaceX's planned initial public offering, which aims to achieve a $2 trillion valuation.
Meanwhile, the FTX estate's sale of the Cursor stake has raised questions about the timing and value of the transaction, with some arguing that the estate could have realized a much higher return if it had held onto the asset. This development is likely to feature prominently in the ongoing discussions about FTX's bankruptcy and the estate's management of its assets.