Following SpaceX's agreement to acquire AI coding startup Cursor at a staggering $60 billion valuation, it has been revealed that FTX's bankruptcy estate sold its 5% stake in the company for $200,000 in April 2023, a fraction of its current worth of approximately $3 billion. This significant disparity has sparked debate about the handling of FTX's assets during its bankruptcy proceedings. In 2022, Alameda Research, founded by Sam Bankman-Fried, invested $200,000 in Anysphere, the company behind Cursor, acquiring a 5% stake at a $4 million valuation. However, after FTX's collapse, the court-appointed estate sold the stake for the same $200,000, resulting in a substantial loss of potential recovery for creditors.
The timing of this sale has raised questions, particularly given Bankman-Fried's assertions that the estate's rapid liquidation of assets destroyed billions in value. The remarkable growth of Cursor, which launched its AI coding product in 2023, has been cited as one of the steepest in software startup history, further emphasizing the potential missed opportunity.
While FTX customers have been repaid in full, the estate's handling of assets has come under scrutiny, with the Cursor stake serving as a prime example of the potential value that could have been realized.