The recent agreement between SpaceX and Cursor has shed light on a substantial missed recovery for FTX's 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 development has significant implications, particularly given the timing of the sale and the subsequent trajectory of Cursor's valuation. SpaceX's acquisition of Cursor at a $60 billion valuation has brought attention to the vast difference between the initial sale price and the current value of the stake.
The estate's decision to sell the stake has sparked debate, with some arguing that the sale was premature and that the estate could have realized a much higher return if it had held onto the asset. This incident has also been cited as an example of the potential value that could have been realized if the estate had adopted a different approach to managing its assets during the bankruptcy process.