In a surprising turn of events, a 5% stake in AI coding startup Cursor, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be valued at approximately $3 billion following SpaceX's agreement to acquire the company at a $60 billion valuation. This development has brought attention to the significant losses incurred by FTX's estate due to the forced sale of assets during the bankruptcy process. The acquisition is part of Elon Musk's efforts to enhance SpaceX's AI capabilities, particularly in the area of AI coding tools, where the company currently lags behind competitors such as OpenAI and Anthropic.
The deal is contingent upon SpaceX's planned initial public offering, which aims to achieve a $2 trillion valuation. Meanwhile, the sale of the Cursor stake has sparked controversy, with Sam Bankman-Fried, the founder of FTX, arguing from prison that the estate's decision to liquidate assets too quickly has resulted in the destruction of billions of dollars in value. This incident is likely to be cited as a prime example of the potential losses incurred by FTX customers due to the estate's handling of assets during the bankruptcy process.