In April 2023, FTX's 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 agreement. This deal has brought attention to one of the largest missed recoveries in crypto history.
SpaceX's agreement to acquire Cursor at a $60 billion valuation has given the company's stakeholders a substantial windfall, with FTX's estate being a notable exception due to its prior sale of the stake. The transaction has significant implications for the crypto industry, particularly in light of FTX's bankruptcy and the subsequent distribution plan, which has left customers without the potential upside from the assets sold during the bankruptcy process. The sale of the Cursor stake has become a prime example of the value that could have been realized if the estate had held onto its assets, rather than liquidating them at a lower valuation.