Following SpaceX's agreement to acquire Cursor at a $60 billion valuation, it has been revealed that a 5% stake in the AI coding startup, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be worth approximately $3 billion. This substantial difference in value has brought attention to the crypto aspect of the deal, particularly the investment made by Alameda Research in Anysphere, the company behind Cursor, in April 2022.
The investment of $200,000, which bought around 5% of the company at a $4 million valuation, was sold by the FTX estate for the same amount after the company's collapse. The significant gap between the selling price and the current valuation has sparked debate about the timing and handling of FTX's bankruptcy assets. This incident may serve as a prime example for Sam Bankman-Fried's argument that the estate's rapid liquidation of assets resulted in the destruction of billions of dollars in value, potentially impacting the recovery for creditors.