The recent agreement between SpaceX and Cursor has shed light on a substantial missed recovery for FTX's creditors. In April 2023, FTX's estate sold its 5% stake in Cursor for $200,000, a valuation that has since skyrocketed to approximately $3 billion. This significant increase in value is attributed to SpaceX's planned acquisition of Cursor at a $60 billion valuation.
The deal is part of Elon Musk's efforts to enhance SpaceX's AI capabilities, particularly in the area of AI coding tools. The transaction has sparked debate about the handling of FTX's assets during its bankruptcy, with some arguing that the estate's decision to liquidate assets too quickly may have resulted in substantial losses for creditors.
The sale of the Cursor stake has become a prime example of this issue, with the potential upside of $3 billion being realized by the buyer rather than FTX's creditors. This development may fuel further discussions about the management of FTX's assets during its bankruptcy and the potential consequences of forced selling.