Following SpaceX's agreement to acquire AI coding startup Cursor at a $60 billion valuation, it has been revealed that a 5% stake in the company, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be worth approximately $3 billion. This development comes as SpaceX has announced its intention to purchase Cursor later this year for $60 billion, or pay a $10 billion breakup fee if the acquisition does not proceed.
The deal is seen as a strategic move by Elon Musk to close the gap with competitors in the AI coding tools space. The crypto community is also taking note, as the sale of the Cursor stake by FTX's estate has been cited as an example of the significant value that could have been realized if the assets had been held rather than liquidated during the bankruptcy process. This incident is likely to feature prominently in ongoing discussions about the handling of FTX's assets and the potential for missed recoveries, with some arguing that the estate's decision to sell assets too quickly may have resulted in billions of dollars in lost value for creditors.