In a deal that has sent shockwaves through the crypto and tech industries, SpaceX has agreed to acquire AI coding startup Cursor for $60 billion. This valuation has retrospectively turned a relatively minor asset sale by FTX's estate into one of the most substantial missed recoveries in crypto history. The stake in question, which FTX's estate sold for $200,000 in April 2023, would now be worth approximately $3 billion. This enormous disparity has sparked renewed debate about the handling of FTX's assets during its bankruptcy.
The company's founder, Sam Bankman-Fried, has long argued that the estate's decision to liquidate assets too quickly destroyed billions of dollars in value, a claim that the Cursor deal appears to substantiate. The acquisition is part of Elon Musk's strategy to bolster SpaceX's position in the AI coding tools market, an area where the company currently lags behind competitors like OpenAI and Anthropic. The deal is contingent on SpaceX's planned initial public offering, which is targeting a $2 trillion valuation. The crypto community is closely watching the situation, as it raises important questions about the management of assets in bankruptcy cases and the potential consequences of forced selling.