In April 2023, FTX's bankruptcy estate sold a 5% stake in AI coding startup Cursor for $200,000, a valuation that has skyrocketed to approximately $3 billion following SpaceX's recent acquisition deal. SpaceX has agreed to purchase Cursor for $60 billion, with the option to pay $10 billion if the full acquisition does not proceed. This move is seen as Elon Musk's attempt to close the gap with competitors in the AI coding tools space.
The deal has brought attention to the crypto aspect, as Alameda Research, founded by Sam Bankman-Fried, had invested $200,000 in Anysphere, the company behind Cursor, in April 2022. The investment, which represented roughly 5% of the company at a $4 million valuation, was sold by the FTX estate for the same amount a year later.
The significant disparity between the sale price and the current valuation has sparked debate, particularly given Bankman-Fried's claims that the estate's liquidation of assets was overly hasty and resulted in substantial losses for creditors. The timing of the SpaceX deal has also raised questions about the FTX bankruptcy administration's handling of assets, with some arguing that a more patient approach could have yielded greater returns for customers.