A stake in AI coding startup Cursor, sold by FTX's estate for $200,000 in April 2023, would now be valued at approximately $3 billion following SpaceX's acquisition agreement at a $60 billion valuation. This deal marks a significant turning point for Elon Musk's efforts to close the gap with competitors in the AI coding tools sector. The acquisition is contingent on SpaceX's planned initial public offering, which aims for a $2 trillion valuation. Meanwhile, the crypto community is abuzz with the revelation that FTX's estate missed out on a substantial recovery, with the stake's value increasing by a staggering 15,000x.
This development has sparked debate about the handling of FTX's assets during its bankruptcy, with founder Sam Bankman-Fried arguing that the estate's liquidation strategy destroyed billions in value. The sale of the Cursor stake has become a prime example of the potential upside that FTX customers missed out on, with the estate's decision to sell assets quickly being called into question.