A 5% stake in AI coding startup Cursor, sold by FTX's bankruptcy estate for $200,000 in April 2023, would now be valued at approximately $3 billion following SpaceX's agreement to acquire the company at a $60 billion valuation. This development comes as SpaceX prepares for an initial public offering targeting a $2 trillion valuation, with the acquisition serving as a strategic move to enhance its AI capabilities. The deal has significant implications for the crypto industry, particularly in light of FTX's bankruptcy and the subsequent sale of its assets. The sale of the Cursor stake has sparked debate about the handling of FTX's assets during the bankruptcy process, with founder Sam Bankman-Fried arguing that the estate's decision to liquidate assets too quickly resulted in the destruction of billions of dollars in value.
The Cursor stake's valuation has increased by a staggering 15,000x since its sale, representing a substantial missed recovery for FTX's creditors.