Following SpaceX's decision to acquire Cursor at a $60 billion valuation, it has been revealed that a 5% stake in the AI coding startup, previously owned by FTX's bankruptcy estate, would now be worth approximately $3 billion. This stake was sold in April 2023 for $200,000, representing a substantial loss in potential recovery for the estate's creditors.
The deal marks a significant move by Elon Musk to enhance SpaceX's AI capabilities, particularly in the area of AI coding tools, where the company currently lags behind competitors such as OpenAI and Anthropic. The acquisition is contingent upon SpaceX's planned initial public offering, which aims to achieve a $2 trillion valuation.
Meanwhile, the sale of the Cursor stake has sparked controversy, with Sam Bankman-Fried, the founder of FTX, arguing from prison that the estate's decision to liquidate assets too quickly has resulted in the destruction of billions of dollars in value. The case of the Cursor stake, which has increased in value by approximately 15,000% since its sale, is likely to be cited as a prime example of the potential losses incurred by the estate's creditors.