In a stunning turn of events, 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 revelation comes as SpaceX, founded by Elon Musk, moves to expand its AI capabilities through the acquisition, which is seen as a strategic move to close the gap with competitors OpenAI and Anthropic.
The deal is contingent on SpaceX's planned initial public offering, which is targeting a $2 trillion valuation, with a $10 billion breakup fee serving as a safeguard. The crypto community is abuzz with the news, given the significant implications for FTX's bankruptcy estate and its creditors. The estate's decision to sell the Cursor stake for $200,000, the same amount Alameda Research had initially invested, has raised questions about the timing and valuation of the sale.
This development is likely to fuel further debate about the handling of FTX's assets during the bankruptcy process, with some arguing that the estate's actions destroyed billions of dollars in potential value. As the situation continues to unfold, it remains to be seen how this will impact the ongoing discussions around FTX's bankruptcy and the recovery of assets for its creditors.