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 plans to either purchase Cursor for $60 billion later this year or pay $10 billion if the acquisition does not proceed, driven by Elon Musk's aim to bridge the gap with competitors in AI coding tools. The deal has brought attention to the crypto aspect, where Alameda Research, founded by Sam Bankman-Fried, initially invested $200,000 in Anysphere, the company behind Cursor, for a roughly 5% stake. After FTX's collapse and subsequent bankruptcy, the court-appointed estate sold the Cursor stake for the same $200,000, resulting in a missed recovery opportunity of approximately $3 billion.
This significant gap has raised questions about the timing and handling of FTX's bankruptcy administration, particularly as Sam Bankman-Fried argues that the estate's rapid asset liquidation destroyed billions in value, potentially leaving customers with less than they could have received if assets had been held longer. The stark contrast between the initial sale price and the current valuation underscores the potential consequences of the estate's actions, with the Cursor stake representing a forgone recovery of about $3 billion against the $200,000 realized.