The bankruptcy estate of FTX sold a 5% stake in AI coding startup Cursor for $200,000 in April 2023, a stake that would now be valued at approximately $3 billion following SpaceX's agreement to acquire the company at a $60 billion valuation. This development has brought attention to the significant gap between the sale price and the current valuation, with the difference representing a substantial missed recovery for FTX's creditors. The acquisition is part of Elon Musk's efforts to enhance SpaceX's AI capabilities, particularly in the area of AI coding tools, where the company currently lags behind competitors.
The deal is contingent on SpaceX's planned initial public offering, which is targeting a $2 trillion valuation. Meanwhile, the sale of the Cursor stake has become a point of contention in the FTX bankruptcy case, with founder Sam Bankman-Fried arguing that the estate's decision to liquidate assets too quickly has resulted in significant losses for creditors. The timing of the sale has also raised questions about the estate's management of assets and its prioritization of creditor interests.