The FTX bankruptcy estate sold its 5% stake in AI coding startup Cursor for $200,000 in April 2023, according to reports. That stake is now valued at roughly $3 billion following an announcement by SpaceX that it has secured the right to acquire Cursor at a $60 billion valuation, highlighting potential consequences in high-stakes bankruptcy asset sales.
The FTX estate sold its stake in AI startup Cursor for $200,000 last year, missing out on a valuation surge to roughly $3 billion. This followed an agreement where SpaceX said it can acquire the company at a $60 billion valuation.
SpaceX stated it secured the right to acquire Cursor later this year at the $60 billion figure. The aerospace firm alternatively would pay a $10 billion breakup fee if the transaction does not proceed.
The deal sharply revalues FTX’s earlier position in the company. The stake originated from a $200,000 investment by Alameda Research in Anysphere, the startup behind Cursor, back in April 2022.
That initial investment reportedly secured about a 5% equity stake at a $4 million valuation. The recent events raise questions about the management and sale of assets during bankruptcy proceedings.
