The collapse of FTX continues to generate costly what-if scenarios for creditors and former stakeholders. One of the latest examples involves AI coding startup Cursor, whose parent company Anysphere was recently acquired by SpaceX in a deal valued at approximately $60 billion. According to reports, FTX sold its roughly 5% stake in the company for just $200,000 during bankruptcy proceedings in 2023. Based on the latest acquisition valuation, that same stake would now be worth more than $3 billion.
The sale occurred as bankruptcy administrators sought to liquidate assets and recover funds following the dramatic collapse of the crypto exchange in late 2022. At the time, Cursor was a relatively unknown startup developing AI-powered coding tools. Like many early-stage technology companies, it carried significant uncertainty and had yet to attract the widespread attention it enjoys today.
Since then, the artificial intelligence sector has experienced explosive growth. Cursor emerged as one of the fastest-growing AI developer platforms, gaining popularity among software engineers and enterprises seeking to automate coding tasks. Its rapid adoption helped position Anysphere among the most valuable private AI companies in the world, ultimately attracting the attention of Elon Musk’s growing AI ecosystem.
SpaceX’s acquisition of Anysphere reflects intensifying competition in the AI software market. The company is expected to integrate Cursor’s technology with broader initiatives tied to xAI and Grok as it seeks to challenge OpenAI, Anthropic, and other leading AI developers. The transaction also highlights how valuable AI infrastructure and developer tools have become amid rising demand for software automation.
For FTX creditors, the missed upside serves as another reminder of the challenges involved in liquidating assets during distressed market conditions. Bankruptcy sales often prioritize immediate liquidity over long-term value creation, particularly when future outcomes are highly uncertain. While few investors could have predicted Cursor’s meteoric rise, the difference between a $200,000 sale and a potential $3 billion valuation underscores the extraordinary wealth creation taking place across the artificial intelligence sector.
The story has quickly become one of the most striking examples of missed opportunity from the FTX bankruptcy, illustrating how dramatically AI startup valuations have transformed over the past three years.
