The bankruptcy estate of FTX has come under renewed scrutiny after it emerged that a stake in AI coding startup Cursor was sold for just $200,000 in 2023. This asset could now be worth roughly $3 billion following a dramatic valuation surge.
The stake traces back to an April 2022 investment by Alameda Research, which invested $200,000 into Anysphere, the parent company behind Cursor. That deal reportedly secured around a 5% equity position at a valuation of roughly $4 million, reflecting early-stage venture pricing before the AI boom accelerated.
SpaceX-linked Valuation Triggers Massive Reprice
This week, Cursor’s valuation was sharply revised after SpaceX disclosed a deal granting it the right to acquire the startup at a $60 billion valuation, or alternatively pay a $10 billion breakup fee.
That figure effectively revalues early investors’ positions, including the stake once held by the FTX estate. At current implied pricing, the 5% share sold during bankruptcy proceedings would now be worth close to $3 billion.
The estate sold the asset in April 2023 as part of a broader liquidation strategy, receiving the same $200,000 originally invested—just before the artificial intelligence sector experienced exponential growth in private market valuations.
Bankruptcy Liquidation Decisions Face Growing Criticism
The sale has intensified criticism of how the FTX estate managed asset disposals during bankruptcy. Former CEO Sam Bankman-Fried, currently serving a 25-year sentence, has repeatedly argued that the liquidation process destroyed significant long-term value.
He has claimed that the estate moved too quickly to sell assets at depressed prices during market stress, preventing creditors from benefiting from future upside.
Creditors, however, have already received repayments in line with court-approved restructuring terms, including their original claim values plus interest.
Broader Analysis Highlights Billions in Unrealized Upside
Research from financial analysts suggests that early liquidation decisions may have cost the estate access to enormous gains across multiple holdings. Some estimates place the total missed upside at over $100 billion across positions in major tech and crypto firms.
Notable examples include stakes linked to companies such as Anthropic, Robinhood, and Solana Labs, which all saw major valuation expansions after FTX’s collapse.
While the estate ultimately recovered billions for creditors, the Cursor case has become a prominent example of how early-stage asset liquidation can dramatically reshape outcomes in fast-moving technology markets.
