FTX Cursor sale: $200K stake now ~$3B as SpaceX rights spark missed-upside scrutiny

FTX bankruptcy estate sold a 5% Cursor (Anysphere) stake for $200,000 in April 2023. New reporting links Cursor to SpaceX acquisition rights and estimates Cursor’s valuation near $60 billion, implying the FTX Cursor sale stake could now be worth about $3 billion. The episode is being reframed as a major missed upside and has reignited scrutiny over how the estate handled early asset liquidation. SpaceX said it has the right to acquire Cursor later this year at a $60 billion valuation, with a potential $10 billion breakup fee if the deal fails—terms that shape how markets interpret the timing of the FTX Cursor sale. The article also notes Alameda Research invested the same $200,000 into Anysphere in April 2022, matching the amount the bankruptcy estate later received. Sam Bankman-Fried, currently serving a 25-year federal sentence, argues from prison that the FTX estate destroyed tens of billions in potential value by selling assets too quickly, citing the FTX Cursor sale as an example. A separate estimate from Bull Theory suggests that some assets sold early could be worth about $114 billion in aggregate if held through later market cycles, while the estate reportedly recovered about $18 billion for users. For crypto traders, this is less about immediate token fundamentals and more about sentiment around forced liquidation, bankruptcy governance, and “reprice later” outcomes—factors that can influence risk appetite in the broader tech/crypto crossover narrative.