FTX Sold Cursor Stake for $200K as SpaceX Option Hits $60B

• Stacey George
• April 22, 2026
• Business
• 0 Comments

FTX’s bankruptcy estate sold its stake in Anysphere, the company behind the AI coding tool Cursor, for roughly $200,000. SpaceX now holds an option to acquire the same startup for $60 billion, highlighting one of the most extreme valuation gaps to emerge from the crypto-era collapse.

FTX Sold Its Cursor Stake for $200K During Bankruptcy

The collapsed crypto exchange FTX held a stake in Anysphere, the parent company of the AI-powered code editor Cursor. During the bankruptcy liquidation process, the estate offloaded that stake for roughly $200,000, a figure that reflected the distressed conditions under which FTX’s assets were being unwound.

At the time, Anysphere had not yet reached the valuations that would later define it as one of the fastest-growing AI startups in the market. FTX’s estate, under pressure to recover funds for creditors, treated the holding as a minor line item.

SpaceX’s $60 Billion Option Changes the Picture

According to TechCrunch reporting on April 21, SpaceX is actively working with Cursor and holds an option to acquire the startup for $60 billion. That figure dwarfs the $200,000 FTX received, creating a ratio of roughly 300,000 to 1 between the option price and the bankruptcy sale.

The deal positions Cursor alongside the most valuable private technology companies globally. SpaceX’s interest signals that Cursor’s AI-assisted development tools have found traction well beyond the startup ecosystem, reaching into aerospace and engineering operations.

Why a 300,000x Valuation Gap Happens

Distressed sellers operate under liquidity constraints that force them to accept whatever the market offers at that moment. FTX’s estate was not in a position to hold speculative venture stakes and wait for future appreciation; its mandate was to convert assets to cash for creditor repayment.

The gap between $200,000 and $60 billion is not simply hindsight. It reflects the difference between a forced sale with no negotiating leverage and a strategic acquisition option set by a buyer with deep capital. Similar dynamics have played out across other FTX estate disposals, where non-crypto holdings were priced and sold under conditions that bore no relation to their long-term potential.

What Changed Between the Sale and the Option

Between FTX’s sale and SpaceX’s option, Cursor experienced explosive growth in the AI coding tool market. The startup’s valuation reportedly climbed through multiple funding rounds, reaching billions before SpaceX’s $60 billion figure entered the conversation.

The timing gap matters. Private-market valuations for AI companies have surged throughout 2025 and into 2026, driven by enterprise adoption of code-generation tools. The institutional appetite for AI infrastructure, similar to the institutional momentum building in crypto markets, has pushed valuations to levels that were unimaginable during FTX’s liquidation period.

What This Means for Distressed Crypto-Era Assets

The FTX-Cursor story is a case study in how bankruptcy estates handle non-core assets. When a crypto exchange collapses, its venture portfolio gets liquidated under fire-sale conditions, regardless of what individual holdings might be worth in a healthier market.

For investors and founders tracking post-FTX fallout, the lesson is structural. Distressed-asset buyers who acquired FTX’s venture positions at pennies on the dollar may be sitting on outsized returns if those startups continue to appreciate. The same dynamic applies to other crypto-era companies that held diversified portfolios, as broader access to alternative assets continues expanding across platforms.

Estate administrators face a difficult tradeoff: holding speculative stakes delays creditor payouts, but selling too early leaves enormous value on the table. The $200,000-to-$60-billion gap will likely become a reference point in future debates about how bankruptcy courts should handle venture assets, particularly as new financial products blur the line between crypto and traditional tech investing.

Whether SpaceX exercises its option remains to be seen. But the contrast between what FTX sold and what SpaceX might pay has already reshaped how the market thinks about distressed crypto portfolios and the hidden value they may still contain.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.