FTX Sold Cursor for $200K — Now SpaceX Wants It for $60B

FTX is back in the headlines, not because of a token collapse or a court update, but because of a brutal what-if story tied to artificial intelligence. Bankruptcy filings previously showed that Alameda had invested just $200,000 in Anysphere, the company behind Cursor, before that stake was later sold for the same amount. Now, SpaceX says it has secured an option to acquire Cursor for $60 billion later this year, or instead pay $10 billion for a strategic partnership.

That instantly raises the question: did FTX just miss out on billions?

What Happened to the FTX Cursor Stake?

According to reporting on FTX bankruptcy filings, Alameda invested $200,000 in Anysphere through Clifton Bay Investments, an entity formerly known as Alameda Research. The stake was later sold in 2023 for the same $200,000, meaning the FTX estate exited the company long before the latest explosion in Cursor’s value.

At the time, this looked like a small and largely irrelevant venture position. Today, it looks very different.

Why Cursor Suddenly Matters So Much

Cursor has become one of the most talked-about AI coding platforms in the market, benefiting from the broader boom in AI developer tools. Reuters reported this week that SpaceX wants deeper exposure to this sector and disclosed an option to buy Cursor for $60 billion, with the alternative of a $10 billion strategic partnership. Reuters said the move is meant to strengthen SpaceX’s AI ambitions, especially around xAI’s position in code automation.

That is what turns an old FTX portfolio line into a huge missed-opportunity story.

Did FTX Really Miss Out on $3 Billion?

That number comes from a simple calculation. If Alameda’s old stake had remained at around 5%, then a $60 billion valuation would imply a stake worth roughly $3 billion. That is why social media is framing this as one of the biggest missed bets linked to the FTX collapse. This is an inference based on the reported historical stake size and Reuters’ reported option value.

But that figure should be treated carefully.

Startup stakes usually get diluted across later funding rounds unless investors continue participating. So while the headline “FTX missed $3 billion” is powerful, the real upside lost could have been materially lower depending on how much the position would have been diluted over time. Reuters did not state the exact retained ownership because FTX had already exited, and the bankruptcy filing coverage only confirms the original investment and sale amount.

Why This Story Matters for Crypto

This is not a direct Bitcoin or Ethereum market catalyst, but it is still a strong crypto story because it captures the long shadow of the FTX collapse. The exchange’s bankruptcy did not just destroy customer assets and confidence across the industry. It also forced the liquidation of positions that, in some cases, may have become extremely valuable later. The Cursor case is a reminder that distressed selling during crisis periods can lock in losses just before major upside appears elsewhere. That is an inference based on the reported sale timing and the much higher value implied by SpaceX’s option today.

It also feeds a broader narrative: while crypto firms were imploding, some of the venture-style bets around them were still touching major technology trends like AI.

What Traders and Readers Should Take From It

The real lesson is not just that FTX sold too early. It is that bankruptcy, forced unwinds, and bad timing can destroy optionality. Alameda’s Anysphere position may have looked minor in 2023, but in 2026 it has become the kind of asset people point to when discussing how much value was lost in the chaos surrounding FTX.

For crypto readers, the story works because it combines all the elements that drive attention: FTX, AI, Elon Musk, SpaceX, and a possible multi-billion-dollar missed payoff.

Conclusion

FTX sold its Anysphere stake for just $200,000. Now SpaceX says it has an option to acquire Cursor for $60 billion. Whether the old Alameda stake would really have been worth the full $3 billion implied by social media depends on dilution and cap table changes, so that number should be treated as a headline estimate rather than a certainty. But the bigger point remains unchanged: FTX may have exited one of the most valuable AI bets tied to its old portfolio just before the asset became a giant.