SpaceX struck a deal with AI coding platform Cursor – securing a right to acquire the startup for $60B, or alternatively pay $10B for a deep partnership. In return, Cursor gets access to SpaceX’s Colossus supercomputer (1M H100-equivalent chips).
That’s a bet on AI-native software engineering, powered by unmatched compute.
FTX’s $200K → $3B whiplash
Alameda Research invested $200K in Cursor’s 2022 seed round for ~5% stake. During FTX’s bankruptcy, that stake was sold at cost (pennies on the dollar of current implied value).
Cursor’s latest deal terms (even the $10B partnership floor) value that 5% stake at $500M–$3B.
Creditors lost out on up to $3 billion – a stunning posthumous blunder from the FTX estate.
In AI, illiquidity can be a feature, not a bug. Distressed sales of tier-1 venture assets can destroy more value than the original fraud.