FTX’s bankruptcy estate exited Alameda Research’s early investment in Anysphere for just $200,000 in 2023, a decision that now looks extraordinarily costly after the startup’s surge and SpaceX’s newly disclosed $60 billion acquisition option. The sale has become one of the clearest examples of how distressed liquidations can lock in value far below what an asset may command later, especially in fast-moving technology markets.
An Early Bet Made Before FTX’s Collapse
According to the reported timeline, Alameda Research invested $200,000 in April 2022 as part of Anysphere’s $400,000 pre-seed round. That check gave Alameda an early equity stake in the startup that would go on to build Cursor, an AI-native coding editor that later became one of the most prominent tools in software development.
At the time, FTX was still one of the largest cryptocurrency exchanges in the world, and Alameda was closely tied to the broader FTX empire. That changed dramatically in November 2022, when FTX collapsed after revelations that Alameda had drawn on customer deposits. Once the exchange entered bankruptcy, the estate began selling assets to support creditor recoveries, and the Anysphere position was disposed of in 2023 for the same $200,000 Alameda had originally paid.
From Tiny Pre-Seed Round to Major AI Infrastructure Target
Since then, Anysphere’s trajectory has changed completely. The company reportedly raised $900 million in a financing round led by Thrive Capital, bringing its valuation to $9 billion. Based on that valuation alone, the stake sold by the FTX estate would have been worth an estimated $500 million.
The numbers attached to Cursor’s growth help explain why the missed upside now attracts so much attention. By April 2026, Cursor had passed 1 million daily active users. It was generating more than 150 million lines of enterprise code per day, serving 67% of Fortune 500 companies, and had crossed $1 billion in annualized recurring revenue. In financing discussions shortly before the SpaceX announcement, Anysphere was reportedly being valued at more than $50 billion.
SpaceX Secures a $60 Billion Acquisition Option
On April 21, SpaceX and Anysphere announced a strategic partnership that dramatically raised the company’s profile. Under the arrangement, SpaceX secured an option to acquire Anysphere outright for $60 billion. An alternative structure would involve SpaceX paying $10 billion for joint development of coding AI models using its Colossus supercomputer.
The companies said the partnership is intended to combine Cursor’s AI-native coding editor with SpaceX’s compute infrastructure in an effort to build what they described as “the world’s best coding and knowledge work AI.” Even without a final acquisition decision, the option itself signals how strategically valuable AI coding platforms have become as large technology operators race to secure software automation and developer productivity tools.
A Costly Exit for the FTX Estate
Wu Blockchain highlighted on April 22 that Alameda’s investment was made just seven months before FTX’s collapse, yet the equity was later sold by liquidators at cost. For observers of the FTX bankruptcy, the outcome illustrates a recurring challenge in insolvency proceedings: liquidators often prioritize certainty, speed, and cash recovery over long-duration upside, especially when creditors are waiting for distributions.
That does not necessarily mean the sale was irrational under the circumstances. Bankruptcy estates are generally tasked with converting assets into recoverable value under legal and timing constraints, not acting as venture investors. Still, in hindsight, the disposal of the Anysphere position stands out because the difference between sale price and later implied value is so large.
What It Means for Creditors
For FTX creditors, the Anysphere transaction is notable not because recoveries have been uniformly poor, but because the estate has already made meaningful progress on distributions. The report notes that several rounds of payments have moved forward and that many claimants have seen recoveries exceeding 100% in nominal dollar terms. A separate $2.2 billion distribution approved in early 2026 targeted senior creditor classes.
Even so, the Anysphere sale remains a striking example of unrealized upside that no longer belongs to the estate. If the position had been retained longer, its value at later funding levels could have materially exceeded the amount realized in liquidation. Whether that specific sale will face any review or renewed scrutiny in the ongoing proceedings has not been publicly disclosed.
A Broader Lesson Beyond Crypto
The episode also reaches beyond the FTX story itself. It highlights how quickly value can shift at the intersection of AI, software infrastructure, and distressed finance. An investment that looked small and non-core during a bankruptcy process later became linked to one of the most discussed AI developer platforms in the market. In that sense, the story is not only about what FTX lost, but also about how venture-style optionality can be nearly impossible to preserve once a firm enters forced liquidation.
For the crypto industry, the headline is especially symbolic: a bankrupt exchange ecosystem sold an AI startup stake for $200,000, and only a short time later that same company was associated with a $60 billion acquisition option from SpaceX. It is a reminder that in distressed markets, the timing of a sale can matter as much as the original investment itself.