Key Takeaways:
- FTX’s estate sold Alameda’s Anysphere stake for $200K in 2023; it is now worth an estimated $500 million.
- By April 2026, Cursor served 67% of Fortune 500 firms and crossed $1 billion in annualized revenue.
- SpaceX secured a $60 billion Anysphere acquisition option on April 21, with a decision expected in 2026.
From a $400K Seed Round to a $60 Billion Target
In April 2022, Alameda Research, the trading arm of crypto exchange FTX, contributed $200,000 to Anysphere’s $400,000 pre-seed funding round. The investment gave Alameda an early equity stake in the company building what would become one of the most widely adopted artificial intelligence (AI)-powered code editors on the market.
FTX, then the world’s third-largest crypto exchange by trading volume, collapsed in November 2022 after revelations that Alameda had been drawing on customer deposits. As the bankruptcy estate worked through asset disposals to fund creditor repayments, the Anysphere position was sold in 2023 for the same $200,000 Alameda originally paid.
How Far Cursor Has Traveled Since
The company has since become a central name in AI-powered software development. Anysphere raised $900 million in a funding round led by Thrive Capital, pushing its valuation to $9 billion. At that figure, the equity sold by the FTX estate would be worth an estimated $500 million.
By April 2026, Cursor had surpassed one million daily active users and generated more than 150 million lines of enterprise code per day. The platform counts 67% of Fortune 500 companies among its clients and crossed $1 billion in annualized recurring revenue. Fundraising discussions in the days before the SpaceX announcement placed Anysphere’s valuation above $50 billion.
On April 21, SpaceX and Anysphere announced a strategic partnership under which SpaceX secured an option to acquire the company outright for $60 billion, or pay $10 billion for joint development of coding AI models using its Colossus supercomputer.
As Bitcoin.com News reported, the deal aims to pair Cursor’s AI-native code editor with SpaceX’s compute infrastructure to build what both companies described as “the world’s best coding and knowledge work AI.”
The Cost of an Early Exit
Wu Blockchain flagged on April 22 that Alameda’s $200,000 stake was placed in April 2022, seven months before FTX’s collapse, and was subsequently sold at cost by the estate’s liquidators.
For FTX creditors, the Anysphere disposal stands as one of the more notable missed opportunities of the bankruptcy process. The estate has conducted several distribution rounds with recoveries surpassing 100% in nominal dollar terms for many claimants. A $2.2 billion distribution approved in early 2026 targeted senior creditor classes. Whether the Anysphere sale will face any review in the ongoing proceedings has not been disclosed.
