Crypto never sleeps, and neither do its billion-dollar blunders.
According to FT, AI code editor Cursor just closed a jaw-dropping $900 million funding round at a $9 billion valuation.
But while top VCs like Thrive Capital, a16z, and Accel are celebrating, there’s one name glaringly missing from the winners’ circle: FTX. Here’s why.
From $200K to $500M: What Went Wrong?
Back in 2022, Alameda Research – FTX’s sister trading firm – quietly invested $200,000 into Cursor’s seed round. Fast forward to today, and that stake could be worth an estimated $500 million.
Unfortunately for FTX creditors, the platform’s liquidators sold it off for the exact amount it was purchased at: $200,000. No markup.Just a clean exit… from half a billion dollars in potential recovery. Ouch, right?
Cursor’s Impressive Rise
Cursor, built by Anysphere Inc., is trying to redefine how developers write code. With a sleek split-screen interface and AI-powered chatbot, Cursor allows users to automate complex coding tasks using simple natural language prompts. It analyzes, breaks down tasks, fetches context from documentation, and applies real-time changes.
Its engine runs on models from OpenAI and Google, along with its own internal model, Cursor-Fast. And with over $200 million in annual recurring revenue, the momentum is great.
FTX’s Loss, Big Tech’s Gain?
This funding round wasn’t too hush-hush. Thrive Capital led the $900M investment, the same firm that backed OpenAI’s $6.6B round last year.
The buzz? OpenAI reportedly tried – and failed – to acquire Anysphere earlier this year. They’re now eyeing Windsurf (Exafunction Inc.) for up to $3 billion instead.
If we’re being real…
This seems like a major loss for FTX. Is there more than meets the eye? Guess we’ll know with time.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed