SpaceX has agreed to acquire Anysphere, the company behind AI coding tool Cursor, in a $60 billion all-stock deal, just days after its blockbuster Nasdaq debut. The deal is expected to close in the third quarter of 2026, subject to approvals.
TL;DR
- SpaceX will acquire Cursor parent Anysphere in an all-stock transaction valued at $60 billion.
- The deal follows SpaceX’s Nasdaq IPO, which lifted its valuation above $2 trillion.
- Cursor will become a wholly owned subsidiary of SpaceX once the merger closes.
- The acquisition strengthens SpaceX’s push into AI coding, enterprise AI tools, and xAI-linked products.
SpaceX has signed a merger agreement to acquire Anysphere, the startup behind Cursor, in a $60 billion stock deal that could significantly reshape the AI coding tools market. According to SpaceX’s Form 8-K filing, its wholly owned subsidiary X67 Inc. will merge with Anysphere, with Cursor surviving as a wholly owned subsidiary of SpaceX.
The deal values Cursor at an implied equity value of $60 billion. Each outstanding share of Cursor common and preferred stock will be converted into the right to receive SpaceX Class A common stock, based on the volume-weighted average closing price of SpaceX shares over the seven trading days before the merger closes.
The transaction follows SpaceX’s Nasdaq debut last week, which Reuters reported pushed the company’s valuation to more than $2 trillion. The company’s shares climbed further after the deal was announced, with Reuters reporting that SpaceX stock rose 10% in early trading and had climbed more than 56% from its $135 IPO price.
This is not the first sign of SpaceX’s interest in Cursor. Reuters reported that SpaceX had announced in April that it held an option to either acquire Cursor for $60 billion later this year or pay $10 billion for a partnership. Axios reported that SpaceX has now exercised that call option.
The acquisition is aimed at strengthening SpaceX’s AI ambitions, especially in enterprise AI coding tools. Reuters reported that the deal will give xAI, which SpaceX acquired earlier this year, a stronger position in AI coding, one of the earliest areas where companies have turned generative AI into meaningful business revenue.
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Cursor has grown rapidly since its 2022 founding. Reuters reported that the company had around $2.6 billion in annualized business-to-business revenue, while TechCrunch noted that Cursor had been in line for a $2 billion funding round that could have valued the company at $50 billion before the SpaceX transaction.
The deal also gives SpaceX access to Cursor’s developer workflow and coding data. Reuters reported that SpaceX had told IPO investors that Cursor’s access to developers’ coding requests and design decisions could help improve its AI models, including Grok. The company also said it would soon release an AI model on Cursor and Grok Build, xAI’s coding agent, after months of joint training.
The filing shows that the transaction remains subject to closing conditions, including required regulatory approvals. SpaceX currently expects the merger to close during the third quarter of 2026.
For SpaceX, the timing is key. By paying entirely in stock after a major IPO pop, the company can use its elevated valuation as acquisition currency rather than deploying IPO proceeds. Reuters reported that SpaceX will not use proceeds from its IPO to fund the deal.
