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Deployments

SpaceX exercises $60B option for Cursor, two trading days after IPO

All-stock deal folds Anysphere into xAI and gives Musk a coding-tools beachhead against Anthropic and OpenAI.

By Ben Krauss · Daily desk lead ·

SpaceX agreed Tuesday to acquire Anysphere, the San Francisco company behind the Cursor coding agent, in an all-stock deal valued at $60 billion, exercising an option disclosed in April just two trading days after its public market debut. The structure tells the story: walking away would’ve cost SpaceX a combined $10 billion in breakup and deferred-services fees, and the 30-day post-IPO window was always going to close one way.

The IPO itself sets the table. Fortune pegged the raise at $86.2 billion after the greenshoe; CBS News reported $75 billion before it, either way the largest public offering ever recorded. Class A shares rose roughly 16% Tuesday by CNBC’s count, 8% by CBS’s, pushing the market cap above $2.7 trillion and past Amazon. The Cursor consideration represents about 3.4% dilution at IPO valuation, priced off a seven-trading-day volume-weighted average.

Cursor’s own trajectory explains the urgency. Founded in 2022, Anysphere crossed $1 billion in annualized revenue in November and was tracking a $2 billion round from Andreessen Horowitz, Thrive, and Nvidia at a $50 billion valuation. Per Ramp data cited by CNBC, its share of coding-agent spending slid from 41% in June 2025 to roughly 26% by May, as Anthropic, OpenAI, Google, and Meta crowded the category.

“We are excited to share that SpaceX has exercised their option to acquire Cursor in an all-stock transaction,” CEO Michael Truell wrote.

The strategic read came from Adam Crisafulli of Vital Knowledge, who said SpaceX “hopes the Cursor team/product will give a jolt to its Grok AI business” after Grok “failed to make a dent in the frontier market.” Following the xAI merger earlier this year, Musk now owns the launch vehicle, the frontier model, and the developer surface in a single equity stack. Close expected in Q3. The conglomerate logic that defined 2010s tech has returned, vertically integrated and priced in trillions.

Sources