SpaceX entered into a merger agreement on 16 June to acquire Anysphere, the company behind the Cursor AI coding assistant, in an all-stock transaction based on an implied equity value of $60bn.
Why Space Exploration Technologies Corp. (SpaceX) is buying Anysphere, Inc. (Cursor)
SpaceX absorbed Elon Musk's xAI in February, and its Grok models have trailed rivals in coding. Cursor gives the group a widely used developer tool; Cursor told Reuters it had about $2.6bn of annualised business revenue.
Deal terms and financing
X67 Inc., a wholly owned SpaceX subsidiary, merges into Anysphere, which survives as a SpaceX subsidiary. Cursor's common and preferred shares convert into SpaceX Class A stock at a price equal to the volume-weighted average closing price over the seven trading days before closing. The shares were issued under a private-placement exemption.
Regulatory approvals and timing
Closing was subject to regulatory approvals and was expected in the third quarter. SpaceX reported in an 8-K that the merger became effective on 14 August 2026.
Market context
SpaceX first disclosed an arrangement in April giving it the right to buy Cursor for $60bn in stock or to pay $10bn if it walked away. Cursor had been close to raising $2bn at a $50bn valuation before SpaceX intervened, according to The Next Web.
