SpaceX Buys Cursor's Maker for $60 Billion, Four Days After Its Record IPO

SpaceX is not wasting its new stock. Four days after the biggest IPO in history, the company agreed to buy Anysphere, the maker of the popular AI coding tool Cursor, for 60 billion dollars in an all-stock deal. It is a rocket company spending its freshly public shares to muscle into enterprise AI. And it puts SpaceX directly into the lane OpenAI and Anthropic have been winning.

This was planned, not impulsive. Back in April, SpaceX secured an option: pay roughly 10 billion for a partnership with Cursor, or buy the whole company for 60 billion later. It just took the bigger door. Cursor is one of the breakout AI products of the past two years, a coding assistant now running around 2.6 billion dollars in annualized business revenue, with some estimates of total run-rate near 4 billion. For a company founded in 2022, that is a rocket of its own.

The deal is all stock. A SpaceX subsidiary merges into Anysphere, Cursor becomes a wholly owned unit, and Cursor shareholders convert into SpaceX Class A stock, with closing expected in the third quarter. The strategic logic runs through xAI, which merged into SpaceX in February and now sits inside a division called SpaceXAI. That group and Cursor have quietly been training a model together on xAI's Colossus supercomputers, and it is expected to ship inside both Cursor and Grok Build.

Step back and the shape is clear. Musk is turning SpaceX into an AI conglomerate: rockets, Starlink, xAI's Grok, orbital data centers, and now the leading independent AI coding tool. Enterprise software is where OpenAI and Anthropic make real money, and Cursor gives SpaceX an instant, large, paying developer base there. Paying in stock matters too, because SPCX is near record highs, so Musk is buying a 60 billion dollar company with shares the market is pricing at a steep premium.

Whether 60 billion is a good price is the open question. That is roughly 15 to 23 times Cursor's revenue, rich by any normal standard, though in line with how the market values fast-growing AI coding tools right now. It is also a lot of dilution for SpaceX shareholders who just bought in days ago. And it leans on the assumption that SPCX's near 2.5 trillion valuation holds, since the whole deal is denominated in that stock. Rich buyer, rich target, rich currency.

So the pattern since Friday is consistent. Go public at a record, watch the stock soar, then use it to buy your way deeper into AI. SpaceX is no longer just a launch company, and it is not pretending to be. The next thing to watch is whether regulators wave a 60 billion dollar all-stock AI deal through, and whether the stock that is paying for it stays this high.