SpaceX to buy Cursor parent Anysphere in $60B all‑stock mega deal

SpaceX has entered a definitive agreement to acquire Anysphere, the San Francisco-based startup behind the AI coding assistant Cursor, in an all-stock transaction valued at $60 billion. Regulatory filings and multiple news reports state that the consideration will be paid entirely in SpaceX Class A common stock, with Anysphere and Cursor becoming a wholly owned subsidiary upon closing. The exchange ratio for Anysphere’s common and preferred shares will be set based on the volume-weighted average closing price of SpaceX stock over the seven trading days preceding completion of the deal. The companies and filings indicate that the transaction is expected to close in the third quarter of 2026, subject to customary regulatory approvals.

The acquisition follows SpaceX’s recent IPO and leverages its elevated public-market valuation as acquisition currency rather than cash. The agreement builds on an April 2026 option that gave SpaceX the right to buy Anysphere for $60 billion or alternatively pay roughly $10 billion for a collaboration and compute arrangement if it chose not to proceed with a full takeover. Updated deal terms disclosed in regulatory documents include a termination fee structure that would require SpaceX to pay up to $10 billion if the transaction falls through under certain conditions, with a reduced fee if the failure is due to antitrust issues. Anysphere had previously raised billions from investors including Andreessen Horowitz, Thrive Capital, Nvidia and Google, reaching private valuations in the $29–50 billion range, alongside rapid growth in Cursor’s revenue and enterprise adoption.

For Anysphere, the all-stock structure means existing shareholders and founders are swapping their stakes for liquid exposure to SpaceX’s broader aerospace and AI ecosystem rather than a cash exit. Reports indicate Cursor has surpassed a $4 billion annualized revenue run rate and serves tens of thousands of enterprise teams, including large customers in technology and fintech, making the $60 billion price a significant premium to its last private round. Once integrated, Cursor’s products and infrastructure are expected to run on SpaceX’s and xAI’s computing platforms, shifting workloads away from external AI providers and aligning the company’s roadmap with SpaceX’s AI strategy.

Industry analysts frame the deal as one of the largest acquisitions ever for a developer tooling company and a defining move in the competition for AI coding and enterprise software markets. For Anysphere, becoming part of SpaceX offers access to large-scale compute, a global customer base, and capital markets strength just days after its acquirer’s record-setting IPO. The transaction formalizes months of collaboration between the two companies and locks in a strategic buyer at a valuation that exceeds Anysphere’s standalone fundraising plans, while tying its future growth directly to SpaceX’s public equity performance.