SpaceX (SPCX-US) Acquires AI Coding Startup Cursor for $60 Billion Following IPO

SpaceX (SPCX-US) announced Tuesday it will acquire Anysphere, parent company of AI coding assistant Cursor, in a $60 billion all-stock transaction. The deal, expected to close in Q3 2026, marks the aerospace company's first major acquisition since its Nasdaq IPO last week, where market capitalization briefly exceeded $2 trillion. Cursor's investors will receive SpaceX shares at the $60 billion valuation. SpaceX obtained acquisition rights in April 2026 with options for either the full purchase or a $10 billion partnership. Cursor, founded in 2022, generates $2.6 billion in annualized enterprise revenue and had been pursuing a $2 billion funding round at over $50 billion valuation before accepting SpaceX's offer. The acquisition strengthens xAI, which CEO Elon Musk acknowledged lags competitors like OpenAI in AI coding tools. Two Cursor engineers joined SpaceX in March 2026. However, AI investments created financial strain: SpaceX posted a $4.94 billion net loss in 2025 with capital expenditures reaching $20.7 billion. The company holds $26 billion in annual cloud contracts with Anthropic and Google (GOOGL-US) featuring 90-day termination clauses.