Elon Musk’s SpaceX has signed an agreement to acquire Anysphere, the company behind the AI coding agent Cursor, in an all-stock deal valued at $60bn.
The transaction is set to strengthen SpaceX’s involvement in the market for AI tools aimed at business customers.
The planned acquisition follows SpaceX’s recent debut on the Nasdaq, which saw the company’s valuation rise above $2tn.
Subject to regulatory approvals and other closing conditions, the deal is expected to be completed in the third quarter of this year.
Under the terms, Anysphere shareholders will receive SpaceX Class A common stock reflecting an implied equity value of $60bn for the Cursor developer. This valuation is based on the volume-weighted average price of SpaceX shares during the week prior to closing.
Through the deal, SpaceX aims to expand in the AI coding market, an area where software firms have started generating significant income from enterprise adoption, reported Reuters.
xAI, another business acquired by SpaceX in February, will also play a role, as the company seeks a stronger position amid competition from established rivals such as Anthropic and OpenAI.
According to SpaceX’s IPO filings, gaining access to developers’ data from Cursor, including coding requests and design decisions, may contribute to improvements in its proprietary AI models, such as Grok.
Plans include the soon-to-be-released AI model on the Cursor platform, and a joint effort to train Grok Build, xAI’s coding agent.
SpaceX confirmed the transaction would not use proceeds from its share offering.
Cursor, like other Silicon Valley start-ups, has attracted a community of developers wishing to automate coding, but has reportedly faced limitations due to restricted access to computing resources.
SpaceX had been considering the acquisition for several months and previously gave itself the option to either purchase Cursor for $60bn or pursue a $10bn partnership.
If the transaction falls through under certain circumstances, SpaceX may pay a termination fee of $10bn, or $4bn if the deal does not proceed due to antitrust matters, as per regulatory documents.
It remains unknown if the agreement will impact SpaceX’s recent arrangements to lease cloud computing capacity from Anthropic and Google. The two deals have a combined value of approximately $26bn annually and feature 90-day termination clauses.
Anysphere will become a wholly owned subsidiary of SpaceX following the merger, which will be carried out through X67, a subsidiary of the latter.
