SpaceX (NASDAQ: SPCX) briefly shook up the rankings among the highest valued US firms today after it confirmed that it will buy Anysphere, the company behind AI code editor Cursor, for $60 billion in stock.
The stock surge that the rocket maker enjoyed shot its valuation into a new stratosphere as it closed a deal for the largest acquisition of a developer tools company on record. It will also be SpaceX’s first major move since its historic Nasdaq listing.
Why did SpaceX acquire Anysphere?
Just four days after SpaceX (NASDAQ: SPCX) launched the biggest IPO in history, the company has completed one of the largest acquisitions of a developer tools company ever by buying Anysphere, the company that makes the AI code editor Cursor, for $60 billion in an all-stock deal.
The deal, which was disclosed in an 8-K regulatory filing, changes an option SpaceX first got in April into a final agreement. At that time, SpaceX could have chosen between paying $10 billion for a partnership or buying the whole startup for $60 billion.
Following the announcement of the news, SpaceX’s stock rose about 14% to about $219, pushing its total value past $2.9 trillion. This briefly made it the fourth most valuable public company in the U.S., ahead of Amazon and close behind Microsoft’s roughly $2.95 trillion valuation.
Cursor is a tool that lets developers pick between different AI models to help them write computer code. It was launched in 2022 by a team of MIT graduates led by 25-year-old CEO Michael Truell.
The company has grown very fast, with its annual revenue already being over $1 billion as of November last year. By early June 2026, that figure had surpassed $4 billion total, with enterprise customers accounting for about $2.6 billion. One survey cited by TechTimes found the tool deployed inside 64% of Fortune 500 companies.
SpaceX already has a lot of powerful computers for training AI. For instance, earlier this year, the company merged with Elon Musk’s AI company, xAI, leading to the integration of the Grok chatbot and a huge supercomputer called Colossus, which has over 220,000 powerful computer chips.
However, the new AI division didn’t have many products for developers. Cursor fills that gap by giving SpaceX an AI product that is already popular and making money, since xAI itself lost $6.35 billion last year.
What will happen to Cursor following the acquisition?
A major question after the deal is whether Cursor will continue to support AI models from other companies, like Anthropic and OpenAI.
SpaceX has said the two companies have been working together on a new AI model that will appear in both Cursor and its own Grok tool. However, the company has not said if it will keep supporting other AI models.
Cursor’s appeal rests heavily on letting developers pick whichever AI model suits a given task, so it’s possible that a loss of that flexibility will mean a loss of the existing customer base as well.
For now, the deal is expected to be completed in the third quarter of 2026, pending approval from regulators.
Because the transaction is structured entirely in SpaceX stock, Cursor will not receive any proceeds from SpaceX’s IPO, which raised $75 billion at $135 per share.
If the deal collapses under certain conditions, SpaceX owes a $10 billion termination fee, and a separate $4 billion “regulatory” termination fee applies if antitrust issues block the transaction.
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