SpaceX to buy AI firm Cursor for $60 billion

SpaceX agreed on June 16, 2026, to acquire Anysphere, the parent company of AI coding platform Cursor, in an all-stock transaction that values Anysphere at $60.0 billion. The companies entered into a formal Agreement and Plan of Merger on that date, converting a previously disclosed option arrangement into a binding deal. The announced structure and valuation place the transaction among the larger recent technology acquisitions focused on artificial intelligence software.

Under the terms of the agreement, the acquisition is structured as a stock-for-stock merger. A wholly owned SpaceX subsidiary, X67, will merge with and into Anysphere. Following completion, Cursor is expected to operate as a wholly owned subsidiary of SpaceX, aligning the AI coding agent business with SpaceX’s broader technology and software efforts.

Merger consideration will be paid in SpaceX Class A common stock. Cursor investors will receive SpaceX shares based on the implied $60.0 billion equity value for Anysphere. Filings indicate that the final exchange ratio will be determined using a volume-weighted average closing price over a specified pricing window before the deal closes, tying the number of shares issued to SpaceX’s market performance in that period.

Reports also indicated that the transaction is not expected to rely on proceeds from SpaceX’s recent initial public offering. Several outlets noted that SpaceX’s shares rose materially in pre-market trading after the acquisition was announced, with moves described in a range from single-digit to near-10% gains and a significant increase in market capitalization.

SpaceX and Anysphere currently expect the transaction to close in the third quarter of 2026. Completion is subject to customary closing conditions and required regulatory approvals, including antitrust review. The companies have outlined detailed termination provisions in case these conditions are not met.

Filings describe a $10.0 billion termination fee payable under specified circumstances if the merger does not close. In addition, there is a separate $4.0 billion regulatory termination fee tied to antitrust-related failures. These provisions are designed to address risks related to transaction execution and regulatory outcomes.

The merger follows an earlier arrangement disclosed in April, when SpaceX secured an option either to acquire Cursor for $60.0 billion later in 2026 or to pay $10.0 billion for a partnership or “work together” arrangement. The June 16 agreement converts that option framework into a definitive plan to acquire Anysphere and its Cursor platform outright.

Cursor has expanded quickly since its founding in 2022. Company data reported to media show roughly $2.6 billion in annualized business-to-business revenue. This scale underscores the importance of enterprise customers to Cursor’s AI coding agent platform and provides context for the size of the consideration SpaceX is committing in the all-stock deal.