SpaceX said Tuesday it will acquire Anysphere, the company behind the AI coding tool Cursor, in an all-stock transaction valued at $60 billion.
The agreement, signed on June 16, 2026, stipulates that a SpaceX subsidiary, X67 Inc., will merge with Cursor. Following the closing of the transaction, Cursor will operate as a wholly owned subsidiary of SpaceX. The companies expect to complete the merger during the third quarter of 2026.
Under the terms laid out in the merger agreement, Cursor shareholders will receive SpaceX Class A common stock in exchange for their existing shares. The conversion ratio for that exchange will be determined by Cursor's $60 billion valuation and the volume-weighted average closing price of SpaceX stock across the seven trading days immediately preceding the deal's close.
The acquisition builds on SpaceX's recent step into public markets. The announcement comes after SpaceX's initial public offering on the Nasdaq, which priced the company at a valuation in excess of $2 trillion and generated $86 billion in proceeds.
From a product positioning perspective, the deal gives xAI - the developer of the Grok chatbot that SpaceX merged with in February - a larger footprint in the market for AI-assisted coding tools. Cursor will join other Silicon Valley firms named in the announcement, including OpenAI and Anthropic, as companies that have drawn developers with AI-powered coding automation offerings.
SpaceX had negotiated an option to purchase Anysphere prior to its initial public offering. That option agreement included a provision specifying a $10 billion payment to Cursor in the event SpaceX elected not to proceed with the acquisition.
The market reaction to Tuesday's announcement was immediate: SpaceX shares traded near $210 in pre-market activity, an increase of roughly 8.7% on the session, extending gains the stock has recorded since the IPO.
Key points
- SpaceX will acquire Anysphere, maker of Cursor, for $60 billion in an all-stock deal.
- The transaction involves a merger of X67 Inc. - a SpaceX subsidiary - with Cursor and is expected to close in Q3 2026.
- Cursor shareholders will receive SpaceX Class A shares based on Cursor's $60 billion valuation and the seven-day VWAP of SpaceX stock before closing.
Sectors potentially impacted
- Technology - AI software and developer tools
- Capital markets - public equity performance tied to the recent IPO
Risks and uncertainties
- The merger is subject to completion in the third quarter of 2026; timing and execution risk remain through closing.
- The currency of the transaction is SpaceX Class A stock, and the final exchange ratio will depend on the seven-day volume-weighted average closing price of SpaceX shares before the deal closes, introducing market-price risk for Cursor shareholders.
- Previously negotiated contractual provisions include a $10 billion payment to Cursor if SpaceX chose not to complete the acquisition, indicating contingent obligations tied to the deal's completion decision.
Conclusion
The all-stock acquisition of Anysphere for $60 billion positions SpaceX and its xAI subsidiary to expand their participation in developer-focused AI coding automation. The deal is structured as a merger through X67 Inc., with a closing timeline targeted for the third quarter of 2026 and an exchange mechanism tied to SpaceX's share price in the week leading up to closing. Market reaction to the announcement showed an immediate uptick in SpaceX trading ahead of the session, reflecting investor response to the strategic move.