SpaceX signed an agreement on June 16, 2026 to acquire Anysphere, the San Francisco company behind the AI code editor Cursor, in an all-stock transaction that values Anysphere at $60 billion in equity. The merger agreement was filed with the US Securities and Exchange Commission as an exhibit to a SpaceX Form 8-K.
Under the agreement, a newly formed SpaceX subsidiary, X67 Inc., will merge into Anysphere, and Anysphere will survive as a wholly owned subsidiary of SpaceX. Anysphere shareholders will receive SpaceX stock rather than cash; cash is paid only in place of fractional shares. The parties said they intend the merger to qualify as a tax-free reorganization under US tax law.
The deal was expected to close in the third quarter of 2026, subject to closing conditions including regulatory approvals. SpaceX plans to connect Cursor with the coding tools it took on when it combined with xAI.
How the price is set
The $60 billion figure is an equity value, not a fixed number of shares. The agreement divides that value by Anysphere's fully diluted share count to get an implied value per Anysphere share, then divides that by a SpaceX share price to set the exchange ratio.
The SpaceX share price used depends on the company's status at closing. If SpaceX is publicly traded, the agreement uses a seven-day volume-weighted average price; if not, it uses the most recent 409A valuation. SpaceX listed on Nasdaq on June 12, 2026, four days before the agreement was signed, so the final number of shares Cursor's holders receive will move with SpaceX's market price ahead of closing.
Anysphere said it expected holders of a majority of its voting power to approve the merger by written consent within 48 hours of signing. Kirkland & Ellis advised Anysphere, and Gibson, Dunn & Crutcher was named to deliver the tax opinion for SpaceX.
An option exercised
The agreement grew out of a call option the two companies signed on April 19, 2026. That arrangement gave SpaceX the exclusive right to buy Anysphere later in the year for $60 billion or, if it chose not to, to pay $10 billion for joint work instead. The companies signed a separate compute agreement on the same day. The merger agreement states that SpaceX exercised the option before June 16.
SpaceX had absorbed xAI, the developer of the Grok chatbot, in February 2026. According to DataNorth, SpaceX said it had spent several months training a model jointly with Cursor on xAI's Colossus cluster in Memphis, and that the model was expected to ship both in Cursor and in Grok Build, xAI's coding agent. The deal also gives Cursor access to xAI computing capacity, which Anysphere had described as a constraint on its growth. It was not clear whether Cursor would continue to route requests to third-party models such as Anthropic's Claude.
What Cursor built
Anysphere was founded in 2022 by four MIT graduates: Michael Truell, who became chief executive, Sualeh Asif, Aman Sanger and Arvid Lunnemark. Cursor is an AI-assisted code editor built as a fork of Microsoft's open-source VS Code. In November 2025 the company released Composer, its first in-house model.
Cursor's revenue grew quickly. Its annualized recurring revenue passed $100 million in January 2025, reached $500 million by June 2025 and crossed $1 billion in November 2025, according to DataNorth and Wikipedia. DataNorth reported $2 billion by February 2026 and about 50,000 enterprise customers.
The funding behind the price
Cursor raised an $8 million seed round in 2023 led by the OpenAI Startup Fund, followed by a $60 million Series A in 2024 at a $400 million valuation. A $900 million Series C led by Thrive Capital in June 2025 valued it at $9.9 billion after the money. In November 2025 it raised $2.3 billion in a Series D co-led by Accel and Coatue, with Nvidia and Google participating, at a $29.3 billion valuation.
Together those reported rounds come to more than $3.2 billion. The $60 billion price is roughly twice the Series D valuation. Investors due to receive SpaceX shares include Accel, Thrive Capital, Andreessen Horowitz, DST Global, Coatue, Nvidia and Google, according to DataNorth.
