SpaceX (SPCX) announced Tuesday that it will acquire Anysphere, the developer of the AI coding tool Cursor, for $60 billion.
SpaceX confirmed in a filing that the deal is an all-stock deal and expects the deal to close in the third quarter, pending regulatory approval.
The deal follows an option SpaceX secured in April that gave it the right to either pay about $10 billion to partner with Cursor or acquire the company for $60 billion later this year.
SpaceX stock soared in early trading and was poised for its third consecutive day of gains since its IPO.
According to Reuters, Cursor’s business has expanded rapidly since its founding in 2022, with annual sales of about $2.6 billion and increasing corporate sales. In April, the company was in talks to raise new funding at a valuation of about $50 billion.
Cursor is an AI-powered code editor designed to accelerate software development. This includes features such as chatbot assistants, code autocomplete, and AI agents that can handle coding tasks independently.
The public debut of Elon Musk’s rocket and AI company is expected to be historic.
SpaceX sees the acquisition as part of its efforts to expand the enterprise AI market. The deal follows SpaceX’s huge IPO last week, which raised more than $80 billion and valued the company at more than $2 trillion.
“SpaceX appears to be following a pattern we’ve already seen with Tesla of vertical integration. AI also requires infrastructure to support it, including energy, data centers, and connectivity, all of which are directly tied to SpaceX’s broader goals,” said Brett Greenstein, chief AI officer at technology consulting firm West Monroe. “As AI advances, this level of vertical integration could become a significant competitive advantage.”
Despite all-stock trading, SpaceX stock rose again on Tuesday, extending its gains since its IPO. Also, the fact that SpaceX stock options are set to begin trading on Tuesday, giving investors the ability to trade derivatives on IPOs for the first time, could also boost the stock price.
Pras Subramanian is Yahoo Finance’s lead transportation reporter. you can follow him × And even more Instagram.
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