SpaceX to acquire Cursor in $60 billion deal, SEC filing shows

SpaceX is acquiring Cursor, the world’s fastest-growing software startup, for $60 billion in an all-stock deal, making a bold move beyond rockets, satellites, and AI models.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission on June 16, Space Exploration Technologies Corp. has agreed to acquire Anysphere, the company behind the AI coding assistant Cursor. The transaction values Cursor at $60 billion and is expected to close in the third quarter of 2026, subject to regulatory approval.

“On June 16, 2026, Space Exploration Technologies Corp. (the “Company”), X67 Inc., a wholly owned subsidiary of the Company (“Merger Sub”), and Anysphere, Inc. (“Cursor”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into Cursor, with Cursor surviving the merger as a wholly owned subsidiary of the Company (the “Merger”),” the SEC filing reads.

The acquisition ranks among the largest technology deals ever and gives Elon Musk control of one of the most widely used AI coding platforms at a time when software development has become a key battleground in the race to build advanced AI systems.

“”At the effective time (the “Effective Time”) of the Merger, each share of Cursor’s common stock and each share of Cursor’s preferred stock outstanding immediately prior to the Effective Time of the Merger will be automatically converted into the right to receive shares of the Company’s Class A common stock based on an implied equity value of Cursor of $60.0 billion and the price of the Company’s Class A common stock equal to the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the Merger (the “Merger Consideration”).”

The filing states that Cursor shareholders will receive shares of SpaceX Class A common stock based on an implied equity value of $60 billion. The company said it expects the transaction to close during the third quarter of 2026, subject to regulatory approvals and other customary closing conditions.

The acquisition comes as SpaceX’s market value continues to soar. Shares have climbed more than 54% above the company’s $135 IPO price, giving SpaceX a market capitalization of roughly $2.75 trillion if gains hold. The rising valuation gives the company a powerful stock currency to pursue large acquisitions and expand its footprint beyond aerospace and communications.

The deal brings together one of the world’s most valuable private technology companies and what many investors consider the fastest-growing software startup in history.

Cursor’s rise has been nothing short of remarkable. The AI coding platform has surpassed 1 million paying customers and is generating more than $2 billion in annualized revenue, according to people familiar with the company. Revenue is projected to reach $6 billion by the end of 2026.

At a $60 billion valuation, SpaceX is paying roughly 20 to 30 times Cursor’s current revenue, a premium that reflects the growing importance of AI-powered software development tools.

The acquisition gives Musk control over a platform that has become deeply embedded in the workflows of developers across startups, enterprises, and technology giants. Cursor’s software helps programmers write, test, debug, and manage code using artificial intelligence, placing it at the center of one of the fastest-growing segments in software.

For SpaceX and xAI, the strategic logic is straightforward. The race to build increasingly capable AI systems is becoming a race to accelerate software development itself. Companies including OpenAI and Anthropic have invested heavily in AI coding products such as Codex and Claude-powered developer tools. Cursor offers SpaceX a direct channel into that market and a large base of highly engaged users.

The transaction comes as Musk continues to consolidate assets across his technology empire.

Earlier this year, Musk merged SpaceX with xAI in a transaction he valued at approximately $1.25 trillion. That deal combined one of the world’s largest private aerospace companies with one of the fastest-growing artificial intelligence startups, creating an organization with ambitions that stretch across AI infrastructure, computing, communications, robotics, and space technology.

The Cursor acquisition extends that strategy.

SpaceX already operates launch vehicles, satellite networks through Starlink, AI research through xAI, and increasingly significant computing infrastructure. Adding Cursor would place one of the most widely used AI coding tools under the same umbrella.

Industry connections between the companies have been growing for months. SpaceX recently hired Cursor engineers Andrew Milich and Jason Ginsberg, strengthening ties between the organizations ahead of the announced transaction.

The acquisition arrives at a time when investor interest in Cursor remains intense. CNBC reported over the weekend that the startup was in discussions to raise $2 billion at a valuation exceeding $50 billion. Andreessen Horowitz was expected to co-lead the financing, with participation from Nvidia and Thrive Capital.

The overlap is noteworthy. Andreessen Horowitz and Nvidia have both backed xAI, creating a network of investors with stakes in several companies across the broader AI ecosystem.

The timing may draw additional attention for another reason.

The announcement lands just days before a closely watched legal battle between Musk and OpenAI CEO Sam Altman is set to head to trial. The dispute has become one of the defining rivalries in artificial intelligence, with both leaders competing for talent, infrastructure, investment, and influence over the industry’s future direction.

Should regulators approve the transaction, SpaceX would gain ownership of a company that many developers already rely on daily. The deal would strengthen Musk’s position across multiple layers of the AI stack, from chips and computing infrastructure to models, applications, and developer tools.

SpaceX built the rockets. It built the satellites. It built the AI company.

Now it wants the software platform helping developers write the code that powers the next generation of AI.

Cursor Founders