SpaceX To Acquire AI Coding Company Cursor For $60bn

Elon Musk’s SpaceX, fresh off its record-breaking IPO, told US securities regulators on Tuesday that it would acquire artificial intelligence coding startup Cursor at a valuation of $60 billion.

In a filing with the Securities and Exchange Commission (SEC), SpaceX said the all-stock deal was expected to close in the third quarter of this year and that Cursor would become a wholly owned subsidiary.

The two companies had announced a partnership in April that included a clause for Cursor to be potentially bought by SpaceX at the $60 billion figure.

Cursor, founded in 2022 and based in San Francisco, specializes in AI for creating software code, particularly for business use.

Combining Cursor’s software and product expertise with SpaceX’s “Colossus” AI training supercomputer will enable the company “to build the world’s most useful models,” the companies said in April when announcing their partnership.

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The acquisition comes after SpaceX, on Friday, finally went public, raising a record-breaking $86 billion in its IPO.

A two-day surge in the company’s share price saw SpaceX close trading on Monday at a valuation above $2.5 trillion, placing it among the six largest companies in the world — ahead of Broadcom, Saudi Aramco, and Tesla, and just behind Amazon.

Co-founded in 2002 by Musk — now the world’s first trillionaire — SpaceX has since expanded into a major satellite operator and folded in his artificial intelligence company, xAI, which includes the social media platform X, formerly Twitter.

AFP