SpaceX formally agreed on Tuesday to acquire Anysphere, the parent of AI coding tool Cursor, in an all-stock transaction valuing the startup at $60 billion, a regulatory filing disclosed Tuesday morning. The deal lands four days after SpaceX’s $86.2 billion Nasdaq debut on June 12, the largest IPO on record, and confirms what the IPO prospectus had already telegraphed: the listing was, in part, a financing event for this acquisition.

The mechanics had been pre-wired. Per SpaceX’s IPO filings, the company held a call option to acquire Cursor for $60 billion in stock or walk away for a combined $10 billion break-up and deferred-services fee, a structure disclosed back in April with a 30-day window from public debut. SpaceX moved within two trading days. Consideration will be paid in Class A shares priced off a volume-weighted average close over the seven trading days before completion. At Monday’s $192.46 close, that’s roughly 312 million shares, or about 3.4 percent dilution at the IPO valuation. Closing is expected in Q3.

The stock did the rest of the work. Shares opened at $135 on June 12 and traded above $200 in Tuesday’s pre-market, up roughly 10 percent in early trading and pushing SpaceX’s market capitalisation toward $2.78 trillion. That appreciation is what makes a $60 billion all-stock bid mathematically painless.

Cursor, founded in 2022 and pulling roughly $2.6 billion in annualised B2B revenue, has been bleeding share to Anthropic and OpenAI in enterprise coding. Ramp spending data put it at 41 percent of the market in June 2025 and around 26 percent by May. SpaceX absorbed xAI as its AI unit in February. The Cursor bid closes the distribution gap the model alone couldn’t.

It’s the IPO-as-acquisition-currency playbook, executed on a calendar measured in days.

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