Key facts
- SpaceX completed its $60 billion acquisition of Cursor AI startup Anysphere.
- Cursor AI is now a wholly owned subsidiary of SpaceX.
- The merger was effective August 14.
- Cursor AI stock converted into shares of SPCX stock.
- Cursor AI will join the SpaceXAI team to enhance AI models like Grok.
SpaceX has finalized its $60 billion acquisition of AI startup Anysphere, which operates the Cursor AI platform. The deal, effective August 14, makes Cursor a wholly owned subsidiary of the space exploration company.
An SEC filing detailed the merger, where SpaceX's subsidiary X67 Inc. combined with Anysphere's Cursor. Following the merger, Cursor's common and preferred stock converted into approximately 389 million shares of SPCX stock, based on the $60 billion valuation. Vested restricted stock units from Cursor now entitle holders to Class A common stock of SpaceX, with cash provided for fractional shares. Unvested units and options were converted into SPCX restricted stock units and options.
Cursor confirmed the acquisition's closure on X, stating the team will join SpaceXAI to enhance AI models like Grok, Grok Build, Grok Bot, and Grok API, as well as Cursor itself. This integration follows SpaceXAI's recent release of Grok 4.6.
Following the news, SPCX stock experienced a decline of over 2% at market open, trading around $137. However, the stock had previously surged over 23% in the preceding five days, driven by the Grok 4.6 release and anticipation of the acquisition's completion. Analyst Adam Jones from Morgan Stanley presented a bull case for SPCX with a $600 price target, citing Cursor's potential to drive upside by contributing to SpaceX's broader AI platform and generating significant revenue in the code generation space.