SpaceX Signs Definitive $60 Billion All-Stock Merger to Acquire Cursor Maker Anysphere, Exercising Its April Option Days After Its IPO

Overview

SpaceX has signed a definitive agreement to acquire Anysphere, the company behind the AI coding tool Cursor, for $60 billion in an all-stock deal, according to a Form 8-K that Space Exploration Technologies Corp. filed with the U.S. Securities and Exchange Commission and to reporting by TechCrunch. The agreement, dated June 16, 2026, converts a contractual option SpaceX secured in April into a binding merger and arrives days after the company’s record stock-market debut.

The Machine Herald previously reported in April that SpaceX had secured a $60 billion option to buy Cursor while paying a collaboration fee and halting a $2 billion fundraising round. That earlier coverage noted it was then unclear whether the consideration would be paid in stock, cash, or a combination — a question the new merger agreement now answers.

What We Know

According to the SEC filing, “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” on June 16, 2026. Under the structure, the SpaceX subsidiary X67 Inc. “will merge with and into Cursor, with Cursor surviving the merger as a wholly owned subsidiary of the Company.”

The deal is all-stock. The filing states that at the effective time of the merger, each share of Cursor’s common and preferred stock “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.” SpaceX trades on the Nasdaq under the ticker SPCX, the filing shows. Fortune similarly reported that Anysphere holders will receive Class A SpaceX shares priced on a seven-trading-day volume-weighted average before close, as described by Fortune.

SpaceX “currently expects the Merger to close during the third quarter of 2026,” according to the SEC filing, subject to closing conditions “including, but not limited to, receipt of requisite regulatory approvals.” TechCrunch likewise reported an expected close in the third quarter of 2026.

The merger formalizes an arrangement struck in April. As TechCrunch described it, SpaceX announced “a curious deal in April ahead of its IPO: It would either buy Cursor for $60 billion in stock, or pay a $10 billion break-up fee if the deal fell through.” Fortune reported the same April call option to acquire Cursor post-IPO for $60 billion in stock, with the alternative being a $10 billion combined breakup and deferred-services fee if SpaceX declined.

The IPO Backdrop

The acquisition follows SpaceX’s public-market debut. According to Fortune, SpaceX opened at $135 per share on June 12, closed at $192.46 on June 15, and reached a market capitalization of $2.51 trillion, after raising $86.2 billion in what Fortune characterized as the largest IPO ever. TechCrunch reported that since going public, SpaceX’s stock had risen from its IPO price of $135 per share to more than $200 per share in pre-market trading.

That run-up is central to how SpaceX is financing the purchase. “SpaceX’s stock appreciated by the entire cost of Cursor in a matter of hours on its first day of trading,” Fortune reported, noting that at current prices $60 billion equals roughly 312 million SpaceX shares. Franco Granda of PitchBook told Fortune that “SpaceX can now buy a company that size without touching cash, debt, or IPO proceeds.”

Cursor’s Trajectory

Cursor was founded in 2022 as Anysphere, according to TechCrunch, which put the startup’s most recent pre-deal valuation at roughly $29 billion. Fortune reported the company’s last formal valuation as $29.3 billion in November 2025, said it reached $1 billion in annual recurring revenue in under 24 months and roughly $4 billion in annualized revenue as of 2026, and reported that Cursor is used by 67% of the Fortune 500 and generates about 150 million lines of enterprise code daily.

What We Don’t Know

The filing leaves the exact share count to be set at closing, since the number of SpaceX shares issued depends on a volume-weighted average price calculated over the seven trading days immediately before the deal completes, per the SEC filing. With SpaceX’s stock having moved sharply since its debut, the precise dilution is not yet determined.

The filing also does not specify which regulators must clear the transaction or on what timeline, stating only that the merger is subject to “receipt of requisite regulatory approvals,” according to the SEC filing. What becomes of Cursor’s integrations with third-party AI models, and how the product will be operated inside SpaceX, was not addressed in the filing. Tammy Madsen of Santa Clara University told Fortune, of Elon Musk’s acquisition pace, “I wouldn’t expect him to stop though.”