SpaceX to acquire AI programming startup Cursor for $60 billion
In documents filed with the Securities and Exchange Commission (SEC), SpaceX said it expects the all-stock transaction to close in the third quarter of this year and for Cursor to become a subsidiary.
SpaceX rocket before launch. File photo
SpaceX, Elon Musk’s company, informed the U.S. securities regulator on Tuesday that it will acquire A.I. programming startup Cursor, with a valuation of $60 billion.
In documents filed with the Securities and Exchange Commission (SEC), SpaceX said it expects the transaction, conducted entirely in stock, to close in the third quarter of this year and for Cursor to become a subsidiary.
The two companies announced a partnership in April that included a potential acquisition clause.
Cursor, founded in 2022 and headquartered in San Francisco, specializes in the A.I.-driven creation of software code, particularly for business use.
Combining Cursor’s software and product expertise with SpaceX’s “Colossus” A.I. 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 announcement of the acquisition comes after SpaceX raised a record $86 billion in its initial public offering on Friday, which made Musk the world’s first trillionaire.
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This places it among the six largest companies in the world, behind Amazon.
Co-founded in 2002 by Musk, SpaceX has expanded to become a major satellite operator and has integrated its artificial intelligence company, xAI, which includes the social media platform X (formerly Twitter).
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