SpaceX closes $60B Cursor deal — shares slip as AI unit expands SpaceX has completed its headline-grabbing, stock-based acquisition of Anysphere — the maker of the Cursor coding platform — folding Cursor into its SpaceXAI arm in a transaction valued at an implied $60 billion. The deal closed according to an Aug. 14 SEC filing and was executed through a newly formed SpaceX subsidiary, X67 Inc., which merged into Anysphere with Cursor emerging as a wholly owned SpaceX unit. How the stock-for-stock deal was structured - Rather than a fixed share price set at signing, the exchange was tied to a volume-weighted average closing price of SpaceX Class A shares over the seven trading days prior to closing. That mechanism determined the final share count. - Pre-merger common and preferred Cursor shares converted into rights to receive 389,289,254 SpaceX Class A shares. - Vested Cursor restricted stock units converted into rights to receive 1,752,426 Class A shares (subject to tax withholding). Fractional shares will be paid in cash. - Unvested awards were assumed by SpaceX and converted into about 29,128,326 restricted stock units linked to Class A shares, and Cursor employees and holders received roughly 44,365,047 options to buy SpaceX Class A stock in place of prior Anysphere options. - The merger consideration was issued under Section 4(a)(2) of the Securities Act of 1933 (an exemption for non-public-offering transactions), with registration rights governed by the merger agreement and related docs. What this means for investors and employees The converted equity makes Cursor’s former investors, employees and option-holders directly exposed to SPCX, the Nasdaq-listed SpaceX Class A stock. From a shareholder perspective, SpaceX financed the acquisition largely with its publicly traded shares instead of cash, illustrating how listed stock can be used to execute a major strategic purchase without an outright cash outlay. Cursor confirmed the closing in a post on X, saying its team will join SpaceXAI and work on products that connect the two companies’ AI efforts. “We will join the SpaceXAI team to help make Grok the world’s most useful AI and improve Grok Build, Grok Bot, Grok API, Cursor, and more,” the company said. Cursor also indicated no immediate changes to customer accounts, subscriptions, or access to its coding tools. Deal background: collaboration before the buyout SpaceX and Anysphere had been collaborating prior to the merger. An April compute-and-option agreement gave SpaceX the right to acquire Anysphere and provided Cursor access to GPU cluster capacity to support joint work on Grok and related AI models. SpaceX said that the amount attributable to that collaboration in the quarter ended June 30 was not material. Market reaction and broader context The announcement coincided with a modest pullback in SPCX shares during Friday trading. Shares opened at $143 and traded between an intraday low near $135.53 and a high around $144.19, finishing around $140 — roughly 0.9% below the prior close. That level remains slightly above SpaceX’s $135 IPO price but well below the record intraday high of $225.64 reached in June when the planned deal was first disclosed and briefly sent SPCX up more than 17%. SpaceX’s June public listing and subsequent Nasdaq-100 inclusion broadened U.S. investor access — JPMorgan had estimated around $4.3 billion of automatic passive purchases tied to index flows. SPCX also trades through tokenized equity products and perpetual-equity-linked contracts on crypto venues; however, those instruments can differ materially from direct share ownership in terms of rights and protections. Analyst views and projections Wall Street coverage has been bullish but varied. Morgan Stanley’s Adam Jonas keeps an Overweight rating with a $300 base case and $600 bull case for SPCX, the latter valuing the company near $8 trillion under an aggressive scenario. Morgan Stanley also modeled potential revenue growth for Cursor — projecting annual recurring revenue rising from roughly $4 billion (June) to $8 billion by end-2026 and up to about $33 billion by 2030 — though those figures are analyst forecasts rather than filing disclosures. Other banks, including Goldman Sachs and Citigroup, have published lower price targets in the $200s. Why crypto readers should care Beyond traditional equity markets, the deal is relevant to crypto-native investors because SPCX exposure is available in tokenized and derivatives forms on crypto platforms. The acquisition also underscores how major Web2/AI assets are consolidating and being financed with listed equity — a dynamic that could influence liquidity, tokenized equity product pricing, and demand for equity-linked crypto instruments going forward. Bottom line SpaceX has officially absorbed Cursor into SpaceXAI in a $60 billion stock-based deal that swaps Cursor’s shares and awards for hundreds of millions of SPCX Class A shares and options. The transaction deepens SpaceX’s AI portfolio and ties Cursor’s future to public market performance — while the market and crypto product ecosystems watch how the newly enlarged AI push affects SpaceX’s valuation and investor demand. Read more AI-generated news on: undefined/news