Mentioned:
SpaceX is deepening their bet on artificial intelligence. Which is exactly why they’ve just spent tens of billions of dollars to buy Cursor.
What’s happening:
- SpaceX (NASDAQ: SPCX) has officially completed their acquisition of artificial intelligence coding startup Cursor for $60B USD in an all stock deal
By the numbers:
- SpaceX issued 389.3M common shares to purchase Cursor
Why it matters:
- Cursor is one of the fastest growing artificial intelligence companies in the world and has more than 50,000 businesses using their coding software
Going deeper:
- Cursor is currently generating approximately $4B USD in annualized revenue
- Coatue and Accel previously led Cursor’s $2.3B USD Series D financing round at a valuation of roughly $29.3B USD
The intrigue:
- Elon Musk has been cutting a flurry of new acquisitions lately, including notably personally purchasing gas turbine company APR Energy
