Four days after its Nasdaq debut, SpaceX filed a Form 8-K announcing a definitive all-stock deal to acquire San Francisco AI coding startup Anysphere — the company behind Cursor — for $60 billion. The acquisition was pre-optioned in April, structured as paper paid in shares that have already risen 56% since the IPO.

Four days after pricing the biggest IPO in history, SpaceX filed a Form 8-K with the SEC on Tuesday announcing a definitive agreement to acquire Anysphere Inc. — the San Francisco company behind AI coding tool Cursor — for $60 billion in an all-stock transaction. The deal, structured as a merger between Anysphere and SpaceX's wholly-owned subsidiary X67 Inc., is expected to close in the third quarter of 2026.

The cap-table reality: SpaceX isn't deploying IPO proceeds here. It's paying in SPCX shares that have already climbed more than 56% from their IPO price of $135, reaching $211 in premarket trading Tuesday morning. The $60 billion acquisition is being paid in paper that didn't exist as public equity a week ago. The deal was also pre-wired: SpaceX announced in April that it had secured an option to acquire Cursor for $60 billion or absorb a $10 billion break-up fee — a pledge made while SpaceX was actively pitching IPO investors on a $26 trillion AI total addressable market. Nearly all of that, $22.7 trillion, was attributed to "enterprise applications." Cursor is now the primary asset supposed to deliver on that number.

The numbers behind Anysphere are real enough to explain the interest. Per company data shared with Reuters, Cursor was generating roughly $2.6 billion in annualized B2B revenue at the time of announcement, with enterprise sales growing sharply. But one person familiar with the company's finances told TechCrunch that a planned $2 billion funding round — at a $50 billion valuation, with Andreessen Horowitz, Thrive, and Nvidia among the expected backers — wasn't going to get the company to break even. That is a notable gap for a startup that had already raised $900 million in a Series C in June 2025 and another $2.3 billion in late 2025, putting its pre-deal valuation at approximately $29 billion.

The xAI context is the other reason the deal makes sense on SpaceX's end. SpaceX merged with Musk's AI company in February 2026; by late March, all 11 of xAI's co-founders had left. Musk publicly acknowledged the company "was not built right the first time around." Cursor is effectively the replacement bet.

What's still unsettled: the deal carries a $4 billion regulatory termination fee if antitrust review blocks it — an unusual provision that signals the parties have priced in real scrutiny. SpaceX's data center agreements with Anthropic and Google, each carrying 90-day termination clauses and totaling roughly $26 billion annually, could be restructured if SpaceX reclaims compute capacity post-close. And Anysphere's Series C and late-2025 investors — who backed the company at a $29 billion valuation — are set to receive SPCX shares with no lock-up terms disclosed publicly yet. The filing date on when they can sell will be worth watching.