20VC: Cursor Acquired for $60BN by xAI | Anthropic Hits $1TRN in Secondary Markets | Did Anthropic Just Kill Figma, Adobe and Canva | Rippling Hits $1BN in ARR | Salesforce Goes Headless: Smart or Stupid | Cerebras IPO 2.0

**Jason Lemkin** (0:00)
I'm not sure they're buying them for $60 billion.

**Rory O'Driscoll** (0:02)
If your stock is valued at 100 times revenues, you can buy things that are trading at 10 or 15 times revenue all fucking day long.

**Jason Lemkin** (0:09)
I think there'll be a $100 billion deal in the next 12 months.

**Rory O'Driscoll** (0:12)
I think this will stand as the high watermark of private M&A for a decade.

**Harry Stebbings** (0:17)
This is 20VC with me, Harry Stebbings. It's my favorite show of the week, Rory O'Driscoll and Jason Lemkin, analyzing the biggest news in tech. Now this week on the agenda, my god, breaking news. Cursor acquired by XAI or SpaceX, otherwise known for $60 billion with a $10 billion break clause. Tim Cook announces he's stepping down from Apple after an epic run. Anthropic turns down $800 billion funding offers and crosses the trillion dollar mark on secondary markets. And then Anthropic launches Claude Design as if it wasn't eating everyone else's lunch. And now it's going after Figma, Adobe, Canva. This is an epic one. As always, we did not fall short of banging news to cover. But before we dive into the show today, are you a founder working nonstop to raise your next round? Are you an investor doing all you can for your portfolio companies to help them stand out? Funding and scaling a vision is challenging. Banking should not be. HSBC Innovation Banking caters to tech and healthcare founders all over the world You need a really great banking partner that matches their pace, offering fast onboarding, product packages designed for your business, and capital solutions built for high-growth startups and the VCs investing in them. With HSBC Innovation Banking's rapid onboarding, you can get access to your new accounts and facilities quickly, so your team can stay focused on building and scaling what's next. You'll be paired with your own dedicated team of Venture Ecosystem Veterans who have the network and experience to provide companies in your specific sector, at your specific stage. And behind that support is this real strength, HSBC's $3 trillion balance sheet and global network that provides this stability and international reach needed to grow your operation with confidence. To see how HSBC Innovation Banking can support you, whether you're on day one or day a thousand, visit innovationbanking.hsbc to learn more and connect with an Innovation Banking Specialist. That's innovationbanking.hsbc.
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**Rory O'Driscoll** (4:35)
You have now arrived at your destination.

**Harry Stebbings** (4:37)
Boys, we recorded yesterday and last night, some very big news happened. I messaged this morning saying, I think we should actually do a little segment this morning and discuss this because it is so notable. And so last night it was announced that Cursor was, Rory, you're going to correct me whatever I say. So I'm just going to do it and you can correct me. Cursor is being acquired by XAI, SpaceX, in other words, for $60 billion with a break clause of $10 billion by the end of the year. Rory, please correct me on.