SpaceX is buying AI coding startup Cursor for $60 billion

**Imran Shaikh** (0:00)
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SpaceX is buying AI coding startup Cursor for $60 billion.
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**Imran Shaikh** (3:33)
SpaceX has agreed to buy AI startup Cursor for $60 billion in stock, concluding a deal that was first announced earlier this year. In April, the two companies signed a partnership that saw SpaceX agree to either invest $10 billion into Cursor or buy it outright for $60 billion.
Now, less than two months later, the two are moving forward with an acquisition, which SpaceX expects to close later this year. Cursor is known for its AI coding tool of the same name. As recently as April, the company was reportedly in talks to raise approximately $2 billion in new funding from Andreessen Horowitz, Nvidia and other investors. However, TechCrunch reports that even if Cursor secured that funding, it wouldn't have been enough for it to break even. That's despite the company raising $2.3 billion last year. As for SpaceX, Cursor represents a way for it to shore up its XAI division. As you might recall, SpaceX bought Elon Musk's AI lab in February, which itself merged with X, formerly Twitter, last year. But despite being the centerpiece of SpaceX's IPO pitch to investors, the division has been mired in controversy.
Thanks for listening to the show. Make sure to rate, review and subscribe on Apple Podcasts. Today's show featured journalism by Engadget contributor Igor Bonifacec and was produced by SpokenLayer. I'm Imran Shaikh and we'll talk more tomorrow.