SpaceX Pursues Cursor Acquisition After IPO, Bloomberg Says, With July Close in View
Summary
- SpaceX plans to complete its acquisition of AI coding startup Cursor within about 30 days of its listing.
- Bloomberg reported that the deal includes a $10 billion cash breakup fee payable to Cursor if the transaction falls through.
- SpaceX is seeking to raise as much as $75 billion in the IPO, with its valuation estimated at more than $2 trillion.
Forecast Trend Report by Period
SpaceX, Elon Musk’s space company, is pursuing an acquisition of AI coding startup Cursor, Bloomberg reported on May 19.
The company plans to complete the deal within about 30 days of its stock market debut, according to the report. SpaceX is expected to file for an initial public offering as early as May 21 and list on June 12.
If that timeline holds, the Cursor acquisition would likely close in July. Bloomberg also said the agreement includes a $10 billion cash breakup fee payable to Cursor if the transaction collapses.
SpaceX said earlier that it secured the right to acquire Cursor for as much as $60 billion after merging with xAI in April. At the time, the company said it was collaborating to develop “world-class coding and knowledge-work AI.”
Cursor, launched in 2023, is an AI-based coding assistant. The service helps developers write and debug code and has quickly grown into one of the key players in the AI coding market. It recently unveiled a new AI coding model, Composer 2.5.
Separately, SpaceX is seeking to raise as much as $75 billion in the IPO, giving it a valuation of more than $2 trillion.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
