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Cursor Completes June 12 IPO Ahead of Expected $60 Billion SpaceX Acquisition
The AI coding startup founded in 2023 by four people in their mid-20s went public on June 12 after rapid valuation growth. It now reports $4 billion in annualized revenue and is slated for a third-quarter merger with SpaceX.
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Cursor completed its initial public offering on June 12, 2026, and is expected to be acquired by SpaceX for $60 billion. The AI coding startup was founded in early 2023 by Michael Truell, Aman Sanger and Sualeh Asif, all 25, and Arvid Lunnemark, 26. The company raised about $75 million from Thrive Capital, Andreessen Horowitz and OpenAI Startup Fund by December 2024.
It appeared on the Forbes Under 30 list that month and reached unicorn status with a $2.6 billion valuation shortly afterward. Valuations climbed to $9.9 billion by June 2025 and $29.3 billion by November 2025. Annualized revenue grew from $2 billion in February 2026 to $3 billion in April and $4 billion in June.
Three-quarters of the run rate came from business customers as of late May. Each of the four cofounders is currently estimated to be worth $1.3 billion. SpaceX would pay a $1.5 billion breakup fee and supply $8.5 billion in computing resources if the deal collapses, according to IPO filings.
The merger is expected to close in the third quarter of 2026. Exact acquisition terms have not been disclosed.
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