$60 billion in SpaceX shares: how Musk snatched Cursor from Anthropic on the eve of the IPO
Elon Musk has executed one of the most extraordinary deals in the tech sector, acquiring Anysphere — the developer of the popular AI coding tool Cursor — for $60 billion. The payment was made exclusively in SpaceX shares, and the entire transaction was completed literally just days before Anthropic's stock market listing. This is not merely an acquisition, but a strategic maneuver that could radically reshape the balance of power ahead of one of the most anticipated IPOs in the field of artificial intelligence.
The key point of the deal lies in the fact that Cursor was deeply integrated with Anthropic's Claude model. Every engineer using Cursor to write code was, in effect, a paying customer of Anthropic "under the hood." The flagship Composer feature, built on Claude Sonnet, became one of the most beloved AI products among programmers worldwide, from Silicon Valley startups to engineering teams in the Fortune 500. In essence, Cursor had become the largest external monetization channel for Claude across the entire internet.
Deal Mechanics: The SpaceX Printing Press
The most notable aspect is how the payment was made. Not a single dollar in cash changed hands: the entire $60 billion was paid in SpaceX shares. The deal was formalized through an SEC Form 8-K, and Musk exercised an option he had signed back in April. SpaceX shares began trading on June 12 at $135 each, and by the following Tuesday, they were trading above $211. Musk used several days of stock market frenzy to "print" $60 billion in fresh capital in the form of shares and immediately channel them into the pre-agreed purchase. SpaceX investors, meanwhile, faced dilution of approximately 3.4% — their stake decreased due to the issuance of new shares. The IPO itself became the printing press for this acquisition.
A Blow to Anthropic Ahead of Its IPO
According to data from the service Ramp, Cursor's share among corporate clients was declining: from 41% in June 2025 to 26% in May 2026, losing ground to GitHub Copilot and Amazon Q. Investors, including Andreessen Horowitz and Nvidia, were preparing to invest in Cursor at a $50 billion valuation, which they already considered aggressive. Musk paid 20% more — for a company that, according to analysts, was losing ground in the race. Why? The answer lies in the problems of Musk's own AI division, xAI. By the end of March 2026, all 11 of its co-founders had left the company, and Musk himself admitted that xAI was "built incorrectly from the start." For SpaceX to have a compelling AI story ahead of its public market debut, the simplest solution was to buy a brand that engineers already trust.
In the end, we see a chain: SpaceX goes public to obtain "currency" — expensive shares. Musk uses them to acquire Cursor, which was losing its leadership position, and at a premium. Furthermore, Cursor was the largest corporate channel through which companies paid for Claude. The deal was timed precisely in the gap between Anthropic filing for its IPO and setting the offering price.
From my professional perspective, this is a brilliant, albeit ruthless, move. Musk didn't just buy a product — he cut off one of Anthropic's key revenue streams at the most sensitive moment. The fate of one of the most anticipated AI IPOs this year now hinges on whether Anthropic can quickly convince Wall Street that the lost revenue from Cursor can be replaced. If not, the public offering could face serious jeopardy.