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SpaceX said on X that Cursor has offered the company an option to acquire it by the end of this year for $60 billion. If SpaceX does not complete the deal, the group would still owe $10 billion tied to collaboration outcomes between the two sides.
The announcement marks a major milestone for Cursor’s young chief executive, Michael Truell, whose career and the company’s rapid expansion have become prominent topics in Silicon Valley.
Under the terms described by SpaceX, the acquisition price is set at $60 billion if the deal is completed by the end of the year. If SpaceX does not proceed, it would still owe $10 billion for collaboration outcomes.
Forbes estimates that a few years after graduating from the Massachusetts Institute of Technology, Truell had a net worth of about $1.3 billion. Truell grew up in New York City and began independently programming mobile games at age 11.
After completing his first year at MIT, Truell took a summer internship at Google at age 18, where he worked with language models. During the internship, he met Ali Partovi, an early investor in Facebook and Airbnb, who recruited him for the Neo Scholars program, a technology talent accelerator.
Forbes reports that Truell made a strong impression in the program by completing a handwritten programming test at “record speed.” Partovi later circled Truell’s name on the candidate list, indicating willingness to back any project Truell pursued.
Truell later became a Neo Scholar, one of 30 young technology talents selected each year. When Truell founded Cursor, Partovi was among the first investors, supporting the company’s growth.
The founding team, including Truell and MIT classmates Aman Sanger, Sualeh Asif, and Arvid Lunnemark, had been interested in AI even before OpenAI’s ChatGPT launched in 2022.
From 2021, the team considered whether to study AI, join an existing large AI project, or start their own. By 2022, they were drawn to GitHub Copilot, while also recognizing its limitations.
Initially, they pursued a less competitive niche by building a “mechanical engineer’s assistant system,” which took about half a year. The group then pivoted toward AI programming, a direction they had previously feared due to competition. Truell said that early failures led to doubt, but the team ultimately concluded it was “truly excited about the future of the programming industry.”
Cursor closed its first funding round in June 2024, raising $60 million. In 2025, the company completed three additional rounds, raising a total of $3.3 billion and increasing its valuation from $2.5 billion to $30 billion within one year.
The company’s pace has been described as faster than other tech firms once considered rapid growers. Slack took about two and a half years to reach $100 million in annual revenue, while Dropbox took four years to reach a similar milestone.
For Cursor, that $100 million annual revenue milestone was reached in January 2025, just over a year and eight months after the first product launch in early 2023. Fortune reports that Cursor’s annual revenue had surpassed $2 billion by February.
With Cursor 3 recently launched, the company is continuing to move toward deeper automation, including the ability for AI to write code based on high-level instructions from users.
Fortune reports that Cursor has more than 300 employees and that its technology is used by 67% of Fortune 500 enterprises. The company’s website lists clients including Salesforce, Samsung, and Budweiser.
Before SpaceX’s announcement on Tuesday, Cursor was still negotiating additional fundraising at an estimated valuation around $50 billion, according to TechCrunch. With the new deal, the company could be acquired at a higher price by as much as $10 billion.
Earlier, Bloomberg reported that Cursor was negotiating funding at a valuation around $10 billion a year earlier.
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