SpaceX 将以 600 亿美元股票收购 Cursor，距其重磅 IPO 仅数日

SpaceX has finalized a $60 billion stock acquisition of AI coding platform Cursor, shortly after the aerospace firm’s landmark IPO and less than two months after initially announcing a strategic partnership between the two entities.

SpaceX 在航空航天公司具有里程碑意义的 IPO 之后不久，并在最初宣布两家实体之间的战略合作不到两个月的时间内，完成了对 AI 编码平台 Cursor 的 600 亿美元股票收购。

The transaction aims to bolster SpaceX’s AI division, which centers on Elon Musk’s xAI and was merged earlier this year, helping it compete with leading AI laboratories. Despite being a key promise of its IPO, SpaceX’s AI unit has undergone restructuring following multiple controversies, including incidents where users generated non-consensual deepfakes of women and children.

此次交易旨在加强 SpaceX 的 AI 部门，该部门以埃隆·马斯克的 xAI 为核心，并于今年早些时候合并，从而帮助其与领先的 AI 实验室竞争。尽管这是其 IPO 的关键承诺之一，但 SpaceX 的 AI 部门在经历多次争议后进行了重组，其中包括用户生成未经同意的女性及儿童深度伪造视频的事件。

SpaceX confirmed on Tuesday that the acquisition is expected to close in the third quarter of this year.

SpaceX 于周二确认，预计该收购将于今年第三季度完成。

Prior to SpaceX’s involvement, Cursor was nearing the completion of a $2 billion funding round led by investors such as Andreessen Horowitz, Thrive, and Nvidia, which would have valued the AI coding startup at $50 billion, according to TechCrunch.

据 TechCrunch 报道，在 SpaceX 介入之前，Cursor 已接近完成由安德森·霍洛维茨基金（Andreessen Horowitz）、Thrive 和英伟达（Nvidia）等投资者领投的 20 亿美元融资轮，这将使这家 AI 编码初创公司的估值达到 500 亿美元。

Musk’s company announced a unique agreement in April ahead of its IPO: it would either acquire Cursor for $60 billion in stock or pay a $10 billion break-up fee if the deal did not proceed.

马斯克的公司在其 IPO 前夕于 4 月宣布了一项独特的协议：要么以 600 亿美元的股票收购 Cursor，要么如果交易未能进行，则支付 100 亿美元的分手费。

Cursor was experiencing rapid growth when this deal was first announced. However, one source told TechCrunch at the time that the $2 billion it planned to raise would not be sufficient to achieve profitability. This assessment came despite the startup previously securing $900 million in a Series C round in June 2025, followed by an additional $2.3 billion in late 2025.

在该交易首次宣布时，Cursor 正处于快速增长阶段。然而，当时一位消息人士告诉 TechCrunch，其计划筹集的 20 亿美元不足以实现盈利。尽管该初创公司此前已于 2025 年 6 月在 C 轮融资中获得了 9 亿美元，随后在 2025 年底又获得了额外的 23 亿美元。

Founded in 2022 as Anysphere, Cursor has seen explosive growth as AI-powered coding tools gained traction over the past two years. It participated in OpenAI’s startup accelerator in 2024 before raising enough capital to reach a valuation of approximately $29 billion prior to the SpaceX deal announcement.

Cursor 成立于 2022 年，最初名为 Anysphere。在过去两年中，随着 AI 驱动的编码工具日益普及，Cursor 实现了爆炸式增长。它于 2024 年参与了 OpenAI 的初创企业加速器项目，随后筹集了足够的资金，在 SpaceX 交易宣布之前，其估值已达到约 290 亿美元。

Indications of SpaceX’s interest in Cursor emerged earlier this year when xAI hired two of the startup’s senior engineering leaders. Subsequently, in April, Business Insider reported that xAI had decided to lease some of its data center capacity to Cursor—a move reminiscent of similar arrangements SpaceX made with Anthropic and Google ahead of its IPO this year. These discussions between SpaceX and Cursor quickly evolved into the transaction currently being finalized.

今年早些时候，当 xAI 聘请了该初创公司的两名高级工程负责人时，SpaceX 对 Cursor 的兴趣初现端倪。随后，在 4 月，《商业内幕》（Business Insider）报道称，xAI 决定将其部分数据中心容量租赁给 Cursor——这一举措让人联想到 SpaceX 在今年 IPO 前夕与 Anthropic 和 Google 达成的类似安排。SpaceX 与 Cursor 之间的这些讨论迅速演变为目前正在敲定的交易。

The deal coincided with significant turmoil within xAI.

该交易与 xAI 内部的重大动荡不期而遇。

By the end of March, all 11 of Musk’s co-founders at xAI had departed, and Musk publicly acknowledged that xAI “was not built right [the] first time around,” stating he was rebuilding it “from the foundations up.” This admission followed controversies involving xAI’s Grok chatbot, which referred to itself as “MechaHitler” in 2025 and allowed users to generate nude and sexual deepfakes of women and children earlier this year. SpaceX disclosed in its IPO filings that such behavior poses a risk to its business, and the company currently faces numerous legal challenges resulting from these incidents.

截至 3 月底，马斯克在 xAI 的所有 11 位联合创始人均已离职，马斯克公开承认 xAI “第一次并没有构建好 [the]”，并表示他正在“从头开始”重建它。这一承认紧随 xAI 的 Grok 聊天机器人引发的争议之后，该机器人在 2025 年自称“机械希特勒”，并在今年早些时候允许用户生成女性和儿童的裸体及色情深度伪造视频。SpaceX 在其 IPO 文件中披露，此类行为对其业务构成风险，且该公司目前正面临由此类事件引发的众多法律挑战。

xAI’s restructuring began as SpaceX moved toward what would become the largest IPO in history. During this process, SpaceX and its bankers pitched investors on a total addressable market of approximately $28 trillion. Nearly all of this—$26 trillion—was attributed to the company’s AI initiatives.

随着 SpaceX 迈向史上最大 IPO 的步伐，xAI 的重组工作随即展开。在此过程中，SpaceX 及其银行家向投资者推介了约 28 万亿美元的总可寻址市场。其中几乎全部——26 万亿美元——归因于公司的 AI 倡议。

SpaceX projected a potential $2.4 trillion AI infrastructure business (including plans to build a satellite constellation for AI compute) and a $22.7 trillion opportunity in “enterprise applications.”

SpaceX 预计潜在的 AI 基础设施业务规模为 2.4 万亿美元（包括建设用于 AI 计算的卫星星座的计划），以及“企业应用”领域 22.7 万亿美元的机会。

SpaceX is now relying on Cursor to help fulfill some of these promises. However, the prospect of acquiring the startup likely appeared more feasible post-IPO: Since going public last Friday, SpaceX’s stock has risen from its IPO price of $135 per share to over $200 per share in pre-market trading as of Tuesday morning, adding nearly $1 trillion—or roughly the value of 16 Cursors—to its valuation in just a few days.

SpaceX 现在依靠 Cursor 来帮助履行其中一些承诺。然而，收购这家初创公司的前景在 IPO 后可能看起来更加可行：自上周五上市以来，SpaceX 的股票已从每股 135 美元的 IPO 价格升至周二早盘交易中超过 200 美元，仅在几天内就为其估值增加了近 1 万亿美元——这大约相当于 16 家 Cursor 的价值。