Cursor Valuation: $9.9B After the Jun 2025 Series C

The $9.9 billion figure is real, but it is no longer the latest number. That was the post-money valuation when Anysphere, the company behind the Cursor coding editor, closed its $900 million Series C in June 2025. Five months later a new round set the value at $29.3 billion. In August 2026, SpaceX completed an all-stock acquisition at about $60 billion.

So if you are searching for what Cursor is worth, the short answer is that $60 billion is the last price, and it is an acquisition price. The company no longer has a valuation of its own, because it is now part of SpaceX.

The funding timeline

Thrive Capital led the Series C, with Accel, Andreessen Horowitz and DST also participating. Accel and Coatue co-led the Series D, with Nvidia and Google joining as strategic investors.

Canborsa’s Cursor valuation page lays out these rounds and adds a SpaceX acquisition row dated June 2026, the month the deal was announced. Reference pages can lag events or carry incomplete fields, so it helps to check summary numbers against the dated rows and the original announcements.

What the June 2025 number meant

“Post-money” means the valuation includes the newly invested cash, which makes the arithmetic straightforward.

Illustrative calculation from the reported figures. $9.9 billion post-money minus $900 million of new money implies about $9.0 billion pre-money. New investors collectively bought about 9.1% of the company ($900 million divided by $9.9 billion), assuming all the money was primary.

At the time, Cursor said it had passed $500 million in annual recurring revenue, which suggests a multiple of no more than about 20 times ARR.

Why the number moved so quickly

From the reported valuations, $9.9 billion to $29.3 billion is a rise of about 3 times in five months, and $29.3 billion to $60 billion is about 2 times in nine months. From June 2025 to the close, the value rose about 6 times. Those are changes in headline price, not investor returns, which would depend on share classes, terms and timing.

The revenue trend helps explain the rise. Cursor said it had passed $100 million of ARR in January 2025, then $500 million by the Series C, and $1 billion by November 2025. Later figures reported in the press were never confirmed by the company.

The final steps came in stages. On April 21, 2026, SpaceX obtained the right to buy Cursor for $60 billion later in the year or pay $10 billion for their joint work. At that point, Cursor had been on track to raise about $2 billion at a $50 billion valuation, TechCrunch reported, but that round never closed. SpaceX announced on June 16 that it would exercise the purchase right, and the deal closed on August 14, 2026. Anysphere’s shareholders received about 389.3 million SpaceX Class A shares.

How to read a private valuation

A startup valuation isn’t like a share price. Several features make it a looser measure:

• It updates rarely. A private company’s value changes on paper only at the next priced round, sale or secondary trade.
• It is one negotiated price. A small number of investors agree it, often with preferences or other terms that common shareholders don’t get.
• It multiplies a new price across the whole company. The price of a small slice is applied to every share, whether or not anyone could buy the rest at that level.
• An all-stock price depends on the acquirer’s shares. “$60 billion” was the implied value at the deal’s terms. What holders received was SpaceX stock, and that has moved with the market since.

This explains why three different numbers can circulate at once, and why each needs a date.

Is there still a way to get exposure?

Cursor isn’t listed, has no ticker, and its shares no longer trade as a separate asset. The route to any exposure now runs through SpaceX, which trades on Nasdaq as SPCX. That is a very indirect bet.

Illustrative calculation, not a forecast. A report put SpaceX’s market value at about $2.2 trillion on October 9, 2026. Measured against that, a $60 billion purchase is roughly 2.7% of the company, so most of any SPCX position would reflect rockets, Starlink and other AI work rather than Cursor.

Listed shares give ownership. Canborsa’s SpaceX pages show a perpetual contract, SPCX-PERP, which offers price exposure with no ownership and carries funding costs and liquidation risk. Canborsa’s Cursor page shows no Cursor market, so no perp on Cursor itself should be assumed. Any pre-acquisition vehicle holding Anysphere shares should be checked against its own documents.

Access also depends on where you live. Canborsa’s terms exclude people and entities in the United States and in sanctioned territories, and they bar citizens of those territories wherever they are. In the EU, ESMA said in February 2026 that perpetual contracts meeting the CFD definition likely fall under national CFD measures, and the UK’s FCA has banned retail sales of crypto-asset derivatives since 2021. Rules differ widely elsewhere, so check locally before trading any leveraged product.

The takeaway

Use $9.9 billion for what it is: the June 2025 Series C mark. Use $29.3 billion as the last private round, from November 2025, and about $60 billion as the August 2026 acquisition value. Keep the dates attached, and the history becomes much easier to read.

This article is for educational purposes only and is not financial advice. Leveraged derivatives and private-market investments carry a high risk of loss.