Cursor reported an annualized revenue run rate of $3 billion in late April, according to a person familiar with the matter, up from $2 billion in February. The figure represents projected sales over a trailing 12-month period based on recent performance and underscores swift commercial traction for the AI coding software startup.
The company now counts more than 3,000 customers who each pay at least $100,000 per year for access to its software, the person said. Cursor, which rolled out its AI coding offering in 2023, provides tools intended to assist programmers with writing and debugging code. This week the startup introduced its latest model, Composer 2.5, which was trained in part using one of SpaceX's data centers.
Earlier in April, SpaceX announced an agreement that grants it the right to acquire Cursor for $60 billion or alternatively to pay a $10 billion fee tied to the companies' collaboration. The acquisition did not take place immediately in April because of SpaceX's pending public listing, the person said. According to IPO paperwork filed on Wednesday, SpaceX will have the right to complete a purchase of Cursor within a 30-day window that begins shortly after SpaceX starts trading publicly.
The filing also details financial protections and fees for Cursor if the transaction does not close. Cursor stands to receive $1.5 billion in cash as a breakup fee and an additional $8.5 billion classified as a deferred services fee under the compute agreement between the companies. The compute agreement is structured to provide Cursor with access to SpaceX's computing capacity while allowing SpaceX to broaden its AI coding capabilities through the partnership.
SpaceX is expected to list shares on June 12, according to reporting cited in the filing. If that timetable holds, the sequence of events would put SpaceX in position to exercise its purchase right in July. The filing and the figures reported highlight both Cursor's recent commercial momentum and the narrowly defined timeline for a potential transaction tied to SpaceX's IPO schedule.