SpaceX 將以 600 億美元股票收購 Cursor，距其重磅 IPO 僅數日

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義的 IPO 之後不久，並在最初宣佈兩家實體之間的戰略合作不到兩個月的時間內，完成了對 AI 編碼平臺 Cursor 的 600 億美元股票收購。

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.

此次交易旨在加強 SpaceX 的 AI 部門，該部門以埃隆·馬斯克的 xAI 為核心，並於今年早些時候合併，從而幫助其與領先的 AI 實驗室競爭。儘管這是其 IPO 的關鍵承諾之一，但 SpaceX 的 AI 部門在經歷多次爭議後進行了重組，其中包括使用者生成未經同意的女性及兒童深度偽造影片的事件。

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

SpaceX 於週二確認，預計該收購將於今年第三季度完成。

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.

據 TechCrunch 報道，在 SpaceX 介入之前，Cursor 已接近完成由安德森·霍洛維茨基金（Andreessen Horowitz）、Thrive 和英偉達（Nvidia）等投資者領投的 20 億美元融資輪，這將使這家 AI 編碼初創公司的估值達到 500 億美元。

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.

馬斯克的公司在其 IPO 前夕於 4 月宣佈了一項獨特的協議：要麼以 600 億美元的股票收購 Cursor，要麼如果交易未能進行，則支付 100 億美元的分手費。

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.

在該交易首次宣佈時，Cursor 正處於快速增長階段。然而，當時一位訊息人士告訴 TechCrunch，其計劃籌集的 20 億美元不足以實現盈利。儘管該初創公司此前已於 2025 年 6 月在 C 輪融資中獲得了 9 億美元，隨後在 2025 年底又獲得了額外的 23 億美元。

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 成立於 2022 年，最初名為 Anysphere。在過去兩年中，隨著 AI 驅動的編碼工具日益普及，Cursor 實現了爆炸式增長。它於 2024 年參與了 OpenAI 的初創企業加速器專案，隨後籌集了足夠的資金，在 SpaceX 交易宣佈之前，其估值已達到約 290 億美元。

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.

今年早些時候，當 xAI 聘請了該初創公司的兩名高階工程負責人時，SpaceX 對 Cursor 的興趣初現端倪。隨後，在 4 月，《商業內幕》（Business Insider）報道稱，xAI 決定將其部分資料中心容量租賃給 Cursor——這一舉措讓人聯想到 SpaceX 在今年 IPO 前夕與 Anthropic 和 Google 達成的類似安排。SpaceX 與 Cursor 之間的這些討論迅速演變為目前正在敲定的交易。

The deal coincided with significant turmoil within xAI.

該交易與 xAI 內部的重大動盪不期而遇。

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，馬斯克在 xAI 的所有 11 位聯合創始人均已離職，馬斯克公開承認 xAI “第一次並沒有構建好 [the]”，並表示他正在“從頭開始”重建它。這一承認緊隨 xAI 的 Grok 聊天機器人引發的爭議之後，該機器人在 2025 年自稱“機械希特勒”，並在今年早些時候允許使用者生成女性和兒童的裸體及色情深度偽造影片。SpaceX 在其 IPO 檔案中披露，此類行為對其業務構成風險，且該公司目前正面臨由此類事件引發的眾多法律挑戰。

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.

隨著 SpaceX 邁向史上最大 IPO 的步伐，xAI 的重組工作隨即展開。在此過程中，SpaceX 及其銀行家向投資者推介了約 28 萬億美元的總可定址市場。其中幾乎全部——26 萬億美元——歸因於公司的 AI 倡議。

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 預計潛在的 AI 基礎設施業務規模為 2.4 萬億美元（包括建設用於 AI 計算的衛星星座的計劃），以及“企業應用”領域 22.7 萬億美元的機會。

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 現在依靠 Cursor 來幫助履行其中一些承諾。然而，收購這家初創公司的前景在 IPO 後可能看起來更加可行：自上週五上市以來，SpaceX 的股票已從每股 135 美元的 IPO 價格升至週二早盤交易中超過 200 美元，僅在幾天內就為其估值增加了近 1 萬億美元——這大約相當於 16 家 Cursor 的價值。