Cursor | Pakistan

SAN FRANCISCO: SpaceX said on Tuesday it will acquire artificial intelligence coding startup Cursor for $60 billion as shares of Elon Musk’s rocket company soared for a third straight session after a record-breaking IPO. Near 1130am (1530 GMT), shares of SpaceX, formally Space Explor­ation Technologies Corp., stood at $214.29, up 11.2 per cent, and lifting its market value above Amazon to become the fifth largest enterprise in terms of market valuation. Cursor, founded in 2022 and based in San Francisco, specialises in AI for creating software code, particularly for business uses. An acquisition had looked possible after the two companies had announced a partnership in April that included a clause for Cursor to be potentially bought by SpaceX for $60 billion. In a filing with the Securities and Exchange Commission, SpaceX said the all-stock deal was expected to close in the third quarter of this year and that Cursor would become a wholly owned subsidiary. Combining Cursor’s software and product expertise with...

Cursor, an AI code-generation startup co-founded by Pakistani-born Sualeh Asif, has secured a $60 billion acquisition deal with Elon Musk’s SpaceX, according to multiple reports on Thursday. Along with OpenAI and Anthropic, Cursor is one of several Silicon Valley startups that have drawn waves of developers by using ​artificial intelligence to automate coding, a business where AI companies ​have found early commercial traction, according to Reuters. SpaceX announced in a post on X that Cursor gave SpaceX the right to acquire the company later this year for $60 billion. If SpaceX doesn’t buy Cursor, it will pay $10 billion for their work together, the company said. “The combination of Cursor’s leading product and distribution to expert software engineers with SpaceX’s million H100 equivalent Colossus training supercomputer will allow us to build the world’s most useful models,” it added. Originally from Karachi, Asif attended Nixor College before attending the Massachusetts Institute of Technology (MIT), and r...