Space Exploration Technologies Corp. agreed to acquire Anysphere, Inc. ("Cursor") through a stock-for-stock merger, valuing Cursor’s equity at $60.0 billion. A wholly owned subsidiary, X67 Inc., will merge into Cursor, which will become a wholly owned subsidiary of SpaceX.
At closing, each share of Cursor common and preferred stock will convert into the right to receive Class A common stock of SpaceX, using the $60.0 billion implied equity value and the volume-weighted average closing price of SpaceX Class A shares over the seven trading days before closing. The company currently expects the merger to close in the third quarter of 2026, subject to customary closing conditions, including required regulatory approvals.
The merger consideration will be issued as unregistered securities in reliance on Section 4(a)(2) of the Securities Act of 1933 as a private offering.
Space Exploration Technologies Corp. completed its initial public offering of 638,888,888 shares of Class A common stock at $135.00 per share, including full exercise of the underwriters’ option. The IPO also included a global offering in multiple non-U.S. jurisdictions.
In connection with the IPO, approximately 103 million shares of Series Preferred Stock automatically converted into Class A or Class B common stock under the amended and restated certificate of formation. The company adopted an Amended and Restated 2024 Equity Incentive Plan with 300,894,150 Class A shares available and a Second Amended and Restated 2017 Employee Stock Purchase Plan with 24,026,920 Class A shares available.
The company amended and restated its certificate of formation and bylaws, and it will primarily release material information via its investor relations website and X account, alongside required SEC filings.
Space Exploration Technologies Corp. is conducting an initial public offering of 555,555,555 shares of Class A common stock at an initial public offering price of $135.00 per share to be listed on Nasdaq under the symbol SPCX.
Based on the offering size and price, the prospectus states that Elon Musk will retain approximately 82.4% of the voting power immediately after the offering (approximately 82.3% if underwriters fully exercise their option). The prospectus discloses expected delivery of the shares on or about June 15, 2026.