SpaceX stock falls as $60B Cursor deal closes

SpaceX has completed its $60 billion stock-based acquisition of Anysphere, bringing the Cursor coding platform into its SpaceXAI business as SPCX shares fell during Friday trading. Summary Cursor has become a wholly owned SpaceX subsidiary after the merger took effect on Aug. 14. Cursor investors will receive 389.3 million SpaceX Class A shares under the transaction. SpaceX shares traded as low as $135.53 before recovering to about $140. Morgan Stanley has retained a $300 target and a $600 bull case for SPCX. An SEC filing dated Aug. 14 showed that SpaceX completed the acquisition through X67 Inc., a subsidiary formed to carry out the transaction. X67 merged into Anysphere, leaving the Cursor developer as the surviving company and a wholly owned SpaceX subsidiary. The closing came less than two months after SpaceX signed the merger agreement on June 16. Under its terms, the company valued Anysphere at an implied equity value of $60 billion and agreed to compensate its investors with SpaceX Class A common stock. SpaceX has issued 389 million shares for Cursor Cursor’s common and preferred shares outstanding immediately before the merger were automatically converted into rights to re...