CURSOR·AI developer tools (AI-native IDE + coding agents)Pre-IPO · Private

Anysphere (Cursor)

ConvictionContext

Bottom-up SaaS: freemium individual subscriptions (Pro seat) plus usage-metered enterprise/team seats; revenue is model-inference-intensive, with COGS dominated by pass-through LLM inference (Anthropic/OpenAI) increasingly offset by Anysphere's own in-house models.

Revenue

~$4B annualized revenueARR) as of Jun 2026, of which ~$2.6B enterprise B2B (third-party reporting; not audited

Rev growth

~40xin ~18 months: ~$100M ARR (Jan 2025) to ~$4B (Jun 2026); ~2x from Feb 2026 (~$2B) to Jun 2026

Gross margin

Not disclosed. Third-party estimate: structurally low for software~30-50%) due to inference COGS of ~$0.40-0.70 per revenue dollar; reportedly improving on enterprise as in-house models (Composer, launched with Cursor 2.0 on Oct 29 2025) displace third-party inference

Op margin

Not disclosedreported to operate at a loss overall, notably on individual-developer subscriptions

Capex intensity

Not disclosedhistorically asset-light (rents inference from Anthropic/OpenAI and cloud from AWS), but rising as it trains/serves its own models

Valuation

~$60Bannounced SpaceX all-stock acquisition, Jun 16 2026, pending ~Q3 2026 close subject to regulatory approval); last CLOSED priced venture round $29.3B post-money (Series D, Nov 13 2025). A ~$2B round at a $50B pre-money valuation was in talks Apr 2026 but was halted/superseded by the acquisition.

Valuation trail

~$2B round at $50B pre-money — in advanced talks, halted/superseded130.0× since 2023

6 marks · 2023–Apr 2026

private — no public price

Priced round

Chronological priced-round trail. Seed (2023) and Series A (~$400M, Aug 2024) valuations are approximate; Series C ($9.9B) and Series D ($29.3B) are confirmed. The Apr 2026 ~$2B at $50B pre-money (~$52B post) was in advanced talks but halted/superseded. Not plotted as a round: the announced Jun 16 2026 $60B all-stock SpaceX/xAI acquisition (pending ~Q3 2026 regulatory close) — an M&A valuation, not a closed primary/secondary/SPAC financing.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Anysphere (Cursor)

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence