SpaceX acquires Cursor for record $60B, largest startup acquisition ever; US M&A on pace for record year

SpaceX completed the largest startup acquisition in history on June 25, acquiring AI coding tool Cursor and its parent company Anysphere for $60 billion. SpaceX first announced the option to purchase the company in April 2026 and consummated the deal after its own IPO this month. The Cursor acquisition represents nearly double the size of the previous record: Google's 2022 purchase of Wiz for $32 billion. Anysphere was founded as a digital health platform, but Cursor emerged as a high-growth AI coding assistant that captured significant developer mindshare.

According to Crunchbase analysis, U.S. startup M&A spending year-to-date totals at least $119.8 billion through mid-June, already on pace to exceed 2025's record-setting total. The Cursor deal alone accounts for roughly half of 2026's total M&A spending so far. Other major deals in 2026 include Eli Lilly's acquisitions of biotech startups Kelonia Therapeutics ($7 billion), Orna Therapeutics ($2.4 billion), and Ajax Therapeutics ($2.3 billion); Capital One's purchase of Brex ($5.15 billion); Qualcomm's acquisition of AI startup Modular ($4 billion); Salesforce's acquisition of Fin ($3.6 billion); and Autodesk's purchase of MaintainX ($3.6 billion).

Beyond Cursor, the nine largest deals of 2026 range from $2 billion to $7 billion. Biotech was a standout sector, with half of the top ten deals involving gene therapy, RNA therapeutics, or blood cancer treatments. Many biotech acquisition prices include contingent payments tied to milestone achievements, typically clinical trial results or commercialization targets. So the headline acquisition prices often represent maximum potential payouts, not immediate cash outlays.

For investors tracking the startup ecosystem, the record M&A year signals continued appetite from large acquirers to consolidate AI, biotech, and developer-tool talent despite volatile public markets. The Cursor acquisition underscores acquirers' focus on specialized AI tooling as a strategic asset, particularly in developer productivity—a segment that saw sustained high valuations despite broader tech correction. SpaceX's willingness to allocate $60 billion to an AI coding tool signals aggressive infrastructure investing even outside traditional aerospace and energy sectors.