CNBC, two days ago:
In November, Cursor said it crossed $1 billion in annualized
revenue, according to a release at the time. Cursor was also
ranked at No. 37 on the annual CNBC Disruptor 50 list in 2026. The
$60 billion in class A common stack that SpaceX has agreed to pay
to acquire Cursor represented a 3.4% dilution at the aerospace and
tech conglomerate’s IPO valuation.Shares of SpaceX gained roughly 16% on Tuesday, topping Amazon and
Microsoft by market cap and making it the fourth most valuable
company in the U.S.
SpaceX is an amazing company but this valuation is insane. The idea that it’s even close to as valuable as Microsoft or Amazon is bananas. SpaceX still isn’t even profitable, so its price-to-earnings ratio is literally infinity. It’s halfway through Thursday as I post this and SpaceX is down ~10 percent on the day, so a touch of sanity is being restored, at least at the moment.
Cursor, with $1 billion in sales, certainly isn’t worth 60× revenue — especially in a business where it too isn’t profitable. But who cares when you’re paying with funny-money stock?
