Anysphere Founders Get SpaceX Stock With No Exit Date

SpaceX is acquiring Cursor maker Anysphere for $60 billion entirely in stock. Shareholders receive illiquid equity with no disclosed timeline for liquidity or conversion rights. SpaceX, still private after years of IPO speculation, has deferred a public offering repeatedly. Anysphere's founders and investors must now bet on both SpaceX's private valuation and when—or whether—an exit materializes. The all-stock structure signals SpaceX's confidence in its $350 billion+ secondary valuation but shifts exit risk entirely to the acquired shareholders.