Paul RietschkaApr 23

“SpaceX is delaying the potential acquisition of Cursor until after its IPO this summer. This is largely because the company wants to avoid updating its confidential financial filings before the listing, and it will be easier to finance the $60 billion purchase using its new, publicly traded stock.”

It’s all just financial engineering in America today, isn’t it?
https://techcrunch.com/2026/04/22/how-spacex-preempted-a-2b-fundraise-with-a-60b-buyout-offer/

How SpaceX preempted a $2B fundraise with a $60B buyout offer | TechCrunch

Cursor was on track to close a $2 billion funding round this week but chose to halt discussions after SpaceX offered a $10 billion "collaboration fee" and a path to a $60 billion acquisition.

TechCrunch
Show threadJacob Olness
@prietschka if I was going to acquire a business for $60 million, I would want it to not have a profit margin of -1000% but that’s just me.
I bet with all the rate limiting and changes, the net margins will only end up being -500% on “AI”. 🫪
Apr 23 at 3:58amIceCubesApp
Show threadPaul RietschkaApr 23

@jolness $60 billion, but it still holds.

If I were taking a company public at a $1.75T valuation I’d expect it to have more than $20B in annual revenues as well. At $20B per annum that’s like — what? — buying a business for $1MM with income of $5000 per annum?

It’s a ludicrously small revenue stream. But Musk can figure it out I’m sure, after all Cursor is only worth three years of current SpaceX revenues.