{"text":[[{"start":10.05,"text":"Elon Musk’s SpaceX has struck a deal for the right to acquire code-editing start-up Cursor for $60bn in an attempt to catch up with AI rivals months before the rocket maker’s initial public offering."}],[{"start":23.75,"text":"SpaceX said the companies were working together “to create the world’s best coding and knowledge work AI” and that it had an option to buy Anysphere, Cursor’s parent company, for $60bn this year."}],[{"start":35.85,"text":"If SpaceX decides not to proceed, it would pay $10bn “for our work together” — which would in effect be among the largest termination fees in history."}],[{"start":45.900000000000006,"text":"Cursor was valued at $29bn in November and has been one of the fastest-growing start-ups in Silicon Valley since it launched in 2022."}],[{"start":54.2,"text":"Musk is hoping Cursor’s customer base of software engineers and expertise in AI coding tools will help him reel in AI rivals whose models have outstripped those produced by his xAI lab. "}],[{"start":66,"text":"The billionaire founded xAI in 2023 to take on OpenAI and Anthropic, and has since merged the group with SpaceX, which is gearing up for a record-breaking IPO this summer. "}],[{"start":78.85,"text":"The Tesla chief executive has embarked on a dealmaking spree over the past year, melding parts of his disparate business empire into a single entity spanning space exploration, infrastructure, social media and AI."}],[{"start":91.8,"text":"He merged his social media platform X with xAI in an all-stock deal in March last year, before rolling both into SpaceX in February in a deal valuing the combined entity at $1.25tn. "}],[{"start":105.1,"text":"The flurry of deals over the past 12 months — including Tuesday’s announcement — adds to the challenge for public market investors and underwriters appraising the combined group’s valuation. "}],[{"start":117.25,"text":"SpaceX’s IPO is expected to value the group at $1.75tn, the largest flotation of all time."}],[{"start":125.1,"text":"Acquiring xAI has complicated SpaceX’s financial picture. The AI lab lost $6.4bn in 2025, up from $1.56bn in 2024, according to a person with knowledge of the company’s financials. "}],[{"start":141.4,"text":"Starlink, SpaceX’s satellite internet business, posted operating profit of $4.42bn last year, up from $2bn in 2024, they added."}],[{"start":151.85,"text":"Musk has proposed maintaining control over the entire group via special voting shares, the person added. "}],[{"start":158.54999999999998,"text":"The deal with Cursor would bring SpaceX a “leading product and distribution to expert software engineers”, the company said. "}],[{"start":166.85,"text":"Cursor will make use of SpaceX’s massive computing resources to continue developing its own coding model Composer, launched late last year."}],[{"start":175.75,"text":"Oskar Schulz, Anysphere’s president, said: “We think SpaceX is basically the best company in the world when it comes to building out compute. The feats they have been able to pull off are extraordinary.”"}],[{"start":189.4,"text":"Musk has been behind some of the most ambitious infrastructure projects of recent years, including the supercomputer Colossus in Memphis, which was developed in 122 days. "}],[{"start":201.3,"text":"He has staked SpaceX’s future on developing data centres in space, arguing that satellites fed by solar energy and naturally kept cool in orbit will be the cheapest way to power AI."}],[{"start":212.95000000000002,"text":"Cursor’s annualised revenue surpassed $2bn earlier this year on the strength of its tools designed to increase the productivity of software engineers. The company uses AI models built by OpenAI, Anthropic, xAI and Google to power these products. "}],[{"start":229.85000000000002,"text":"Its business has been squeezed as these leading labs rapidly rolled out new versions of their own coding models, such as OpenAI’s Codex and Anthropic’s Claude Code."}],[{"start":240.60000000000002,"text":"Cursor has developed its own Composer model. It emerged last month that the newest version of Composer was built on top of an open-source model from Chinese start-up Moonshot AI."}],[{"start":258.6,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776829535_7356.mp3"}