SpaceX announced a bond sale on Monday, saying it will use the funds to pay for bridge financing and general purpose needs.
CNBC noted that last week there were reports claiming that the company was seeking to raise about $20 billion in the bond sale to also fund its AI plans, which include potentially building data centers in space.
Stocks are plummeting during the session, falling more than 10% at 10:45 a.m. ET. They are still above the $150 price they began trading at, but far from its peak of almost $219 from last Tuesday.
The company also announced last week it agreed to Anysphere, the company behind the coding platform Cursor, in a deal valued at $60 billion, marking one of the largest transactions involving a software company this year.
The announcement took place Tuesday as SpaceX continues to expand beyond its traditional aerospace business. The company said the acquisition is expected to close during the third quarter of 2026, subject to customary conditions, Reuters noted.
Anysphere operates Cursor, a coding platform that has gained widespread adoption among software developers. The product is designed to assist with software development tasks and has emerged as one of the most prominent developer-focused tools in the technology sector.
The acquisition follows a period of rapid growth for Anysphere. Earlier this year, the company reached a valuation of roughly $10 billion following a funding round led by investors including Thrive Capital, according to The Information. Cursor's popularity among developers has helped place the company among the most closely watched software startups in Silicon Valley.
SpaceX said the transaction will strengthen its position in enterprise software through xAI, the artificial intelligence company that merged with SpaceX in February. Reuters reported that the acquisition gives xAI a larger presence in the market for software development tools, an area where competitors such as OpenAI and Anthropic have already established products used by programmers.
Cursor has emerged as one of several software platforms attracting developers seeking tools that can automate portions of coding work. The company competes in a market that includes offerings from OpenAI, Anthropic, GitHub and Google. Earlier this year, OpenAI agreed to acquire coding startup Windsurf in a deal valued at approximately $3 billion, according to Bloomberg.
The transaction adds another major software asset to Musk's portfolio of businesses, which already includes SpaceX, xAI, Tesla, Neuralink and social media platform X. Reuters reported that access to SpaceX's computing resources is expected to support Anysphere's development efforts following completion of the deal.
