Cursor valuation doubles to $50 billion, gearing up for a new $2 billion funding round

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AI programming tool Cursor is nearing the completion of a new funding round of at least $2 billion, with a pre-money valuation reaching $50 billion, nearly doubling from $29.3 billion six months ago. Existing shareholders Thrive Capital and a16z are expected to lead the round, with strategic investor NVIDIA participating, and Battery Ventures potentially joining as a new investor. The round is already oversubscribed. (Previous coverage: Cursor 3.1 launches Canvas: Agents directly generate interactive React interfaces, charts, Diffs, and custom logic) (Background: Cursor caught using Kimi K2.5 for model training! Tweets deleted, official statement makes a U-turn) Code editor Cursor just completed a $2.3 billion funding round six months ago at a $29.3 billion (post-money) valuation. Pushing the valuation to $50 billion now is faster than most expected, but the primary reason is that annualized revenue reached $2 billion this February, and the company expects to exceed $6 billion by the end of 2026, tripling in 10 months. This is directly driving the valuation higher. Valuation doubling in 6 months, annualized revenue heading toward $6 billion provides the confidence According to TechCrunch, citing people familiar with the matter, this new round is led by Thrive Capital and a16z, with NVIDIA investing as a strategic partner, and Battery Ventures potentially joining. The round is already oversubscribed, and specific terms are still being adjusted. The previous round ($29.3 billion post-money) was co-led by Accel and Coatue, raising $2.3 billion. Composer plus Kimi pulls gross margins into the positive, while shedding reliance on Anthropic Like most AI programming tools that rely on third-party models, Cursor previously had negative gross margins for a long time. The situation began to change after the launch of the self-developed Composer model last November. Composer 2 is fine-tuned based on Moonshot AI's Kimi K2.5, with about one-quarter of the pre-training coming from the Kimi base model, and the rest from Cursor's own fine-tuning and continued training. Cursor did not proactively disclose this initially and only provided supplementary explanations after being caught. However, because it integrated cheaper models to lower inference costs, enterprise account revenue has allowed the company to turn a positive gross margin. This effectively means they are leveraging traffic from Anthropic (Claude remains one of Cursor's primary models) while pushing their reliance on Anthropic outward. Cursor's main competitors currently are Anthropic's Claude Code, followed by OpenAI's reorganized Codex.

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