SpaceX and Cursor: A Record Acquisition for 2026

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Key Takeaways

1SpaceX has acquired Cursor for $60 billion, marking the largest startup acquisition to date.

2In 2026, spending on mergers and acquisitions of American startups reached $119.8 billion, on track to break the record set in 2025.

3The biotechnology sector saw Eli Lilly make several major acquisitions, including Kelonia Therapeutics for $7 billion.

💡Why it matters — These transactions illustrate an unprecedented dynamic in the technology and biotechnology sectors, influencing innovation and the competitiveness of American startups.

SpaceX and the Record Acquisition of Cursor

The year 2026 is already shaping up to be an exceptional year for startup mergers and acquisitions in the United States. According to an analysis by Crunchbase, companies have spent a staggering $119.8 billion so far to acquire venture-backed American startups. This figure is poised to surpass the record set in 2025. The pinnacle of this trend is SpaceX's acquisition of Cursor, an AI-based coding tool, and its parent company Anysphere, for a colossal amount of $60 billion.

This transaction alone accounts for about half of the total spending on American startup mergers and acquisitions for the year. SpaceX initially announced its intention to acquire Cursor in April, and the deal was finalized following the company's IPO this month. This acquisition is now the largest ever made, nearly double the size of Google's previous acquisition of Wiz for $32 billion.

Comparison with Previous Acquisitions

SpaceX's acquisition of Cursor is not only a record for 2026, but it also sets a new historical benchmark. Prior to this, the largest startup acquisition was Facebook's purchase of WhatsApp in 2014 for $19 billion. These figures illustrate the exponential growth of acquisition values in the tech sector.

Other Major Transactions of 2026

While the purchase of Cursor is the most notable, other significant acquisitions have taken place in 2026. According to data compiled by Crunchbase, the next nine largest acquisitions of American startups this year range from $2 billion to $7 billion.

The Expanding Biotechnology Sector

The biotechnology sector has been particularly active, with Eli Lilly leading the charge. In April, Eli Lilly acquired Kelonia Therapeutics, a company specializing in gene therapies for cancer treatment, for $7 billion in cash. This acquisition is the largest in the venture-backed biotechnology field in several years.

Eli Lilly also made two other notable acquisitions: Orna Therapeutics, focused on RNA-based therapies, for up to $2.4 billion, and Ajax Therapeutics, which specializes in blood cancer therapies, for as much as $2.3 billion. These transactions highlight the growing interest in biotechnology innovations.

Overall, five of the ten largest transactions this quarter involve the biotechnology sector. However, the announced amounts often represent maximum potential acquisition prices, contingent on achieving specific milestones, particularly in terms of clinical outcomes and commercialization.

Other Notable Acquisitions

Outside the biotechnology sector and the acquisition of Cursor, other significant transactions have occurred. Capital One purchased Brex, a provider of credit cards and business accounts, for $5.15 billion. Qualcomm recently announced the acquisition of Modular, a startup specializing in AI chips, for $4 billion.

Among other notable acquisitions, Salesforce acquired Fin, a provider of AI-based customer experience tools, and Autodesk bought MaintainX, an industrial AI platform, each for $3.6 billion.

As the second quarter comes to a close, it remains possible that another major transaction could further mark the year. Regardless, 2026 is already a landmark year for startup mergers and acquisitions, with spending continuing to grow at an impressive pace.