Anysphere (Cursor) raises $2.3B Series D at $29.3B valuation

Anysphere, the maker of the AI-assisted code editor Cursor, raised a $2.3 billion Series D at a $29.3 billion valuation, co-led by Coatue and Accel. Existing backers Thrive and Andreessen Horowitz returned, and the round brought in Nvidia and Google as new investors — both companies with their own stakes in the AI coding market Cursor competes in.

The valuation was more than three times the $9.9 billion Anysphere was assigned six months earlier, when it raised a $900 million Series C. Anysphere said annualised revenue had passed $1 billion, driven in large part by enterprise customers; the company also said its proprietary models were generating more completed code than almost any other large language models in the industry, though it did not publish figures supporting that comparison. It said the funding would go toward research and continued product development, and that it employed more than 300 engineers, researchers, designers and operators.

The round came amid a broader run-up in coding-assistant valuations, as AI labs, cloud providers and chipmakers all sought exposure to what had become one of the most commercially proven applications of large language models — developers paying directly for AI-written code, rather than the more speculative enterprise deployments common elsewhere in the industry. Nvidia and Google’s participation extended a pattern, also visible in Nvidia’s investments elsewhere in the AI stack, of major infrastructure suppliers taking equity in the companies that consume their compute and models, a structure that critics said blurred the line between customer revenue and investor capital.