Aerospace firm SpaceX said on Tuesday it would buy Anysphere, the start-up behind AI coding tool Cursor, for $60 billion (£45bn) in an all-stock transaction.

The deal, which takes advantage of SpaceX’s soaring market value of over $2tn after its IPO late last week, is expected to close in the third quarter of this year.

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Enterprise market

Earlier this year, the company had disclosed a deal to either buy Cursor for $60bn or form a partnership for $10bn.