Anysphere raises Series B at $2.6B valuation

Anysphere, maker of the AI coding editor Cursor, raised a $100 million Series B at a $2.6 billion post-money valuation, according to people familiar with the deal cited by TechCrunch. Returning investor Thrive Capital led the round, with Andreessen Horowitz also participating. Some later reports gave slightly different figures — $105 million raised at a $2.5 billion valuation, with Benchmark also named as a participant — variations consistent with a private round whose final terms were reported before an official company statement.

The round came just four months after Anysphere’s $60 million Series A at a $400 million valuation, a more than sixfold increase in valuation over that period. TechCrunch reported that Anysphere’s annualised revenue had grown from about $4 million in April 2024 to a monthly run rate implying roughly $48 million by October — a pace of growth investors were pricing at over 50 times reported revenue, well above typical software-company multiples even by the standards of the period’s AI funding market.

The raise placed Cursor among the fastest-growing developer tools of the AI-coding wave, alongside Replit, Cognition and GitHub Copilot, competing for a market investors were beginning to treat as one of the clearer near-term commercial applications of large language models. Anysphere returned to market repeatedly over the following year, each round at a sharply higher valuation than the last.