Cursor's Anysphere raises Series C at $9.9B valuation

Anysphere, maker of the AI coding tool Cursor, raised a $900 million Series C at a $9.9 billion valuation, led by returning investor Thrive Capital with participation from Andreessen Horowitz, Accel and DST Global. The round was Anysphere’s third fundraise in less than a year, following a $100 million round at a $2.5 billion pre-money valuation in late 2024 and a reported raise near $9 billion valuation only weeks earlier.

The round’s justification was revenue growth rather than product news: Anysphere said its annualised recurring revenue had passed $500 million, up from $300 million in mid-April — a roughly 60% jump in under two months — and that ARR had been doubling approximately every two months over the prior period. Cursor’s revenue came primarily from individual developers paying for its $20 Pro and $40 business tiers, though the company was expanding into enterprise licensing.

The pace of the raise — three rounds inside a year, each at a sharply higher valuation than the last — reflected the wider AI coding-assistant market’s rapid growth through 2025, as Cursor competed with GitHub Copilot, Anthropic’s Claude Code and a growing field of agentic coding tools for developer spend. Anysphere returned to raise again five months later, closing a $2.3 billion Series D at a $29.3 billion valuation in November 2025, by which point annualised revenue had reportedly passed $1 billion.