According to The Information, Coatue and Accel are in talks with Anysphere, the parent company of the popular AI coding assistant Cursor, for a funding round of at least $1 billion, with a pre-money valuation reaching $27 billion. In June this year, Accel participated in a previous funding round at a valuation of $9.9 billion. Within just a few months, the valuation has nearly tripled. Over the past two years, Accel has adopted a similar strategy of continuous investment in projects such as Scale AI and Cyera, precisely positioning itself in the AI infrastructure sector.
Although Anysphere still has approximately $800 million in cash reserves, as its self-developed large language model drives the core functions of Cursor, the costs of training and inference have continued to rise, making this financing almost inevitable.
Anysphere's rise can be described as "textbook-style." After completing a $400,000 seed round, the company started developing Cursor in April 2022. In March 2023, Cursor launched its public beta — a new IDE built on VS Code that supports natural language programming. By the end of 2023, the four-member team had achieved an ARR exceeding $1 million, with over 30,000 daily active users. After acquiring the code completion tool Supermaven in November 2024, the model capabilities were further enhanced.
The growth rate of Cursor is nothing short of absurd. Since its launch in March 2023, it took only 20 months for the ARR to exceed $1 billion, with almost no marketing expenditure. The momentum exploded in early 2025: by February, between 4,000 to 5,000 companies requested access, and by March, the ARR reached $3 billion with over 360,000 paying users. In April, daily active users surpassed 1 million, and enterprise customers reached 14,000. As of June, the ARR exceeded $500 million. According to Bloomberg, it is expected to reach $1 billion by year-end. Cursor has become one of the fastest-growing AI SaaS products in history and ranked 26th on Fast Company's list of "World's Most Innovative Companies."
Cursor is not just a "code completion wizard," but is becoming the "main development environment" for engineering teams. Compared to competitors like GitHub Copilot, it has clear advantages in context understanding, explainability, and privacy deployment. Developers can rely on it to complete the entire process from code writing, debugging, to architecture design — a single sentence like "Help me restructure this logic" can automatically complete optimization to document generation.
