Cursor Hits $3B Revenue, Anthropic Nears Profitability, SpaceX Files IPO Disclosures

AI leaders are starting to show real scale. Cursor surges ahead of a SpaceX deal, Anthropic nears profitability, and SpaceX opens its books for IPO markets. Let’s dive in…

THIS WEEK’S BREAKING NEWS

Cursor hits $3B revenue ahead of SpaceX acquisition

Cursor reached a $3B annualized revenue run rate in late April, up from more than $2B in February, as demand for AI coding tools accelerates. The company now has over 3,000 customers paying at least $100,000 annually and is preparing for a potential $60B acquisition by SpaceX following its IPO, which could provide Cursor with massive compute capacity and deepen SpaceX’s AI software capabilities. (1)

MARKET UPDATE

SpaceX listing drives re-rating hopes across European space stocks

European space stocks rallied after SpaceX filed for a public listing, with Eutelsat rising 20%, OHB gaining 15%, and SES adding 3.7%. Analysts expect SpaceX’s potential $1T+ IPO valuation to drive a broader re-rating across European satellite companies as investor sentiment improves around space-enabled infrastructure and long-term market expansion. (2)

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STABLETON NEWS

Read the Q1 2026 report on private tech

Q1 2026 was a historic quarter for private markets. SpaceX filed for what could be the largest IPO in history (3), AI investment as a share of GDP surpassed every prior technology cycle (4), and the global secondary market continued to grow with volumes on pace to exceed $250 billion (5).

The latest Stableton Private Blue-Chip Tech Navigator breaks down the developments that defined the first quarter of 2026. It covers market conditions, major funding rounds, valuation shifts, and liquidity trends, alongside data on the Stableton Morningstar PitchBook Unicorn 20 strategy.

As private tech matures into an institutional asset class, we prioritize keeping you updated on the data behind all the major shifts. We put this report together so you can see exactly where the market stands and where it’s heading.

View the full Q1 2026 report below.

PORTFOLIO NEWS

Anduril introduces rugged AI communications node to frontline operators

Anduril introduced Voyager Gateway 1, a rugged body-worn compute and communications system that enables soldiers to run AI workloads, mission applications, voice, video, and data-sharing directly at the tactical edge without relying on rear command servers. Tested during an INDOPACOM exercise, Voyager G1 supported autonomous sensing and target-sharing in degraded environments, highlighting Anduril’s push toward distributed, resilient battlefield infrastructure through its Lattice Mesh software ecosystem. (6)

Pope Leo urges AI regulation alongside Anthropic co-founder

Pope Leo XIV and Christopher Olah jointly called for deeper collaboration between religious institutions and AI companies during the Vatican release of Magnifica Humanitas, an encyclical focused on AI governance and human dignity. Olah warned that frontier AI incentives are shaped by commercial and geopolitical pressures, while the pope advocated for regulation targeting concentrated digital power, autonomous weapons, and algorithmic discrimination as AI capabilities scale globally. (7)

Anthropic targets first profitable quarter ahead of IPO

Anthropic is projected to post its first profitable quarter in Q2 2026, forecasting $10.9B in revenue and a $559M operating profit, more than doubling Q1 revenue of $4.8B. The milestone positions Anthropic ahead of rivals OpenAI and xAI on profitability, even as the company commits tens of billions annually toward compute infrastructure and prepares for a potential IPO at a reported $900B valuation. (8)

Anthropic strengthens AI research team with former Tesla AI leader hire

Andrej Karpathy joined Anthropic to lead research focused on accelerating pretraining for Claude models, marking another high-profile talent win in the intensifying AI race. The hire follows Anthropic’s recent recruitment of former xAI founding member Ross Nordeen and its compute partnership with SpaceX’s Colossus data center, underscoring growing competition around frontier AI talent, infrastructure, and model development. (9)

Anthropic and KPMG expand enterprise AI deployment globally

KPMG entered a global alliance with Anthropic to deploy Claude across its core operations and workforce of more than 276,000 employees. The partnership embeds Claude into KPMG’s Digital Gateway platform for tax, legal, cybersecurity, and private equity workflows, while positioning KPMG as Anthropic’s preferred partner for AI deployment across PE portfolio companies, signaling accelerating enterprise adoption of frontier AI systems in regulated industries. (10)

Stellantis deepens Applied Intuition partnership for AI-defined vehicles

Stellantis expanded its partnership with Applied Intuition to support development of the STLA Brain vehicle software platform, covering simulation, validation, deployment, and core vehicle systems. Applied Intuition’s AI-based Vehicle OS is designed to accelerate software development and shorten deployment cycles, reinforcing Stellantis’ broader FaSTLAne 2030 strategy around AI-defined vehicles alongside partnerships with Qualcomm and Wayve. (11)

Canva integrates editable design workflows into Google Gemini

Canva launched a Connected App for Google Gemini, allowing users to generate, edit, and publish fully editable Canva designs directly within Gemini. The integration combines Canva’s proprietary design AI and Brand Kit infrastructure with Gemini workflows, extending Canva’s distribution across major AI assistants, including Claude, ChatGPT, and Copilot, as competition intensifies around enterprise AI productivity and branded content creation. (12)

Deel brings stablecoin payroll into mainstream HR software via Polygon

Deel launched stablecoin salary payouts on Polygon for full-time employees in the U.S. and Eurozone, embedding crypto payroll directly into mainstream HR workflows used by more than 40,000 customers across 150+ countries. The rollout positions stablecoins inside regulated payroll infrastructure rather than crypto-native contractor tools, as competition intensifies among providers like Toku, Rise, and Bitwage around compliance, off-ramp access, and enterprise adoption. (13)

Fortnite returns globally as Epic challenges Apple fees

Epic Games announced that Fortnite has returned to global App Stores as its antitrust dispute with Apple continues over App Store commission fees of up to 30%. Epic signaled confidence that courts will force greater transparency around Apple’s App Store economics, while the game’s broader comeback comes amid weaker engagement trends and more than 1,000 layoffs tied to softer consumer spending. (14)

Kraken secures Dubai crypto license ahead of IPO

Kraken secured preliminary broker-dealer and investment management authorization from Dubai Virtual Asset Regulatory Authority, allowing the exchange to launch regulated crypto services for retail and institutional investors in Dubai. The approval strengthens Dubai’s position as a global crypto hub with established licensing frameworks, while supporting Kraken’s broader institutional expansion ahead of its pending U.S. IPO filing and reported $20B valuation. (15)

OpenAI adopts multi-layered AI provenance infrastructure for AI-generated content

OpenAI expanded its content provenance framework by adopting C2PA conformance, integrating Google DeepMind’s SynthID watermarking into image generation, and previewing a public verification tool for AI-generated media. The multi-layered approach combines cryptographic metadata, invisible watermarking, and verification infrastructure to improve transparency and resilience as AI-generated content becomes more widely distributed across platforms and workflows. (16)

Singapore secures $234M AI push with OpenAI and Google

Singapore signed separate AI agreements with Google and OpenAI to accelerate AI deployment across healthcare, education, public services, and enterprise. OpenAI committed more than S$300M ($234M) to Singapore’s AI ecosystem and will establish its first overseas Applied AI Lab there, while Google expanded collaborations around agentic AI, healthcare, and workforce training as Singapore deepens its push to become a global AI hub. (17)

Perplexity expands security into AI agent infrastructure with Bumblebee

Perplexity AI open-sourced Bumblebee, a security tool that scans developer machines for compromised software packages, malicious browser extensions, and infected AI tool configurations without executing the code it analyzes. The “read-only” approach targets growing software supply-chain risks, including a recent attack affecting more than 160 packages, while extending security checks into MCP configurations used by AI assistants such as Claude and Cursor. (18)

Perplexity adds peer-reviewed research through EBSCO partnership

EBSCO Information Services partnered with Perplexity AI to integrate EBSCOhost’s peer-reviewed journal databases into Perplexity’s Premium Sources and Computer products. The agreement gives users direct access to traceable academic research inside AI-generated answers and workflows, positioning curated institutional content as a verification layer as AI search platforms increasingly compete on accuracy, sourcing, and enterprise trust. (19)

Ripple backs Squid’s $6M cross-chain infrastructure round

Ripple participated in a $6M strategic funding round for Squid, backing the company’s expansion into consumer-facing cross-chain infrastructure products. Squid, which serves as the official bridge partner for the XRP Ledger, has processed more than $6B across 4 million transactions spanning over 100 blockchains, highlighting Ripple’s continued push into interoperability and multi-chain transaction infrastructure. (20)

SpaceX files financial disclosures ahead of historic IPO

SpaceX filed financial disclosures ahead of a potential mid-June IPO that could raise around $80B and value the company above $1T, positioning it as the largest IPO in history. The filing highlights SpaceX’s aggressive spending across rockets and AI infrastructure while reinforcing Elon Musk’s control through 85% voting power, potentially making him the world’s first trillionaire. (21)

Elon Musk reshuffles loyalists to rebuild xAI before IPO

Elon Musk is redeploying senior executives and engineers from SpaceX, Tesla, and his broader network to rebuild xAI ahead of SpaceX’s IPO. The restructuring follows mounting losses, employee departures, and weaker enterprise traction at xAI, which has become central to the investment case for the newly merged $1.25T SpaceX-xAI entity and its broader AI infrastructure ambitions. (22)

Anthropic commits $1.25B monthly to xAI compute

Anthropic agreed to pay xAI $1.25B per month for compute capacity from the Colossus data centers through 2029, according to disclosures tied to SpaceX’s IPO filing. The deal highlights how frontier AI labs are increasingly securing hyperscale compute through long-term infrastructure contracts as demand for AI inference and training accelerates. (23)

OTHER NEWS

FxPro adds Cerebras trading after $5.55B AI IPO

FxPro made Cerebras available for trading after the AI chipmaker’s Nasdaq debut, which raised approximately $5.55B at $185 per share. Cerebras is known for wafer-scale processors designed for AI training and fast inference, positioning it as one of the most closely watched semiconductor companies as investor demand for AI infrastructure exposure continues to grow. (24)

Mistral targets enterprise legal workflows with Harvey AI

Mistral AI expanded its partnership with Harvey to bring its AI models into legal workflows across contract analysis, compliance, litigation, and due diligence. The agreement gives Mistral access to Harvey’s network of more than 1,500 customers across 60+ countries, strengthening its position against rivals such as Anthropic in the fast-growing enterprise legal AI market. (25)

Polymarket targets private markets with pre-IPO betting products

Polymarket launched prediction markets tied to private companies including SpaceX, Anthropic, OpenAI, and Anduril Industries, allowing retail users to speculate on private-market valuations and milestones. The platform positions the markets as a new real-time signal for institutional investors, while expanding prediction markets beyond politics and sports into private capital formation and pre-IPO pricing dynamics. (26)

Shield AI powers coordinated autonomous swarming for LUCAS drones

Shield AI was selected by the Office of the Under Secretary of War for Research and Engineering to integrate its Hivemind autonomy software into LUCAS, a low-cost uncrewed combat attack system. The deployment strengthens Shield AI’s position in autonomous defense infrastructure, with Hivemind enabling coordinated drone swarming, adaptive navigation, and real-time mission execution across increasingly scalable military AI platforms. (27)

VAST Data expands role in future AI infrastructure with NVIDIA and AIC

VAST Data will join AIC and NVIDIA at COMPUTEX 2026 to address infrastructure bottlenecks emerging from reasoning models and long-context AI inference. The collaboration highlights VAST Data’s growing role in high-performance AI storage and data orchestration as next-generation AI systems demand faster memory access, lower latency, and scalable GPU-centric architectures. (28)

CHART OF THE WEEK

AI sentiment remains cautious despite rapid adoption

Global attitudes toward AI reveal a clear tension between progress and perception. Across most countries, a larger share of respondents report feeling more concerned than excited about the growing role of AI in daily life. Even in markets with strong technological adoption, enthusiasm remains measured, with many people balancing optimism about innovation against concerns around job displacement, control, and long-term societal impact. While AI adoption is accelerating at the enterprise level, public confidence is not keeping pace.

Companies that can demonstrate trust, transparency, and tangible value will be better positioned to sustain adoption and expand their influence. In private markets, many of the leading AI companies are building these capabilities alongside their core technologies. The Stableton Morningstar PitchBook Unicorn 20 strategy is aligned with this change, focusing on private blue-chip technology leaders that are advancing AI capabilities and shaping how the technology is integrated and accepted at scale.

THE UNTOLD UNICORN STORY

Cursor: From MIT project to the future of coding

Co-founder and CEO, Anysphere, Michael Truell, at a convention talk. (29)

When Michael Truell and his co-founders launched Anysphere in 2022, they weren't chasing unicorn status; they were solving their own frustration. Long hours spent debugging and rewriting the same functions led them to an idea: what if AI could help developers reason through entire projects, not just autocomplete lines? That experiment led to Cursor, Anysphere’s AI-powered development environment that thinks like a collaborator.

The idea took off. Its platform now powers workflows for teams across the Fortune 500, helping engineers code faster and smarter. Cursor is shaping a new reality where writing software feels less like typing commands and more like talking to an intelligent partner.

Fun Fact: Anysphere prohibits the use of AI tools during the first round of coding interviews, which is a notable irony for a company whose entire product is an AI coding assistant. (30)

Did you know? Cursor is one of the 20 companies in our Stableton Morningstar PitchBook Unicorn 20 strategy, a systematic, index approach that aims to outperform public benchmarks with low-cost fees, and without a performance fee. Click below for more information.

SOURCES

1 - Bloomberg, 2 - Reuters, 3 - Financial Times, 4 - NBC, 5 - William Blair, 6 - Anduril, 7 - NCR Online, 8 - Financial Times, 9 - CNBC, 10 - Anthropic, 11 - Stellantis Media, 12 - Business Wire, 13 - BitGet, 14 - Reuters, 15 - Decrypt, 16 - OpenAI, 17 - CNBC, 18 - Decrypt, 19 - PR Newswire, 20 - The Block, 21 - NPR, 22 - Bloomberg, 23 - TechCrunch, 24 - FX News Group, 25 - The Wall Street Journal, 26 - Financial Times, 27 - Tectonic Defense, 28 - PR Newswire, 29 - The Signal, 30 - Tech Funding News