Deutsche Bank points out that SpaceX's $60 billion all-stock acquisition of Cursor's parent company, Anysphere, has been completed. This transaction further completes SpaceX's "computing power-model-application" chain and provides Cursor with stronger underlying computing power and model support.
Cursor previously heavily relied on third-party models such as Claude and GPT, resulting in high token costs for heavy users.
In the traditional Pro model, a single user's monthly revenue was approximately $20, with token costs reaching $120, corresponding to a gross margin of approximately -500%. Switching to enterprise-level pay-as-you-go billing improved the gross margin to 25%. If approximately two-thirds of the tasks were processed by Cursor's own Composer model, token costs would drop to $48, and the gross margin could further increase to 40%. Composer's operating costs are approximately 10%-20% of Claude/GPT's.
As more requests shift to Composer and the subsequent Grok system, the underlying token supply capacity is becoming a crucial determinant of AI application profitability.
Deutsche Bank has therefore raised its medium- to long-term forecasts for SpaceX, increasing its 2027 revenue forecast from $97.1 billion to $115.3 billion, EBITDA from $63.3 billion to $78.4 billion, and EPS from $2.35 to $3.44.
