Cursor raises at $12B. Your IDE is worth more than your bank.
What happened
Anysphere, maker of the AI code editor Cursor, closed a round valuing it at $12B — roughly double its last valuation.
Why this matters
Dev tools were supposed to be a niche market. AI turned them into the fastest-growing software category in history.
The slightly cynical read
Half the valuation is revenue multiple, half is the fear of missing the next GitHub.
What to watch next
Whether the margin math survives model API price changes — their COGS is someone else's pricing page.