PART 41 / 63 spaceX招股书

Cursor 收购对价 $60B + 终止费 $1.5B / 延期服务费 $8.5B

ENGLISH · ORIGINAL

Meanwhile, by providing access to our large-scale compute infrastructure, we believe we can help Cursor deliver faster and higher quality user experiences. The collaboration with Cursor may also accelerate our AI strategy by integrating our AI models more directly into developer workflows and expanding the distribution of our AI capabilities through high-engagement software interfaces. The consideration for the acquisition of Cursor, if any, after the closing of this offering would consist of shares of our Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of our Class A common stock that equals the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) we decide to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to our material breach of the option agreement (subject to notice and cure provisions), Cursor is entitled to a $1.5 billion termination fee under the option agreement and an $8.5 billion deferred services fee under the compute agreement. These fees are payable in cash (or Class A common stock, if this offering has not been consummated at the time the fees become payable). For more information about our arrangement with Cursor, including our option to acquire the company, please refer to "Business—Collaboration with Cursor" included elsewhere in this prospectus.

中文翻译

Cursor 收购对价 $60B + 终止费 $1.5B / 延期服务费 $8.5B

同时，通过把我们的大规模算力基础设施开放给 Cursor，我们认为能帮 Cursor 给用户更快、更高质量的体验。和 Cursor 的合作还有可能加速我们的 AI 战略——让我们的 AI 模型更直接地嵌进开发者工作流——并通过高粘性的软件界面扩大 AI 能力的分发。

收购 Cursor 的对价（如果最终发生的话）：本次发行完成之后，收购对价用我们的 A 类普通股（Class A common stock）股票支付——

• 基础是 Cursor 隐含股权价值 $60.0 billion（600 亿美元）；

• 股价取收购完成前连续 7 个交易日我们 A 类普通股的成交量加权平均收盘价（VWAP）。

如果出现下面任一情况：

• 我们主动决定终止期权协议；或

• Cursor 有权终止且因我们"重大违约"决定终止（有通知和宽限期条款），

那 Cursor 有权拿到：

• $1.5 billion（15 亿美元）的终止费——来自期权协议；

• $8.5 billion（85 亿美元）的延期服务费——来自算力协议。

这些费用用现金支付（如果到支付时本次发行还没完成，也可以用 A 类普通股支付）。更多关于我们和 Cursor 安排（包括收购期权）的信息，请看招股书其他章节的**"业务—与 Cursor 的合作"**。

🤖 Anthropic + Grok-5