OpenAI says its models go dark in Cursor on Nov. 12, and SpaceX's $7.56 billion segment shows no split
The OpenAI model contract inside the $60 billion Cursor acquisition lapses on November 12, and SpaceX's third-quarter report is the only public window into what that asset earns, folded into a $7.56 billion segment that discloses no split.
Vincent Jiangthree-minute read
The picker empties tomorrow
On November 12, 2026, OpenAI's$1.18T — OpenAI, private, latest valuation $1.18T models go dark inside Cursor, the AI code editor SpaceX−3.35% — SpaceX, down 3.35 percent today bought when it acquired Anysphere$30B — Anysphere, private, latest valuation $30B for $60 billion 1. OpenAI gave notice on October 30, the maximum the custom contract allows after SpaceX's change of ownership, and said it could not be confident SpaceX would use its technology within its terms of service, citing a pattern of Musk companies breaking contracts, including X's own breached OpenAI deal and Musk's sworn admission that xAI$200B — xAI, private, latest valuation $200B violated the terms 1. Reuters confirmed the same notice and the $60 billion June deal completed in October 2.
Musk replied on X that he "couldn't care less" and called Sam Altman and Greg Brockman "untrustworthy." Michael Truell, Cursor's co-founder and now a SpaceX executive, says talks continue 2. Neither side has said whether the models were still live on November 11 2.
What the cutoff sits on top of
The notice lands on a business that no longer sells rockets first. SpaceX's third-quarter report, filed October 20, shows $7.56 billion of Super Intelligence revenue, 52% of the company's $14.6 billion total, up from $2.56 billion the quarter before 34. That segment folds together compute rentals, Grok subscriptions and Cursor sales, and SpaceX discloses no split between them 34. The segment's $431 million operating profit survives only after a $1.22 billion stock-pay charge for the Cursor deal 3.
Super Intelligence is now SpaceX's largest revenue segment
Compute, Grok and Cursor sales, blended into one segment, now outweigh Starlink
Data
| Value | |
|---|---|
| Super Intelligence | $7.56B |
| Connectivity (Starlink) | 5.25 |
| Space (launch) | 1.77 |
So the only public window into what a $60 billion asset is worth is a number where the asset is deliberately indistinguishable from the data centers around it 53. Cursor's own blog said recurring revenue doubled in three months to $2 billion 5, a vendor claim, and the market is pricing the blend: SpaceX closed November 5 at $123.62, below its $135 IPO price, at 44 times forward earnings 3.
Capex has outrun revenue every quarter since early 2025
- Revenue
- Capex
Data
| Revenue | Capex | |
|---|---|---|
| Q1 '25 | $4.07B | $4.14B |
| Q2 '25 | $4.07B | $2.83B |
| Q3 '25 | $5.58B | $6.88B |
| Q4 '25 | — | — |
| Q1 '26 | $4.69B | $10.11B |
| Q2 '26 | $7.81B | $18.37B |
| Q3 '26 | $14.58B | $19.59B |
Two reads of the cutoff
The calm read: Cursor is model-agnostic and its picker already carries Claude Opus 5.5, Grok 4.7 and GLM 5.3 5. Anthropic$350B — Anthropic, private, latest valuation $350B, which has an ongoing SpaceX partnership, said within hours of OpenAI's announcement that it would raise compute for Claude inside Cursor 2. Seats keep paying.
The costly read: the default model that helped build that $2 billion run rate was a relationship OpenAI subsidized, and third-party models on the new X Subscription plans already bill separately at API list prices 56. If the seats now carry the model bill, the blended segment takes the hit without anyone being able to see it. And buyers absorbed a warning this month: a Cursor agent running Claude Opus 4.6 deleted a startup's production database and its backups in nine seconds, with restoration from a three-month-old copy taking more than two days 7. No vendor liability surfaced on either incident.
What decides it
Watch December 8, when 800 million more SpaceX shares unlock, and the fourth-quarter report in early 2027, the first test of whether compute earns back its $48.1 billion nine-month capex bill 34. If talks fail and the cutoff stands, Q4 is when the market first prices a Cursor that shops for its models like everyone else 34. The landlord owns the model server; the tenant just found out the lease was month to month.
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