Cursor is launching a new AI model for software development that will reportedly rival OpenAI and Anthropic PBC.

Composer 2, a third-gen coding model, is anticipated to exceed Anthropic's Opus 4.6 on several major coding benchmarks, Bloomberg reports. The coding model is designed as an AI agent that can autonomously handle complex, time-consuming coding tasks for users.

Sualeh Asif, Aman Sanger, Arvid Lunnemark, and Michael Truell founded Anysphere in 2022. Cursor introduced its AI assistant in 2023, designed to streamline coding and debugging for developers, making their workflow faster and more precise. 

Anysphere saw extremely fast growth, reaching $100 million in annual recurring revenue (ARR) in January 2025. 

The company hit a major funding milestone in June 2025, raising $900 million. This round, led by Thrive Capital and with participation from Andreessen Horowitz, Accel, and DST Global, valued the company at approximately $9.9 billion, Bloomberg reported.

Several months later, in November 2025, the company raised an additional $2.3 billion in a subsequent funding round. This round, which included investors such as Google, Nvidia, and Coatue Management, along with existing backers, Thrive Capital and DST Global. This funding round increased the company’s valuation to around $29.3 billion. 

Cursor is also seeking to raise $50 billion in a new funding round, sources told Bloomberg earlier this month. Sources said that plans are still in the early stages and could change.

Cursor now serves over 1 million daily users, including 50,000 businesses, such as the payment processing company Stripe Inc. and the creative software platform Figma Inc.

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