This week in VenCap's underlying portfolio, SpaceX exercised its option to acquire Cursor for $60bn—the largest VC-backed acquisition on record barring the merger of xAI with SpaceX—alongside Kalshi crossing $2bn in annualised revenue at a $22bn valuation, Salesforce's $3.6bn purchase of Fin, and further raises across the portfolio.

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Cursor to be Acquired by SpaceX for $60bn

Cursor is a US start-up behind an AI-powered coding tool, founded in 2022. SpaceX has agreed to acquire the company for $60bn in stock, with the transaction expected to close in the third quarter of 2026. Cursor's annualised revenue has reached roughly $4bn, up from $2bn in February 2026, with enterprise customers accounting for the bulk of the run-rate. The deal values the company well above the roughly $29bn it carried in its late-2025 round and the $50bn it had been on track to reach in a planned $2bn private round involving Andreessen Horowitz, Thrive and Nvidia. Cursor is an underlying asset of VenCap 6, VenCap 16, VenCap 17, VenCap 18 and VenCap 19.

Kalshi Passes $2bn in Annualised Revenue

Kalshi is a US-regulated prediction-market platform, founded in 2018, on which users trade on the outcomes of events ranging from sports fixtures to interest-rate decisions, and is the largest prediction market in the country. The company is now generating more than $2bn in annualised revenue, around three times its November level, with trading volume reaching $10bn in the first two weeks of June against $435m a year earlier, driven by betting on NBA and World Cup events. In May it raised $1bn at a $22bn valuation, including the capital raised. Its executives have since held early, informal conversations with investment banks about a potential public offering, though a listing is not expected before late next year at the earliest, and sports contracts — currently around 70% of volume — face legal challenges from several states. Kalshi is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Castelion Targets $12bn Valuation in New Funding Round

Castelion is a US defence technology start-up, founded by former SpaceX employees, that develops hypersonic missiles. The company is aiming to raise a new funding round at a valuation of $12bn or more, including the capital raised — at least four times the valuation set in its previous round in December. Castelion has separately been awarded a $23m US Navy contract to produce 50 hypersonic missile prototypes. Castelion is an underlying asset of VenCap 16 and VenCap 17.

Fin to be Acquired by Salesforce for $3.6bn

Fin, formerly Intercom, is a customer-service technology company whose AI agent resolves customer queries across channels including live chat, email, WhatsApp, SMS, phone and Slack, powered by its proprietary Apex model. Salesforce has signed a definitive agreement to acquire the company for approximately $3.6bn. Fin serves more than 30,000 companies and reports resolving an average of 76% of support volume end-to-end. The acquisition will fold Fin's packaged service-agent products and AI team into Salesforce's Agentforce platform. Fin is an underlying asset of VenCap 6.

CuspAI Raises $400m at $2.6bn Valuation

CuspAI is a UK-based start-up, headquartered in Cambridge, that applies generative AI to materials science, using an "inverse design" approach that works backwards from a material's desired properties to test performance and manufacturability in simulation. The company is raising $400m in a financing that would more than quadruple its valuation to $2.6bn, up from $520m last September, with investors including Kleiner Perkins and Bezos Expeditions. CuspAI's customers include ASML, Meta and Hyundai, which use its technology to design and simulate new materials, and its systems have been applied to challenges such as removing PFAS from drinking water. CuspAI is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Sarvam Raises $234m at $1.5bn Valuation

Sarvam is a Bengaluru-based artificial intelligence company building a full-stack AI business spanning model development, inference infrastructure and enterprise applications, with models designed for Indian languages and use cases across banking, insurance, government services and defence. The company has raised $234m at a $1.5bn valuation, becoming India's newest AI unicorn, with HCLTech, Bessemer Venture Partners, Khosla Ventures and Peak XV Partners participating, and is targeting $300m in total for its Series B round. Sarvam's platforms now handle more than 2 million conversational interactions and roughly 10 million inference API calls a day. Sarvam is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.