Venture capital firm Thrive Capital recently led a massive $900 million funding round for Anysphere, the creator of the rapidly expanding artificial intelligence (AI) programming tool Cursor. This investment pushes Anysphere’s valuation to approximately $9 billion. The latest funding round came approximately four months after Anysphere raised $105 million in a round also backed by Thrive Capital and Andreessen Horowitz. That capital raise put its valuation at around $2.5 billion.

According to a Financial Times (FT) report, the surge in Anysphere’s valuation is attributed to its impressive growth in annual recurring revenue, which reached around $200 million in April. The size of the tech firm’s revenue positions it as one of the fastest-growing software companies in history.

However, the sharp increase has reignited concerns about the sustainability of AI company valuations, especially in light of recent volatility in public markets. This caution is amplified by the rapid ascent of other AI players, such as China’s DeepSeek AI. DeepSeek, despite reportedly training its models with significantly less capital than its U.S. counterparts, has demonstrated impressive capabilities, even outperforming some established models in certain benchmarks.

Meanwhile, the FT report said Thrive Capital’s investment strategy reflects a broader trend among venture capitalists seeking opportunities in AI application developers. The strategy comes as the valuations of foundational model companies like OpenAI and Anthropic mean only super-wealthy investors can participate in these companies’ respective funding rounds.

Interest in Anysphere stems from its flagship product, Cursor, which reportedly has garnered a loyal following among programmers for its AI-driven software development toolkit. By allowing users to communicate with the AI in natural language rather than writing code manually, Cursor is said to enhance productivity for programmers — an increasingly sought-after skill in the tech industry.

Despite facing competition from established tools, Cursor has reportedly succeeded in attracting clients ranging from major tech firms such as Stripe, OpenAI, and Spotify to AI researchers like Andrej Karpathy, a former Tesla and OpenAI engineer.

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