The discussions are at an advanced stage, but they are ongoing and could change, according to the report.

Cursor did not immediately reply to PYMNTS’ request for comment.

Bloomberg reported in March that the company was seeking a $50 billion valuation. That report did not include the amount Cursor aimed to raise.

Cursor launched its AI coding assistant in 2023, and the company has become one of the fastest-growing startups of all time, according to the Friday report.

The company announced in November that it was valued at $29.3 billion in a Series D funding round in which it raised $2.3 billion.

It said at the time that it had experienced rapid expansion, had grown its team to 250 and had exceeded $1 billion in annualized revenue. The firm said it was serving “millions of developers.”

“We believe that coding will be the single biggest driver of global productivity over the next decade, and our mission is to accelerate that progress,” Cursor Co-founder and CEO Michael Truell said in the November press release.

Cursor announced in a February press release that it hired former Rubrik President and Chief Revenue Officer Brian McCarthy as its president of global revenue and field operations. Cursor said McCarthy would lead its global go-to-market organization.

“Enterprise demand for Cursor has grown at an extraordinary pace,” Cursor Chief Operating Officer Jordan Topoleski said in a press release announcing the appointment. “As the world’s largest companies rethink how they build software, we are scaling rapidly to support our customers globally.”

In the February release, Cursor said its product was being used by more than 50,000 engineering teams around the world, including those of nearly 70% of the Fortune 1000.

PYMNTS reported in June that AI coding assistants enable smaller teams to do tasks that would otherwise cost a lot more, as well as cutting development time for businesses to bring products to market faster.

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