Coinbase Aims for ‘Everything Exchange’ with Stocks, Perps, and AI

Coinbase Aims to Be the “Everything Exchange” with New Stock and Derivatives Offerings

Coinbase unveiled a comprehensive suite of new products on Tuesday as part of its latest System Update, marking its most significant step yet toward becoming what it describes as the “everything exchange.”

The extensive list of updates allows customers to trade U.S. stocks, ETFs, and indexes alongside cryptocurrencies, and even transfer existing stock portfolios from other brokerages. The platform is also introducing:

The core proposition is that the traditional divide between crypto and traditional finance is dissolving, and Coinbase intends to be the singular application bridging that gap. Users can now move their equities from platforms like Schwab or Robinhood, trade options and crypto in one place, borrow against staked SOL, and utilize an AI advisor to manage their entire portfolio. This effectively positions Coinbase as a brokerage, a bank, and a robo-advisor integrated with a crypto exchange, offering users an unprecedented range of options.

The question remains whether these advancements will significantly impact Coinbase’s market position.

While these updates are not groundbreaking in their individual components, the overarching vision is compelling. Agentic trading is widely seen as the future, and providing the infrastructure for AI agents is a strategic move. Furthermore, tokenized stocks and perpetual futures are experiencing a surge in popularity, bolstered by the remarkable success of platforms like Hyperliquid. If the overall market for these assets continues to expand—with Standard Chartered projecting a 40-fold increase in real-world assets by 2030—Coinbase may be able to grow its business without necessarily capturing market share from competitors, simply by benefiting from broader market growth.

SpaceX Acquires AI Coding Startup Cursor for $60 Billion

Just days after its historic initial public offering, SpaceX is already deploying its newly acquired stock.

Yesterday, the company announced its agreement to purchase Anysphere, the developer of the AI coding tool Cursor, for $60 billion in an all-stock transaction. Cursor will be integrated into xAI. This valuation represents nearly double the $29 billion valuation Cursor held in November.

Cursor’s rapid growth trajectory supports this valuation increase. The company saw its annual recurring revenue climb from $100 million in 2024 to $1 billion by late 2025, and exceeded $2 billion by February. This represents the fastest scaling of any software company, with approximately 50,000 engineering teams and nearly 70% of the Fortune 1000 companies, including Nvidia and Salesforce, as clients.

Cursor has historically relied on external AI models, incurring substantial costs for services from Anthropic and OpenAI. At one point in 2025, its estimated annual payments to Anthropic reached $650 million against revenues of roughly $500 million, a gross margin that would be unsustainable for most software companies. Compounding the issue, its primary supplier, Anthropic, is also a direct competitor through its Claude Code product, meaning Cursor was effectively subsidizing the development of a rival.

A pivotal shift in Cursor’s business model involved ceasing its reliance on rented AI. The company’s proprietary Composer model and a more cost-effective model routing system led to slight gross-margin profitability in its enterprise segment by April. This is precisely where SpaceX’s acquisition becomes strategically advantageous. Cursor already had an agreement to utilize xAI’s Colossus supercomputer. Ownership will allow Musk to provide Cursor with low-cost computing power, shift more workload to xAI’s models, and ultimately improve margins while reducing dependence on Anthropic. Cursor had previously rejected acquisition offers from OpenAI twice to maintain its independence, making this move by Musk—using SpaceX’s public stock for his first major enterprise AI acquisition—particularly noteworthy. At a projected $6 billion run rate, the $60 billion acquisition price represents less than a 10x multiple of forward revenue, suggesting a favorable deal for SpaceX.

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