alt Hacker NewsI think the argument for Cursor is that it's the dominant tool that enterprises are using for coding, so the theory is Cursor wins that as the "model agnostic", it has a phenomenal Enterprise Sales Team.
From a valuation model - $4B ARR with rapid growth, and the ability to shift traffic to internal models (honestly, massive amount of the time "composer" - their internal model is fine, and obviously going to get better). Say 17x Multiple which isn't unheard for a rapidly growing Startup with solid future structural profit elements (moving to internal model) - that gets you to $68B.
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> so the theory is Cursor wins that as the "model agnostic"
But there are many model agnostic harnesses out there: OpenCode, Roo, Cline, and many others. And even Claude Code can be setup to use non-Anthropic models.
> $4B ARR
If you resell something worth $5 for $5 while having to pay for R&D and operating expenses that's not exactly comparable with a company that's selling actual products.
> Say 17x Multiple
On an extremely low margin business it is, yet again that wouldn't be the stupidest thing in today's market.
The fact it's agnostic has to be useful.
Being able to compare outcomes for workflows involving competitors will obviously be v v v v useful.