Anysphere, the maker of AI coding assistant Cursor, has raised $900 million at a $9.9 billion valuation, Bloomberg reported. The round was led by returning investor Thrive Capital, with participation from Andreessen Horowitz, Accel, and DST Global.

The massive round is Anysphere’s third fundraise in less than a year. The 3-year-old startup secured its previous capital haul of $100 million at a pre-money valuation of $2.5 billion late last year, as TechCrunch was first to report. 

AI coding assistants, often referred to as “vibe coders,” have emerged as one of AI’s most popular applications, with Cursor leading the category. Anysphere’s annualized revenue (ARR) has been doubling approximately every two months, a person familiar with the company told TechCrunch. The company has surpassed $500 million in ARR, sources told Bloomberg, a 60% increase from the $300 million we reported in mid-April.

Cursor offers developers tiered pricing. After a two-week free trial, the company converts users into paying customers, who can opt for either a $20 Pro offering or a $40 monthly business subscription.

Until recently, the majority of the company’s revenue came from individual user subscriptions, Bloomberg reported. However, Anysphere is now offering enterprise licenses, allowing companies to purchase the application for their teams at a higher price point.

Earlier this year, the company was approached by OpenAI and other potential buyers, but Anysphere turned down those offers. The ChatGPT maker bought Windsurf, another fast-growing AI assistant, reportedly for $3 billion.