I 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.

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.

> $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.