The Leaky Token Bucket · Q ended Jan 2026
For every dollar in, $1.23 out.
Gross margin, quarter ended January 2026, with revenue running at roughly $2.7B annualised.
Gross margin
+78%
Typical software, 75–80%
Gross margin
−23%
Source: The Information
2025 revenue booked
~$770M
Cursor was losing money on every single customer.
BOARDROOM WIRE
@BoardroomWire
R replay · F final · ?t=hero+1.0