I feel Cursor isnt’t even worth $6B. What is the moat, the value, the sauce here? The “apply” model to turn LLM output into code changes? I like SpaceX a lot

I feel Cursor isnt’t even worth $6B. What is the moat, the value, the sauce here? The “apply” model to turn LLM output into code changes? I like SpaceX a lot but this really doesn’t make sense at $60B