In mid-June 2026, Space Exploration Technologies Corp. completed the largest IPO in history, raising roughly US$75–86 billion and rapidly secured inclusion in major Nasdaq indexes while agreeing to acquire AI coding platform Cursor in an all-stock deal valued at US$60 billion.
These moves accelerate SpaceX’s shift from pure launch and satellite operations toward AI infrastructure and enterprise software, with Google and Anthropic signing multiyear GPU and data-center contracts worth tens of billions of dollars annually that anchor this new business line.
We’ll examine how the Cursor acquisition and rapid AI pivot reshape SpaceX’s investment narrative following its recent share price pullback.
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What Is Space Exploration Technologies’ Investment Narrative?
To own SpaceX here, you have to believe it can turn a US$19.3 billion, loss‑making rockets‑and‑Starlink business into a profitable AI and infrastructure platform while growing revenue far faster than the market and funding that growth with relatively little cash runway. The core near‑term catalysts are still the first few earnings reports as a public company, progress on AI data centers and Starlink adoption, and how the share price reacts as large lock‑up expiries start to add supply. The record IPO, rapid index inclusion and the US$60 billion Cursor deal have already sharpened concerns about dilution, capital intensity and execution risk across very different businesses. Roelof Botha’s arrival on the board fits that backdrop: it modestly strengthens governance and audit oversight, but it does not directly change the key financial or operational swing factors investors are focused on today.
However, one emerging risk is how quickly heavy AI spending and upcoming lock‑up expiries could collide. Space Exploration Technologies’ shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.
Exploring Other Perspectives 
SPCX 1-Year Stock Price Chart
Nine fair value estimates from the Simply Wall St Community span roughly US$8 to just above US$191, underscoring how far opinions can stretch. That spread sits against a company racing to fund aggressive AI infrastructure, absorb a US$60 billion Cursor acquisition and manage looming insider unlocks, all of which could meaningfully sway how quickly SpaceX grows into its current valuation.
Explore 9 other fair value estimates on Space Exploration Technologies – why the stock might be worth as much as $191.13!
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include SPCX.
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