Elon Musk\u2019s SpaceX has struck a deal to buy AI coding agent Cursor for 60 billion US dollars (\u20ac51.7 billion) as its valuation continues to rocket days after a record-breaking stock market debut.<\/p>\n
Shares in SpaceX have been soaring since Friday\u2019s initial public offering (IPO) and news of the acquisition helped fuel a fresh uplift.<\/p>\n
The deal will see Musk\u2019s spaceflight and technology business take over Anysphere, the San Francisco-based company behind the coding platform.<\/p>\n
It comes with a hefty price tag which is based on Cursor\u2019s stock valuation.<\/p>\n
SpaceX said in April that it had started working with Cursor to jointly train an AI model, and that it had been given the right to acquire the firm.<\/p>\n
Cursor works by using AI technology to automate parts of the process of writing code and support software development.<\/p>\n
The formal agreement of the takeover comes days after SpaceX\u2019s IPO on the Nasdaq index in New York.<\/p>\n
The record-breaking IPO valued the company at two trillion US dollars (\u20ac1.7 trillion) on the first day of trading.<\/p>\n
It made Tesla and X owner Musk \u2013 already a billionaire \u2013 the world\u2019s first paper trillionaire and cemented his position as the richest man on the planet.<\/p>\n
SpaceX shares have been rising since and are currently trading at more than 210 dollars per share \u2013 up from the 150 dollar opening price on Friday.<\/p>\n
Its market capitalisation surpassed 2.8 trillion US dollars on Tuesday afternoon, overtaking Amazon\u2019s 2.67 trillion.<\/p>\n
The company said in its IPO prospectus that the biggest potential market was the sale of business-oriented AI products, an ambition which is set to be helped by the Cursor acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"Elon Musk\u2019s SpaceX has struck a deal to buy AI coding agent Cursor for 60 billion US dollars…\n","protected":false},"author":2,"featured_media":503231,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[220,218,219,61,60,80],"class_list":["post-503230","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-ie","tag-ireland","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=503230"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/503231"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=503230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=503230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=503230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}