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\nCursor is a popular AI coding agent<\/p>\n
Shares of Elon Musk’s SpaceX rose more than 11% today, sending its market valuation above Amazon.com and making it the world’s fifth-most valuable company.<\/p>\n
Shares of the rockets-to-AI company were last up 11.7% at $215, jumping almost 60% above the $135 IPO price and giving the company a market capitalisation of around $2.82 trillion if gains hold.<\/p>\n
Amazon’s valuation stands at $2.66 trillion, Microsoft’s at $2.91 trillion, and the world’s top three companies exceed $4 trillion in market value.<\/p>\n
“We can say with certainty that this valuation makes absolutely no sense today. People are buying SpaceX in the expectation that others will buy too and push the price higher – that’s speculation,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.<\/p>\n
The company reported sales of $18.67 billion last year and a net loss of $4.94 billion after merging with money-losing xAI – in contrast to many of Wall Street’s big technology companies that have posted bumper numbers.<\/p>\n
SpaceX options activity also began trading today.<\/p>\n
“Today the SPCX options launch, offering standard monthly expiration and strikes ranging from $25 to $380. If call demand is heavy, dealers might be forced to buy SPCX into this low-liquidity situation,” said Brent Kochuba, founder of option analytics platform SpotGamma.<\/p>\n
“Starting next week we may see index demand increase, with more shares not slated to be made available for 1-2 months.”<\/p>\n
Analysts and portfolio managers said investors should brace for volatility, particularly early on in SpaceX’s life as a public company, due to its relatively small float and high valuation.<\/p>\n
The rally could continue as SpaceX is set for fast-track inclusion in the Nasdaq 100, which will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.<\/p>\n
FTSE Russell and MSCI are also set to add the stock to their indexes, effective June 26 and June 29, respectively.<\/p>\n
“While index inclusion alone is typically insufficient to drive sustained repricing, we see the combination of passive flows, momentum, and limited float driving upside beyond historical index-addition moves,” brokerage Zephirin Group said, initiating coverage on the stock with a “buy” rating.<\/p>\n
SpaceX also said yesterday that its underwriters had exercised the “greenshoe” option to purchase additional shares, increasing the total proceeds from its initial public offering to $85.7 billion from $75 billion that it raised last week.<\/p>\n
More than $9.1 billion worth of SpaceX shares exchanged hands today, which was several times the trading volumes in Nvidia, Microsoft, Tesla and Apple combined.<\/p>\n
Other heavyweight technology stocks, including Nvidia and Microsoft, were trading slightly lower.<\/p>\n
SpaceX to buy Cursor AI coding agent operator Anysphere for $60 billion<\/p>\n
Elon Musk’s SpaceX said today it would acquire Anysphere, the software firm behind the popular AI coding agent Cursor, for $60 billion, in a bid to ramp up its foothold in the enterprise AI market.<\/p>\n
The announcement comes just days after Musk took his rockets-to-AI company public in a blockbuster Nasdaq debut that valued the firm at more than $2 trillion and immediately made it one of the world’s most valuable companies.<\/p>\n
\nCursor is a popular AI coding agent<\/p>\n
SpaceX said it expects the merger to close during the third quarter of 2026.<\/p>\n
Along with OpenAI and Anthropic, Cursor is one of several Silicon Valley startups that have drawn waves of developers by using artificial intelligence to automate coding, a business where AI companies have found early commercial traction.<\/p>\n
The deal could give xAI, the Grok chatbot maker that SpaceX merged with in February, a stronger foothold in the AI coding market where it has so far lagged rivals. It also provides Cursor with more computing capacity to develop AI models.<\/p>\n","protected":false},"excerpt":{"rendered":"Shares of Elon Musk’s SpaceX rose more than 11% today, sending its market valuation above Amazon.com and making…\n","protected":false},"author":2,"featured_media":503482,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-503481","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503481","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=503481"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/503481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/503482"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=503481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=503481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=503481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}