SpaceX staff and guests celebrated the company's IPO in New York on Friday. Elon Musk's firm has added the startup behind the Cursor app to its portfolio with xAI and reached a $2.8tn market capitalisation.
Acquisition of Anysphere
Elon Musk's SpaceX is buying the startup behind the AI-powered coding app Cursor for $60bn (£44bn) and has moved ahead of Amazon in valuation days after its stock market debut. The company has agreed to buy Anysphere, which has capitalised on AI's success as a coding technology. SpaceX is the parent of Musk's AI business xAI, which will be able to boost its capabilities in an area – AI systems writing code – that has proven to be a strong commercial success for Anthropic, the rival company behind the Claude chatbot.
Market Capitalisation Milestone
The news was announced as SpaceX passed Amazon in market capitalisation, an important measure of value for a publicly listed company. SpaceX was worth just under $2.8tn after its shares rose by 13% on opening on the Nasdaq index on Tuesday, overtaking Amazon's $2.66tn to become the world's fifth most valuable company by market value. SpaceX floated at $135 a share on Friday and its shares have risen by approximately 60% since. The float made Musk, SpaceX's founder and chief executive, the world's first trillionaire. The 54-year-old is now worth $1.27tn, according to Bloomberg.
Deal Details
SpaceX had been circling Cursor for months. It said in April it had secured an option to either buy the San Francisco-based firm for $60bn later this year or pay $10bn for a partnership. Cursor will be paid in stock under the deal, a regulatory filing showed, and the deal will not use proceeds from SpaceX's IPO. The transaction is expected to close in the third quarter of 2026.
