SpaceX is now larger than Amazon. Its shares are extra common than each different inventory on the market, mixed. And it simply bought an AI company for $60 billion.
Today is simply SpaceX’s second full day of public buying and selling.
The newest splash in its history-making debut is SpaceX’s long-sought acquisition of Cursor, an AI agent that may write code and competes with Anthropic’s Claude Code and OpenAI’s Codex. SpaceX stated in April that Cursor had given SpaceX the proper to purchase it.
Snatching up Cursor, certainly one of the fastest-growing AI coding instruments, may go a great distance in serving to SpaceX catch as much as market leaders OpenAI, Anthropic and Google. Cursor is utilized by 64% of Fortune 500 companies, in response to the firm’s web site.
The all-stock deal will add to SpaceX’s appreciable AI capital expenditures. The firm mixed with CEO Elon Musk’s xAI earlier this 12 months with the ambition to ultimately launch knowledge facilities into house.
The promise: low cost cooling from house and free electrical energy from the solar, mixed with SpaceX’s Starlink satellite tv for pc community for beaming communications backwards and forwards. The downside: the wild expense.
Another concern: xAI is trailing its rivals, which have made important leaps in capabilities – significantly in the ultra-competitive and doubtlessly profitable enterprise house. Anthropic’s Mythos device has grown so succesful in current months that the Trump administration blocked access for foreign nationals.
To compete, SpaceX spent $12.7 billion on AI final 12 months and $7.7 billion on the know-how in the first three months of 2026 alone. Now it owes Cursor $60 billion in inventory.
Those big bills have contributed to multi-billon-dollar losses: $4.9 billion final 12 months, and $4.3 billion in the first quarter of 2026.
Nevertheless, SpaceX believes the expense is properly value it: The firm predicted in a regulatory submitting that enterprise AI functions will change into a $22.7 trillion market in the close to future.
As with Tesla, traders are shopping for on the promise for the future and fewer on right this moment’s maybe less-than-savory fundamentals.
SpaceX has been an enormously common funding. The inventory has risen greater than 19% in every of its first two days on the inventory market, and it’s up one other 5% Tuesday in premarket buying and selling.
The inventory is poised to open above $200 a share, valuing the firm at over $2.6 trillion. That’s sufficient to place it simply above Amazon for fifth place on the listing of most dear corporations on the inventory market, simply behind Microsoft.
That sky-high valuation has been propelled by some actually surreal shopping for habits from on a regular basis traders. Despite the sky-high valuation and big bills, retail merchants have purchased SpaceX shares practically as a lot as they’ve bought all different shares, mixed, in response to market knowledge analytics firm Vanda Research.
On Monday, SpaceX accounted for practically three-quarters of all single inventory purchases amongst retail traders, Vanda Research reported.
The firm that’s accustomed to defying gravity is now defying market physics.