SpaceX Acquires AI Coding Platform Cursor in $60 Billion Deal Following IPO SpaceX has moved from a record-shattering stock market debut straight into one of the largest tech acquisitions in history, using newly minted public-market capital to bet its future on artificial intelligence.

On June 11, SpaceX priced 555.6 million shares at $135 each, raising $75 billion in what TechCrunch and others called “the largest IPO in history”. The next day, trading on Nasdaq under ticker SPCX opened at $150 per share, briefly valuing the company above $2 trillion and positioning Elon Musk as the world’s first trillionaire. The Financial Times likewise framed the listing as “Elon Musk’s SpaceX raises $75bn in world’s biggest IPO”.

Investor demand was extraordinary: retail orders alone approached the entire $75 billion sale, according to commentary amplified by Musk on X. Robinhood reported “record-breaking” traffic and intermittent outages as trading began. Axios noted SpaceX’s debut as the leading edge of a broader “wave of new stock” that could reshape equity markets as AI-heavy firms rush to list.

Behind the scenes, banks spent months selling what the FT called a “sci-fi strategy,” persuading investors to overlook steep losses and hand Musk near-total control in exchange for exposure to a vast AI opportunity. TechCrunch highlighted that some special-purpose-vehicle investors may not even know their final allocations until IPO lock-ups unwind over coming months, underscoring the deal’s complexity and risks.

Just days later, SpaceX began to spend its new equity. On June 16, multiple outlets confirmed that the company will acquire AI coding platform Cursor in a $60 billion all-stock deal, expected to close in the third quarter. TechCrunch reported the move is meant to help SpaceX’s xAI-based division “catch up to the major AI labs” after a contentious restructuring. Ars Technica described Cursor as an early leader in AI-integrated coding tools that had become bottlenecked on compute and market share, making the tie-up a marriage of “product and models” with SpaceX’s vast infrastructure.

Analysts are split on what this rapid-fire sequence means. AI Magazine framed the Cursor buy as a way to accelerate xAI growth and expand SpaceX into the enterprise AI market. The FT compared it to “SpaceX’s Instagram moment,” arguing success will depend on Musk resisting the urge to over‑meddle. Skeptics, meanwhile, point to SpaceX’s $4.9 billion annual loss and warn that a market now valuing the company above Amazon may be paying a speculative premium for unproven AI ambitions.

What all sides agree on is that SpaceX’s story has pivoted: from rockets and Starlink to a company valued primarily for an audacious claim on a multi‑trillion‑dollar AI future.

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