SpaceX hits $2.75T market cap after IPO, announces $60B AI coding startup acquisition
SpaceX shares jumped 11% to $213.72 early Tuesday, pushing its market value to $2.75 trillion and surpassing Amazon as the world's fifth-largest company by market cap. This comes days after SpaceX's record-breaking $86 billion IPO on Friday, the largest in history.
In an SEC filing Tuesday, SpaceX announced it would acquire AI coding startup Cursor for $60 billion in an all-stock deal expected to close in Q3 2026. Cursor, founded in 2022 and based in San Francisco, specializes in AI tools for business software development. The acquisition follows an April partnership that included a buyout clause at this valuation.
The move combines Cursor's AI coding expertise with SpaceX's 'Colossus' supercomputer to build what they call 'the world's most useful AI models.' SpaceX began trading on Nasdaq last Friday after raising $86 billion in its IPO.
With SpaceX now valued above major tech giants and doubling down on AI through acquisitions, should Nigerian tech professionals and students prioritize learning AI coding skills relevant to global industry leaders like Cursor?