SpaceX hot streak makes Elon Musks biz the fifth-biggest US company, surpassing Amazon
SpaceX shares jumped about 10% Tuesday morning for the third straight day of gains, surpassing Amazon’s market capitalization and briefly exceeding even mighty Microsoft.Following a record-breaking Friday IPO that shot the company’s valuation above $2 trillion and made Elon Musk the world’s first trillionaire, the stock had added about $890 billion as of Tuesday morning.The hot streak pushed SpaceX’s worth past that of Amazon — which was valued at $2.66 trillion — and briefly past Microsoft, valued at $2.93 trillion, too.SpaceX pared some gains a bit later in the morning, putting it in the enviable spot of fifth-biggest publicly traded US company.The surge came as SpaceX announced a $60 billion acquisition of an AI coding startup amid concerns it has been overspending. SpaceX said Tuesday it was acquiring Anysphere – a San Francisco-based software firm behind AI coding agent Cursor – for $60 billion. The deal, which is expected to close in the third quarter of 2026, could give Musk’s xAI a larger presence in the AI coding sphere and provide Cursor with more computing capacity.It’s a sign that Musk does not plan to slow down on AI spending anytime soon, even as massive capital expenditures weigh on SpaceX’s profits – fueling concerns over whether the stock is overvalued.The deal is structured as a stock-based merger between Anysphere and SpaceX’s wholly-owned subsidiary, X67, signaling the capital raised in the IPO is not being put toward the acquisition.Since its founding in 2022, Cursor has seen an explosive rise, with roughly $2.6 billion in annualized business-to-business revenue and rapid sales growth.The AI startup – which is backed by Andreessen Horowitz, Nvidia and Google – was reportedly in talks earlier this year to hold a funding round valuing it at $50 billion.If the acquisition is terminated under certain circumstances, SpaceX will pay a $10 billion fee, according to regulatory filings.
It will also pay a “regulatory�...