USDSpaceX Nears $3T After IPO and $60B Cursor Deal
Musk’s Fortune Surges as AI Acquisition Expands Post-IPO Ambitions
TL;DR
- SpaceX’s post-IPO rally pushed its valuation toward $3 trillion and lifted Elon Musk’s estimated net worth to about $1.3 trillion.
- SpaceX signed a $60 billion all-stock deal to acquire Anysphere, the company behind AI coding tool Cursor.
- The deal is expected to close in Q3 2026, pending regulatory approval, and includes major termination-fee provisions.
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SpaceX’s record public-market debut quickly turned into a broader artificial intelligence expansion story, as the company’s post-IPO stock surge lifted Elon Musk’s estimated fortune to about $1.3 trillion and SpaceX signed a $60 billion all-stock agreement to acquire Anysphere, the maker of AI coding tool Cursor.
SpaceX listed on the Nasdaq under ticker SPCX after pricing its IPO at $135 per share. The offering raised about $75 billion and valued the company near $1.77 trillion at the IPO price, making it the largest IPO in history. Demand was reported at more than $350 billion, leaving the planned raise roughly four times oversubscribed.
SpaceX’s market value moved sharply after the listing. Shares rose about 20% on the second full trading day, pushing the company’s market capitalization to around $2.52 trillion and lifting Musk’s estimated personal wealth by about $165 billion in a single day. The one-day increase was described as larger than Bill Gates’ entire net worth.
The stock later traded as high as $229.40 by Monday’s close, briefly implying a valuation above $3 trillion. Another share move tied to the Cursor acquisition sent SpaceX up about 14% to roughly $219, pushing the company’s valuation past $2.9 trillion and briefly making it the fourth most valuable public company in the United States.
Anthony Pompliano described the scale of the move on X, writing, “SpaceX hit $3 trillion market cap today. This means Elon Musk made more money in the last 24 hours than Warren Buffett made in his entire lifetime.” Musk’s estimated fortune was described as worth around 65% as much as the next nine richest people combined.
Cathie Wood’s ARK Invest bought nearly 3.3 million SpaceX shares across three ETFs shortly after trading began. Cathie Wood’s stated rationale for SpaceX exposure centered on Starlink broadband, rocket reusability and the company’s AI-linked infrastructure plans. The buying added another institutional signal around the newly public company’s early trading period.
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SpaceX Uses Public Stock to Buy Cursor Maker Anysphere
SpaceX signed a definitive agreement on June 16, 2026, to acquire Anysphere in an all-stock transaction valued at $60 billion. The deal would bring Cursor, an AI coding tool used by developers to write software with different AI models, under SpaceX as the company’s first major strategic move after its IPO.
The acquisition is expected to close in Q3 2026, subject to regulatory approval. Cursor shareholders will receive SpaceX Class A common stock instead of cash, meaning the transaction uses public equity as deal currency rather than the proceeds from the IPO. Reuters said Cursor shareholders would receive SpaceX Class A common stock valued at a $60 billion implied equity price, calculated using the seven-day VWAP preceding closing.
The deal follows an earlier option structure from April 2026, when SpaceX secured the right to either pay $10 billion for a partnership or buy the full startup for $60 billion. The new agreement converts that option into a firm acquisition plan with standard regulatory conditions.
Cursor was launched in 2022 by MIT graduates led by 25-year-old CEO Michael Truell. The tool allows developers to choose between different AI models for coding tasks, a feature that remains central to questions about the product’s direction after the acquisition. The largest unresolved product issue is whether Cursor will continue supporting models from Anthropic and OpenAI.
Cursor had surpassed $1 billion in annual revenue by November 2025. By early June 2026, Cursor’s total revenue had surpassed $4 billion, with enterprise customers accounting for about $2.6 billion. A cited survey said Cursor was deployed inside 64% of Fortune 500 companies, giving SpaceX access to a developer-facing product already used across large enterprises.
SpaceX’s AI division already included the Grok chatbot and the Colossus supercomputer, which was cited as having more than 220,000 powerful computer chips. The Cursor deal links that infrastructure with a developer tool used by millions of developers and major enterprise customers, extending SpaceX’s AI strategy beyond internal compute capacity.
SpaceX said on X on April 21, 2026, “SpaceXAI and @cursor_ai are now working closely together to create the world’s best coding and knowledge work AI.” The same post said the combination joins “Cursor’s leading product and distribution to expert software engineers” with SpaceX’s “million H100 equivalent Colossus training supercomputer.”
SpaceX has said the companies are working together on a new AI model that will appear in both Cursor and Grok. The company has not clarified whether Cursor will continue to support third-party models after the deal, leaving a key product question unresolved for developers who use Cursor’s model-selection features.
The transaction includes substantial breakup protections. SpaceX would owe a $10 billion termination fee if the deal collapses under certain conditions. A separate $4 billion regulatory termination fee would apply if antitrust issues block the transaction. Upcoming SEC filings are expected to provide details on the exchange ratio and projected synergies.
Bitcoin Treasury Adds Another Market Angle
SpaceX’s public-market debut also drew attention from crypto investors because of the company’s Bitcoin treasury. SpaceX holds 18,712 BTC, while Tesla holds 11,509 BTC, meaning Musk-linked companies together control more than 30,000 BTC. Grayscale predicted in May 2026 that SpaceX was positioned to become the most valuable public company holding BTC once it went public.
The listing also created comparisons between public-equity exposure and crypto exposure. Buying SPCX at its debut was described as already outperforming five years of holding ETH, a comparison that traders noted as they debated whether IPO activity around SpaceX, OpenAI and Anthropic was pulling liquidity away from digital assets.
Risks remain around the valuation and trading structure. The valuation may have run ahead of fundamentals, and potential lockup-driven selling could pressure shares after early post-IPO enthusiasm fades. The central market test is whether SpaceX can hold its trillion-dollar premium as the company moves from IPO momentum into public-market scrutiny and Cursor integration.
FAQ
What is SpaceX buying?
SpaceX is buying Anysphere, the company behind AI coding tool Cursor.
How is the deal structured?
The $60 billion acquisition is structured entirely in SpaceX stock.
When is the deal expected to close?
The transaction is expected to close in Q3 2026, pending regulatory approvals.
What remains unclear about Cursor?
SpaceX has not clarified whether Cursor will continue supporting third-party AI models.
This article has been refined and enhanced by ChatGPT.
