SpaceX's stock has surged above $210 following its $60 billion acquisition of AI startup Cursor, expected to finalize in 2026.
SpaceX Stock Soars Following Major Acquisition
SpaceX has announced a $60 billion acquisition of AI coding startup Cursor, using an all-stock deal that has propelled its shares to new heights. Following its recent IPO, the company's stock has surpassed $210, reflecting investor enthusiasm.
The acquisition details were disclosed in a Form 8-K submitted to the U.S. Securities and Exchange Commission on June 16, with the deal expected to close in the third quarter of 2026, pending regulatory approval.
In a statement, SpaceX expressed its intent to utilize Cursor to advance AI model development, having collaborated on AI initiatives for several months. The agreement includes a merger with Anysphere, Cursor's parent company, with Anysphere shareholders receiving SpaceX Class A stock based on the average share price leading up to the deal's completion.
Cursor, established in 2022, has quickly gained traction within the AI coding sector, particularly as demand for generative AI tools grows among developers. The startup was reportedly in the process of securing a $2 billion funding round prior to the acquisition, which would have valued it at $50 billion. Its latest software, Cursor 3, is designed as a “unified workspace for building software with agents.”
Despite challenges, including an allegation that a Cursor-powered AI agent caused data loss for another startup, SpaceX remains optimistic about the acquisition. The company believes that AI represents a significant growth opportunity, with projections indicating vast potential in the AI infrastructure and enterprise applications sectors.
