economy
SpaceX overtakes Amazon as world’s fifth most valuable company
Value of Elon Musk’s firm at one point rose to $2.97tn days after its IPO following purchase of AI coding startup Cursor
TL;DR
- SpaceX has surpassed Amazon to become the world's fifth most valuable company.
- The company agreed to acquire the AI coding startup Cursor for $60bn.
- SpaceX's valuation reached $2.97tn, exceeding Amazon's $2.65tn.
- The acquisition of Cursor aims to boost SpaceX's AI business, xAI.
- Cursor's user base and trusted development tools are seen as a faster path to enterprise AI revenue.
- SpaceX's IPO made founder Elon Musk the world's first trillionaire.
- The Cursor acquisition will be paid in stock and is expected to close in Q3 2026.