SpaceX Sees Significant Stock Surge
SpaceX’s shares climbed approximately 10% on Tuesday morning, marking a third consecutive day of increases. This surge led the company’s market cap to exceed that of Amazon at one point, and it even briefly surpassed Microsoft.
By Tuesday morning, the stock had gained around $890 billion, following a record-breaking IPO on Friday that valued the company over $2 trillion and positioned Elon Musk as the world’s richest billionaire.
This remarkable performance has now placed SpaceX ahead of Amazon, valued at approximately $2.66 trillion, and even briefly above Microsoft, which sits at around $2.93 trillion.
However, later in the morning, SpaceX did see some of its gains diminish. Nevertheless, it secured an impressive No. 5 position among U.S.-listed companies.
The boost in stock came on the heels of an announcement that SpaceX would acquire Anysphere, an AI coding startup, for $60 billion, raising some eyebrows regarding potential overspending.
In a statement released on Tuesday, SpaceX shared plans to acquire the San Francisco-based Anysphere, which is behind the AI coding tool Cursor. The deal is predicted to finalize in the third quarter of 2026 and could enhance Musk’s xAI’s presence in AI coding while also providing Cursor with increased computing power.
This move indicates Musk’s ongoing commitment to investment in AI, despite concerns about hefty capital spending impacting SpaceX’s profits and worries that the stock might be overvalued.
The acquisition is structured as an all-stock merger between Anysphere and X67, a subsidiary of SpaceX, implying that proceeds from the IPO will not be allocated toward acquisitions.
Since its inception in 2022, Cursor has experienced rapid growth, racking up about $2.6 billion in annual B2B revenue. Backed by heavyweights like Andreessen Horowitz, Nvidia, and Google, the AI startup was in negotiations earlier this year for a funding round that could have valued it at $50 billion.
Regulatory filings indicate that SpaceX might incur a $10 billion fee if the deal doesn’t close under specific conditions. Additionally, there’s a plan to allocate $4 billion for “regulatory” termination fees if antitrust issues arise.
On Sunday, Musk suggested that SpaceX could “possibly” reach about $1 trillion in revenue by 2030. He further expressed that he would be surprised if 2031 revenues didn’t eclipse that amount.
Last year, SpaceX, which also manages xAI, Starlink, and the social media platform X, reported revenues of $18.7 billion, while annual capital expenditures hit $20.7 billion, resulting in nearly a $5 billion loss. Starlink, Musk’s satellite internet service, was the only profitable division last year.
In the first quarter of 2026, SpaceX’s expenses reached $10.1 billion, primarily driven by $7.7 billion in AI investments, a notable increase compared to the $4.1 billion spent in the same quarter last year.
As of yesterday’s close, SpaceX had a market capitalization of $2.538 trillion, marking the second-highest daily profit for a U.S. company, just behind Nvidia’s larger gain from last year.
