SpaceX surpassed Amazon in market capitalisation on June 16, 2026 - three days after its Nasdaq IPO - as shares rose approximately 8% to push the company's valuation to around $2.74 trillion. On the same day, SpaceX announced it will acquire Cursor maker Anysphere for $60 billion in stock, placing the combined SpaceX/xAI entity directly into the AI coding market against Anthropic and OpenAI.
What happened
SpaceX overtook Amazon in market capitalisation on Tuesday June 16, 2026 - its third day of trading on the Nasdaq after the company's record-breaking IPO on June 12. Per Livemint, SpaceX shares rose approximately 8%, lifting the company's valuation to roughly $2.74 trillion; Amazon was valued at approximately $2.65 trillion at the same point. The Tuesday gain followed rises of roughly 20% on each of the first two trading days. On the same day, SpaceX announced it would acquire Anysphere - the parent company of AI coding tool Cursor - for $60 billion in stock, per Livemint and Techzine.
The Cursor acquisition
Cursor is an AI coding agent that can write software autonomously and competes directly with Anthropic's Claude Code and OpenAI's Codex, per Livemint. Anysphere was founded in 2022 in San Francisco. Per Techzine, Cursor generates approximately $2.6 billion in annual B2B revenue - up from around $100 million ARR in early 2025 - and is used by 64% of Fortune 500 companies per Livemint. SpaceX had disclosed in April 2026 that Cursor had granted it the right to acquire the company. The transaction is scheduled to close in Q3 2026.
SpaceX AI strategy
SpaceX merged with Elon Musk's AI company xAI - creator of the Grok chatbot - together with social media platform X in early 2026, per Techzine, completing the merger on May 6 at a valuation of approximately $250 billion. Per Livemint, SpaceX spent $12.7 billion on AI in 2025 and a further $7.7 billion in Q1 2026 alone. The Cursor acquisition adds $60 billion in stock obligations. SpaceX predicted in a regulatory filing that enterprise AI applications will become a $22.7 trillion market, per Livemint.
Financial picture
SpaceX reported $18.7 billion in revenue for 2025 alongside a $4.9 billion net loss, and a $4.28 billion loss in Q1 2026, per Livemint. Those losses largely reflect AI investment spending. Musk stated on X that SpaceX "might be able to reach approximately" $1 trillion in revenue by 2030, per Livemint. Retail investor interest has been high: SpaceX accounted for nearly three-quarters of all single-stock retail purchases on Monday, per Vanda Research data cited by Livemint.
For practitioners
Editorial analysis: The Cursor acquisition is the most AI-significant element of this story for practitioners. Cursor has been one of the fastest-growing enterprise AI coding tools; the ownership change by a Musk-affiliated entity that now spans xAI, SpaceX, and X raises questions about data handling, model access, and whether Cursor's competitive neutrality relative to other AI providers can be sustained. Teams standardising on Cursor should factor these changes into vendor evaluation.
Scoring Rationale #
Major AI-industry story combining SpaceX's record IPO with a $60 billion acquisition of Cursor, one of the fastest-growing AI coding tools. Directly relevant to practitioners who use or evaluate Cursor, and to anyone tracking the competitive landscape among AI coding assistants from Anthropic, OpenAI, and now xAI/SpaceX.
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