Elon Musk-led SpaceX has overtaken Amazon to become the world’s fifth most valuable publicly listed company, marking a significant milestone just days after its highly anticipated stock market debut. The surge in the company’s valuation came alongside the announcement of a major acquisition aimed at strengthening its position in the rapidly growing artificial intelligence sector.
SpaceX revealed that it will acquire Anysphere, the San Francisco-based company behind the AI-powered coding platform Cursor, in a deal valued at approximately $60 billion. The acquisition is expected to provide the company with a stronger foothold in AI-assisted software development, a field that has witnessed explosive growth in recent years.
Investor enthusiasm surrounding both the acquisition and the company’s recent public listing pushed SpaceX shares sharply higher. During trading, the company’s market valuation briefly climbed to nearly $2.97 trillion, surpassing Amazon’s valuation of around $2.65 trillion. Although the stock later pared some gains, SpaceX still closed ahead of the e-commerce giant with an estimated market capitalization of about $2.66 trillion.
The company, which debuted on the Nasdaq at $135 per share, has seen its stock price rise by roughly 50% since listing. The rally has further boosted the personal fortune of founder and chief executive Elon Musk, whose wealth has continued to soar alongside the company’s growing market value.
Industry analysts believe the acquisition of Cursor could significantly expand SpaceX’s influence in enterprise AI. Cursor has gained popularity among software developers for its ability to automate coding tasks and improve productivity through artificial intelligence. The platform reportedly serves more than one million users, making it one of the most prominent AI coding tools currently available.
Experts note that while the acquisition may not immediately close the technology gap between SpaceX’s AI division and leading competitors such as OpenAI and Anthropic, it offers a direct route to a large and established developer community. Access to Cursor’s user base and data could help improve AI models developed by xAI, Musk’s artificial intelligence venture that operates under the broader SpaceX umbrella.
Analysts also point out that Cursor’s growth has been constrained by limited access to computing infrastructure. SpaceX, with its extensive resources and data-centre capabilities, could provide the technological support needed to accelerate the platform’s expansion and enhance its AI products.
The acquisition will be completed through a stock transaction and is not expected to utilize funds raised from SpaceX’s public offering. Regulatory filings indicate that the deal is likely to be finalized during the third quarter of 2026.
The development highlights SpaceX’s growing ambitions beyond space exploration and satellite services, signaling a broader strategy focused on artificial intelligence, software development and emerging technologies. With its market value now exceeding that of Amazon, the company has further cemented its position among the world’s most influential technology enterprises.
