SpaceX’s record-breaking stock market debut and its audacious $60 billion move into AI coding are unfolding almost back-to-back, testing how far investors will go in betting on Elon Musk’s vision of a space-based AI empire.

From IPO launch to trillionaire status

On June 11, SpaceX priced 555.6 million shares at $135 each, raising $75 billion in the largest initial public offering in history.¹ The next day, shares opened at $150 on Nasdaq and closed near $161, valuing the company around $2.1 trillion and turning Musk into the world’s first trillionaire on paper.² Coverage framed the offering as both a financial and cultural milestone: one outlet simply headlined, “Elon Musk is the world’s first trillionaire.”³

Wall Street banks that crafted the deal emphasized how they sold a “sci-fi strategy” and persuaded investors to overlook steep losses in exchange for Musk retaining tight control.⁴ Retail enthusiasm was enormous, with one analysis describing “record-breaking” traffic on Robinhood after SpaceX stock began trading.⁵

Market reaction and Musk’s growing firepower

As trading continued, SpaceX’s valuation swelled: it passed $2.7 trillion and briefly leapfrogged Amazon to become the world’s fifth-most valuable company.⁶ Commentators argued the IPO showcased “Musk’s dominance,” as his grip on public imagination translated directly into Wall Street capital.⁷ Others warned that multi-layer SPV structures meant some late-stage private backers might not know their true shareholdings for months after lock-ups expire.⁸

Analysts also stressed that public investors were largely valuing SpaceX for its AI ambitions, not its rockets or Starlink business, which the company itself says represent less than 7% of its total addressable market.⁹ One Axios analysis suggested the smooth book-build and pre-set $135 “take it or leave it” price would become a template for forthcoming IPOs from Anthropic and OpenAI.¹⁰

The Cursor deal: a $60 billion AI bet

Within days of the IPO, SpaceX moved to spend some of its new clout by agreeing to acquire AI coding platform Cursor for $60 billion in stock, the largest acquisition ever of a VC-backed startup.¹¹ TechCrunch reported the deal is designed to help SpaceX’s AI division, built around Musk’s xAI, “catch up to the major AI labs” after a controversial restructuring.¹²

Other outlets framed the takeover as a strategic pivot into enterprise software. AI Magazine noted that buying Cursor, the tool created by Anysphere, expands SpaceX “into the enterprise market” and will be paid for entirely in SpaceX shares following its “groundbreaking Nasdaq debut.”¹³ Ars Technica described the $60 billion all-stock transaction as a marriage between two players that were each falling behind: Cursor had “good talent and a strong product” but lacked compute, while SpaceX “had the capacity but lacked the product and models.”¹⁴

Financial commentators in London likened the move to “SpaceX’s Instagram moment,” arguing Musk can learn from Mark Zuckerberg’s most successful acquisition by avoiding heavy-handed interference.¹⁵ The Financial Times also cast the combined story—IPO plus Cursor—as evidence of “Wall Street’s new roll-up artist,” saying the float had given Musk fresh acquisition firepower.¹⁶

Competing readings of the same moment

Across perspectives, the same facts are interpreted in sharply different ways. Some focus on historic scale: SpaceX “raised $75bn in world’s biggest IPO”¹⁷ and then immediately announced a $60 billion AI deal, a sequence the FT said helped the company “leapfrog Amazon” in market value.¹⁸ Tech publications stress technological strategy, highlighting how xAI and Cursor already shared compute and were co-training models before the buyout.¹⁹

Skeptics, meanwhile, question whether investors are paying too much for a still-unproven AI story and warn that the complex private structures behind SpaceX equity could leave some holders disappointed once post-IPO dust settles.⁸ Yet for now, markets are treating the IPO and Cursor acquisition as complementary steps in a single, high-stakes bet: that Musk’s space hardware, satellite network, and now in-house AI coding stack can justify one of the largest technology valuations ever seen.

---

[1] TechCrunch: “SpaceX Officially Prices Shares at $135 in the Largest IPO Ever” — SpaceX confirmed raising $75 billion by selling 555.6 million shares at $135 each, making it “officially the largest IPO in history.”web

[2] The Economist – The World in Brief: Shares in SpaceX “closed at $161, around 19% higher than its opening price,” valuing the firm at about $2.1 trillion and making Musk the world’s first trillionaire.web

[3] The Verge: Article titled “Elon Musk is the world’s first trillionaire,” reflecting how the IPO instantly elevated his paper wealth beyond $1 trillion.web

[4] Financial Times: “How Wall Street pulled off the biggest IPO in history for SpaceX” — bankers convinced investors to back a “sci-fi strategy,” overlook steep losses, and hand Musk full control.web

[5] TechCrunch: “Robinhood sees ‘record-breaking’ traffic after SpaceX stock debuts” — the trading app reported unprecedented activity and brief disruptions as SpaceX began trading.web

[6] TechCrunch: “SpaceX passes Amazon as valuation balloons to $2.7T” — SpaceX’s market cap jumped by $1 trillion in days, pushing it into the global top five despite its 2025 loss.web

[7] Financial Times: “SpaceX’s IPO is a display of Musk’s dominance” — arguing his “unrivalled grip on the public imagination has transmuted into Wall Street gold.”web

[8] TechCrunch: “SpaceX SPV investors won’t know their true holdings until post-IPO lock-ups lift” — multi-layer SPV structures may leave lower-tier investors uncertain for up to nine months.web

[9] Ars Technica: “SpaceX is now a public company valued for its AI potential, so what comes next?” — notes SpaceX’s S‑1 puts “space-enabled solutions” and Starlink at under 7% of its projected value, with most upside in AI services.web

[10] Axios: “SpaceX IPO is a model for Anthropic and OpenAI” — describes how early investor education and constant deal news enabled a smooth launch and a fixed $135 offer price.web

[11] Axios: “SpaceX will buy Cursor for $60 billion” — calling it “the largest acquisition ever of a VC-backed startup.”web

[12] TechCrunch: “SpaceX to acquire Cursor for $60B in stock, days after blockbuster IPO” — the deal is meant to help SpaceX’s xAI-based division “catch up to the major AI labs” after controversies and restructuring.web

[13] AI Magazine: “What’s Behind SpaceX's US$60bn Cursor Acquisition?” — says SpaceX is acquiring Anysphere, maker of Cursor, for $60bn in shares to expand “its presence in the enterprise market” following a Nasdaq debut above $2tn.web

[14] Ars Technica: “SpaceX to acquire AI coding platform Cursor for $60 billion” — characterizes the all-stock deal as joining Cursor’s product strength with SpaceX’s compute and capital after both lagged rivals.web

[15] Financial Times: “Buying Cursor could be SpaceX’s Instagram moment” — argues Musk should follow Zuckerberg’s playbook by not meddling too much in a high-growth acquisition.web

[16] Financial Times: “Elon Musk: Wall Street’s New Roll-Up Artist” — says the IPO has given the newly minted trillionaire even more “firepower for acquisitions.”web

[17] Financial Times: “Elon Musk’s SpaceX raises $75bn in world’s biggest IPO” — details the $135 pricing and blockbuster investor demand.web

[18] Financial Times: “SpaceX leapfrogs Amazon to become world’s fifth-most valuable company” — notes the company also announced a $60bn deal for AI coding app Cursor.web

[19] TechCrunch: “SpaceX is public: Everything you need to know post-IPO” — recounts how SpaceX first revealed a collaboration with Cursor in April, foreshadowing the eventual acquisition. web