SpaceX vaulted past Amazon in market value after a blockbuster Nasdaq debut sent shares up more than 50%, valuing the rocket and satellite company at roughly $2.78 trillion. The rally coincided with SpaceX’s agreement to buy AI-coding startup Cursor—parent company Anysphere—for $60 billion in stock, broadening Elon Musk’s AI ambitions alongside launch services and Starlink. The listing raised about $85.7 billion and, on paper, made Mr. Musk a trillionaire, even as analysts flagged a disconnect with fundamentals: SpaceX posted a $4.3 billion loss and $18.67 billion in 2025 revenue versus Amazon’s far larger profits and sales. With only about 4% of shares freely trading, some warn retail investors could overpay ahead of potential dilution if more stock comes to market. SpaceX expects the Cursor deal to close by September, pairing the startup’s coding tools with its Colossus supercomputer to accelerate model development.
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