Shares of SpaceX surged again early Tuesday, boosting Elon Musk’s rocket company above Amazon as the world’s fifth biggest enterprise in terms of market value.

About 10 minutes into trading, SpaceX shares stood at $213.72, up 11 percent with a market capitalization of about $2.75 trillion compared with Amazon’s $2.66 trillion. The company began trading on Friday, scoring the biggest initial public offering in history.

SpaceX, fresh off its record-breaking IPO, told US securities regulators on Tuesday that it would acquire artificial intelligence coding startup Cursor at a valuation of $60 billion.

In a filing with the Securities and Exchange Commission (SEC), SpaceX said the all-stock deal was expected to close in the third quarter of this year and that Cursor would become a wholly owned subsidiary.

The two companies had announced a partnership in April that included a clause for Cursor to be potentially bought by SpaceX at the $60 billion figure.

READ ALSO: SpaceX To Acquire AI Coding Company Cursor For $60bn

Cursor, founded in 2022 and based in San Francisco, specializes in AI for creating software code, particularly for business use.

Combining Cursor’s software and product expertise with SpaceX’s “Colossus” AI training supercomputer will enable the company “to build the world’s most useful models,” the companies said in April when announcing their partnership.

The acquisition comes after SpaceX, on Friday, finally went public, raising a record-breaking $86 billion in its IPO.

AFP

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