SpaceX buys Cursor for $60bn

SpaceX announced its intention to acquire artificial intelligence coding startup Cursor for a staggering $60 billion. The deal, structured as an all-stock transaction, comes as SpaceX's own shares continue to experience a significant upward trend, climbing for a third consecutive session following a record-breaking initial public offering. As of mid-morning trading, SpaceX shares were up 11.2 percent, lifting the rocket company's market valuation to surpass that of Amazon, making it the fifth most valuable enterprise globally. Cursor, established in 2022 and headquartered in San Francisco, focuses on developing AI tools for software code generation, with a particular emphasis on business use cases. The potential acquisition had been signaled earlier, following a partnership announcement in April between the two companies, which included a clause for a potential $60 billion buyout by SpaceX.