SpaceX extended its remarkable stock market rally on Tuesday, overtaking Microsoft to become the fourth-largest company in the United States by market capitalisation while announcing a major $60 billion acquisition of AI coding platform Cursor.
Shares of the Elon Musk-led aerospace and technology company rose about 8 percent in early trading, lifting its market value to nearly $2.74 trillion. The surge pushed SpaceX ahead of Microsoft and further increased its lead over Amazon, which was valued at around $2.65 trillion.
The latest gains continue a strong run following SpaceX’s record-breaking stock market debut last week. After climbing 20 percent during its first full day of trading, the company has continued to attract significant investor interest, making it one of the most closely watched IPOs in recent years.
Investor confidence has been driven by SpaceX’s core businesses, including space launches and satellite services, as well as its growing ambitions in artificial intelligence.
On Tuesday, SpaceX announced an all-stock deal to acquire Cursor, a fast-growing AI coding assistant valued at $60 billion. The platform has gained popularity for its ability to help developers write code and automate software development tasks.
Cursor competes with leading AI coding tools such as Claude Code and Codex. According to the company, its technology is already used by 64 percent of Fortune 500 companies, highlighting its growing presence in the enterprise software market.
SpaceX first revealed in April that it had secured the option to acquire Cursor. The deal is expected to strengthen the company’s position in the increasingly competitive AI industry while expanding its capabilities in software development and automation.
The acquisition also reflects SpaceX’s aggressive investment strategy in artificial intelligence. The company spent approximately $12.7 billion on AI initiatives in 2025 and another $7.7 billion during the first quarter of 2026.
The Cursor acquisition is one of the largest AI deals completed by SpaceX to date.
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