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SAN FRANCISCO: SpaceX said on Tuesday it will acquire artificial intelligence coding startup Cursor for $60 billion as shares of Elon Musk’s rocket company soared for a third straight session after a record-breaking IPO.
Near 1130am (1530 GMT), shares of SpaceX, formally Space Exploration Technologies Corp., stood at $214.29, up 11.2 per cent, and lifting its market value above Amazon to become the fifth largest enterprise in terms of market valuation.
Cursor, founded in 2022 and based in San Francisco, specialises in AI for creating software code, particularly for business uses. An acquisition had looked possible after the two companies had announced a partnership in April that included a clause for Cursor to be potentially bought by SpaceX for $60 billion.
In a filing with the Securities and Exchange Commission, 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.
