Elon Musk delivers an inspiring speech at the SpaceX IPO event, sharing his initial doubts about the companys success but emphasizing the importance of making life multi-planetary. creating an exciting future for everyone.
SpaceXstock continued to surge on Tuesday following its record-setting IPO last week, with the company's market capitalization surpassing Amazon. briefly topping Microsoft.
Elon Musk'sSpaceX debuted on the Nasdaq on Friday following its IPO. shares have risen about 35% since it began trading last week, as traders look to capitalize on its momentum.
Tuesday saw SpaceX's stock climb as much as 15% in early trading, which pushed the company's market cap beyond the $2.66 trillion valuation for Amazon. Microsoft's $2.93 trillion market value.
That briefly made it the fourth-largest global company by market cap before some of those gains were pared back.
SPACEX MAKES HISTORIC DEBUT; MUSK SOLIDIFIES STATUS AS WORLD'S FIRST TRILLIONAIRE
SpaceX's stock was boosted by the announcement that it would acquire Anysphere for $60 billion.
Anysphere is the parent company of Cursor. which is the provider of a coding agent powered byartificial intelligence (AI)and has become a popular "vibe-coding" tool.
SpaceX and Cursor announced a partnership in April that paired Cursor's product and software engineering expertise with SpaceX's supercomputers.
HOW THE HISTORIC SPACEX IPO IS TURNING EVERYDAY WORKERS INTO OVERNIGHT MILLIONAIRES
SpaceX CEO Elon Musk became the world's first trillionaire on paper after the company's IPO last week.(Jessica Christian/San Francisco Chronicle via Getty Images)
The deal gave SpaceX the option ofacquiring Cursorthis year for $60 billion or paying $10 billion for the joint work.
"SpaceX has exercised the option to acquire @cursor_ai in an all-stock transaction with the goal of building the world's most usefulAI models," SpaceX wrote in a post on X.
"For the past few months, SpaceXAI has been jointly training a model with Cursor, which will be released in Cursor. Grok Build soon. We look forward to working closely with the Cursor team to advance our frontier AI capabilities," SpaceX added.
SPACEX SET A NEW RECORD FOR IPOS: THESE ARE THE WORLD'S 5 LARGEST
SpaceX has ambitious goals for developing space-based AI data centers, which contributed to its acquisition of Cursor.(AFP via Getty Images)
In itsIPO filing, SpaceX said that Cursor's access to developers' data, such as coding requests. design decisions, could help improve its AI models like Grok.
Grok was developed by xAI, Musk's AI startup, which acquired theX social mediaplatform formerly known as Twitter.
SpaceX announced the acquisition of xAI in February, which Musk said would "form the most ambitious, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications. the world's foremost real-time information and free speech platform."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Musk. SpaceX are planning to deploy space-based AI data centers, as he believes that the electricity demand sparked by the global AI boom can't be met by terrestrial solutions and that scaling will require the use of space-based AI powered by energy from the sun and cooled by the depths of space.
Reuters contributed to this report.
Get a brief on the top business stories of the week, plus CEO interviews, market updates, tech. money news that matters to you.
We've added you to our mailing list.
By clicking subscribe, you agree to the Fox NewsPrivacy PolicyandTerms of Use,. agree to receive content and promotional communications from Fox News. You understand that you can opt-out at any time.
Discussion
Sign in to join the thread, react, and share images.