SpaceX: Shortly after going public, the first billion-dollar deal

In April, SpaceX secured an option to buy the San Francisco-based start-up for this amount or alternatively pay ten billion dollars for a partnership. With Cursor, Anysphere is one of the start-ups in Silicon Valley, alongside OpenAI and Anthropic, that automate the writing of software code using artificial intelligence. According to Reuters, the company, founded in 2022, recently achieved annual sales of around $2.6 billion in the business customer sector.

The acquisition could also give the AI ​​company xAI, which merged with SpaceX in February, a stronger position in the market for AI-assisted programming. In this area, xAI has so far lagged behind several competitors. At the same time, the takeover would give Cursor access to significantly more computing power to further develop its AI models.

Along with OpenAI and Anthropic, Cursor is among several Silicon Valley startups that have attracted large numbers of developers by using artificial intelligence to automate programming tasks. This area is one of the first commercially successful applications of modern AI.

It was initially unclear whether the deal would have an impact on SpaceX’s agreements to lease its data centers. The group recently concluded contracts with Anthropic and Google parent Alphabet for the leasing of cloud capacities worth around $26 billion annually. However, these contracts contain termination clauses with a notice period of 90 days.

Share price continues to rise

SpaceX shares, meanwhile, continue their rally, rising more than 8 percent in premarket trading on Tuesday. This means that it is trading more than 54 percent above the issue price of $135 at the IPO and gives the company a market capitalization of around $2.75 trillion. The company has overtaken Amazon in terms of market value and is now the fifth most valuable company in the world. For comparison: Amazon is currently valued at $2.66 trillion, Microsoft at $2.95 trillion.

“We can safely say that this valuation makes absolutely no sense today. People are buying SpaceX with the expectation that others will also buy and push the price further higher – this is speculation,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

The price rally could continue as SpaceX is expected to be fast-tracked into the Nasdaq-100. This would make the stock a significant holding in passive funds and ETFs that track the index, which should generate additional demand.