SpaceX rocketed to a valuation of nearly $2.93 trillion after its shares surged more than 17% on Tuesday, momentarily overtaking both Amazon and Microsoft in the global corporate rankings.
The dramatic rally was largely fueled by the announcement of a planned $60 billion all-stock merger with Anysphere Inc., the company behind the popular AI coding assistant Cursor.
Shares Leap on Merger News
According to Yahoo Finance data, SpaceX stock climbed as high as $225.64 during intraday trading on Tuesday, representing a 17.21% gain. That spike briefly lifted the aerospace giant above Microsoft, which saw its own shares dip 1.63% to a valuation of roughly $2.92 trillion.
Microsoft managed to reclaim its position later in the session as SpaceX trimmed some of its gains. However, SpaceX remained comfortably ahead of Amazon, which was valued at approximately $2.66 trillion at the time of writing despite a modest 0.68% uptick.
Multi-Day Rally Gains Momentum
Tuesday’s jump built on an already impressive run. SpaceX shares had climbed 19.6% on Monday, partly driven by optimism around a U.S.-Iran peace agreement. An additional 11.57% gain followed in after-hours trading, and nearly 10% more was added in premarket activity on Tuesday before the opening bell accelerated the rally further.
Cursor AI Deal Worth $60 Billion
The centerpiece of the rally is SpaceX’s merger agreement with Anysphere, executed through its subsidiary X67 Inc. Under the terms of the deal, X67 will become a wholly owned subsidiary of SpaceX, and all Cursor common and preferred shares will convert into rights tied to SpaceX stock.
SpaceX stated that the acquisition aims to build “the world’s most useful AI models.” The company revealed that SpaceXAI has been jointly training a model with Cursor in recent months, with plans to release it across Cursor and Grok Build in the near future.
Regulatory approvals and standard closing conditions are still pending, with SpaceX targeting completion during the third quarter of 2026.
Retail Demand Overwhelms Supply
Investor enthusiasm around the merger has been intense. Reports ahead of SpaceX’s Nasdaq debut indicated that retail demand for shares significantly outstripped available supply. Some investors reportedly sought additional financing and margin loans to increase their exposure to the rapidly appreciating stock.
Binance Futures Activity Surges
The excitement has spilled over into cryptocurrency markets as well. Binance reported that its SPCXUSDT perpetual futures contract has become the exchange’s second-largest futures product by volume, trailing only Bitcoin perpetuals.
The contract generated over $5.6 billion in rolling 24-hour trading volume and surpassed $9 billion in combined volume across its pre-IPO and post-IPO periods. Binance currently leads both centralized and decentralized trading activity for the product and holds the largest open interest among competing venues.
Additionally, Binance’s equity-linked products crossed $1 billion in turnover within just nine days of launch, with SpaceX-related contracts contributing significantly to that milestone.
This article is for informational purposes only and does not constitute investment advice.
