SpaceX is heading to Nasdaq as early as June 12 with Goldman Sachs in the lead-left seat and Morgan Stanley alongside — but the intrigue is what they announced alongside it: an option to acquire AI coding tool Cursor for $60 billion, or alternatively pay $10 billion for a partnership.
💰 $2 trillion target valuation: Building on the $1.25 trillion combined value established when SpaceX merged with xAI in February; Facebook and Alibaba remain the only two companies to reach $100 billion in market cap after their IPO debut
📊 Nasdaq rule change unlocks $15B: Nasdaq altered its index inclusion rules on May 1st to allow mega-cap entrants within 15 days — meaning passive ETFs tracking the Nasdaq 100 face an estimated $15 billion in forced buying 15 days post-IPO
🎯 Cursor’s unit economics: The startup hit $100 million ARR in under two years and reached a $29 billion private valuation as recently as November — SpaceX’s $60 billion option represents a roughly 2x turn in six months
⚠️ AI IPO dry powder at risk: Analysts are already asking how much institutional capital earmarked for OpenAI, Anthropic, and other expected AI listings will get absorbed by the SpaceX raise
Michael Truell’s blog post cited compute access — not talent or product — as the bottleneck on growth. The deal gives Cursor access to xAI’s supercomputing infrastructure. But SpaceX competing with Anthropic and OpenAI in enterprise coding tools while simultaneously being a major customer of both is a contradiction that will take years to fully resolve.
SpaceX is reportedly considering allocating up to 30% of shares to retail — an unusual structure at this scale, and a clear signal that Musk wants this to feel like a populist event.
Related Stocks: $SPCX, $GS, $MS, $AMZN, $NDAQ, $FLY, $LUNR, $YSS, $VOYG, $RKLB, $ASTS,
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