Musk's SpaceX buys AI coding start-up for $60bn days after IPO
Summary
SpaceX, led by Elon Musk, has agreed to buy an AI coding company called Cursor for $60 billion shortly after its big stock market debut. SpaceX values the deal based on shares and plans to finish it by the end of September.Key Facts
- SpaceX will buy AI coding start-up Cursor for $60 billion.
- The deal comes days after SpaceX’s stock market listing valued at over $2 trillion.
- Cursor's AI helps automate writing computer code, used by companies like Stripe and Adobe.
- SpaceX has worked with Cursor since April and had the option to buy it or pay $10 billion for their joint work.
- The acquisition aims to boost SpaceX’s AI efforts, including its xAI and Grok chatbot projects.
- SpaceX’s shares rose nearly 50% from the initial $135 price after going public.
- SpaceX is not yet profitable, losing over $9 billion due to investments in AI and infrastructure.
- The company mainly builds reusable rockets and Starlink internet satellites.
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