SpaceX's Market Cap Explodes, Cursor Deal Closes, and Snap Enters the AR Glasses Fray

SpaceX went on an absolute tear in after-hours trading, adding so much market value that Elon Musk reportedly made more money in a single day than Warren Buffett made in his entire career. The company now sits comfortably in the top five by market capitalization, neck and neck with Microsoft at just shy of $3 trillion, behind only Nvidia at $5 trillion and Apple around $4.5 trillion. The run-up effectively made SpaceX's $60 billion acquisition of Cursor — the AI coding assistant — look like a bargain, since SpaceX's market cap increased by more than four times the purchase price.

The Cursor Acquisition and What It Means

SpaceX had a window until Q4 to pull the trigger on the Cursor deal, having structured it with stock that appreciated dramatically. The transaction is now the biggest VC-backed strategic sale ever at $60 billion, surpassing even the largest VC-backed IPO in the past five days. The deal involved OpenAI, Sequoia, Thrive, a16z, and other investors. Business Insider published a deep dive on Cursor's wild ride, revealing that founder Michael Truell didn't pay himself for years. At one point, Cursor made up 40 to 50% of Anthropic's revenue — a staggering concentration that highlights how quickly the AI landscape shifts.