SpaceX’ surging stock paid for the $60 billion Cursor acquisition in just a few hours of trading—and it reveals Elon Musk’s new power

SpaceX’s stunning IPO pop has driven Elon Musk’s net worth to astronomical levels. It’s also given him an extraordinary business tool: a supercurrency for mergers and acquisitions.

Musk demonstrated the power of that currency on Tuesday when SpaceX announced its acquisition of AI coding startup Cursor for $60 billion in stock. Some say the deal may be the largest ever acquisition of a venture-backed startup. While SpaceX and Cursor had announced a deal in April that gave SpaceX a call option to buy the startup after the IPO for $60 billion in stock, Wall Street’s appetite for SpaceX stock has transformed the economics of the deal for Musk.

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