SpaceX heading for $3,000 billion: it overtakes Amazon in three days

There is no shortage of enthusiasm for SpaceX’s plans on Wall Street: its share price has risen by nearly 60% over three trading sessions since its IPO at $135, with a 19% gain on Friday’s debut, followed by a 20% rise on Monday and around 7% this evening, 16 June. This morning, it became the fifth-largest company by market capitalisation, with its valuation of nearly 2,700 billion surpassing Amazon’s 2,647 and closing in on Microsoft’s 2,915.

Cursor’s CEO, 25-year-old Michael Truell, has stated that the aim now is to ‘build the world’s most useful AI models’. Conceived as an encrypted messaging start-up with initial backing from OpenAI, it has become a pioneer of ‘vibe-coding’ – a form of programming based on intuition that uses natural, colloquial language to instruct AI to create new applications. Cursor allows users to switch between different models, from Anthropic to OpenAI and Google, and competes with their ‘smart’ assistants. “It isn’t on the same scale as OpenAI or Anthropic, but it has created impressive coding models relative to the costs,” said Matt Britzman of Hargreaves Lansdown.

Its growth, amidst the boom in the AI frontier, has been exponential: the San Francisco-based group now boasts an annualised turnover of three billion. At the end of 2025, during a 2.3 billion fundraising round, it came close to a valuation of 30 billion. A few months later, that valuation doubled to 50–60 billion. The company rejected repeated merger proposals until, in April, an initial agreement was reached with SpaceX, granting Musk the right to acquire the company for 60 billion or pay 10 billion for a partnership. SpaceX has also launched a collaboration between Cursor and its own data centre and supercomputer facility, Colossus.