SpaceX said Tuesday it will buy the parent company of Cursor, a popular AI coding assistant, for $60 billion. The acquisition comes just days after the company’s record-breaking initial public offering and is its largest bet on enterprise artificial intelligence software. Cursor competes with Anthropic’s Claude Code and OpenAI’s Codex, and SpaceX said the deal could help it attract corporate customers who have so far been wary of adopting Grok, its in-house chatbot.
SpaceX shares closed up 4.8% on the day, lifting the company’s market capitalization above Amazon’s. The rally extended gains from the IPO earlier this month.
Broader equity markets had a mixed session Tuesday. The Dow Jones Industrial Average rose 332 points, or 0.6%, to close at 51,671.03, the only major index to end in positive territory. The S&P 500 and Nasdaq Composite both declined. Oil prices fell sharply: Brent crude futures dropped 5% to $78.96 a barrel, settling below $80 for the first time since the early days of the Iran conflict. The decline came as reports advanced of a potential ceasefire agreement between the U.S. and Iran. Under the expected deal, the U.S. would allow Iran to immediately begin selling oil and would provide substantial sanctions relief if Iran destroys its nuclear stockpiles.
In monetary policy, Japan’s central bank raised interest rates from 0.75% to 1%, a 31-year high, citing inflationary risks from the Iran war. The move follows the European Central Bank’s rate increase last week. The Federal Reserve is scheduled to announce its rate decision Wednesday.
Robinhood Markets said it will cut 10% of its staff as the brokerage aims to keep operations lean. Its shares fell 1.4% Tuesday. The company reported rising expenses and slowing trading revenue growth in its late-April earnings.
Qualcomm has become one of the cheapest chip stocks, stuck “in the penalty box” for its dependence on smartphones, according to a report. The company is diversifying into chips for cars, personal computers and data centers.