Shares of SpaceX surged Tuesday, pushing the Elon Musk-led company above Amazon and into a neck-and-neck race with Microsoft for the title of the world's fourth-most valuable public company less than a week after its blockbuster $75 billion IPO.

SpaceX stock jumped 20% on Monday. It was the second largest one-day gain in market valuation for a U.S. company ever.

Days after its massive IPO, SpaceX says it is spending $60 billion to buy Cursor — a bet designed to help Elon Musk’s sprawling rocket / AI / social media behemoth win over lucrative enterprise customers and close the gap with AI rivals like Anthropic and OpenAI.

Elon Musk’s SpaceX has overtaken Amazon to become the world’s fifth-largest listed company after a blistering post-IPO rally, as the newly public firm unveiled a $60bn (£45bn) takeover of AI coding start-up Cursor.

Quick ReadSpaceX's $60 billion acquisition of Cursor signals the start of a broad AI acquisition strategy from a company now valued at $2.7 trillion.Musk estimates all existing chip fabs produce just 2% of SpaceX's future computing needs,

SpaceX will move forward with its $60 billion acquisition of artificial intelligence startup Cursor as Elon Musk’s space exploration and AI company seeks a competitive edge against rivals Anthropic an

Elon Musk's ⁠SpaceX ⁠said on Tuesday ⁠it would acquire Anysphere, the software ​firm behind the popular AI coding agent ‌Cursor, for $60 billion, in ‌a bid to ramp up ⁠its foothold ⁠in the enterprise AI market.

SpaceX has agreed to buy AI coding start-up Cursor for $60bn (£45bn) just days after its bumper initial public offering (IPO). Elon Musk's rocket company will take over Anysphere, which makes the artificial intelligence coding agent.