SpaceX's $2.6 Trillion War Chest: Buying Cursor, Outpacing Amazon, and Reshaping AI

SpaceX has surpassed Amazon in market capitalization, hitting nearly $2.6 trillion, and is deploying that newfound financial firepower aggressively. The company formally closed a $60 billion deal to acquire Cursor, a popular AI coding tool, using its stock as currency. The acquisition is a direct play to challenge Anthropic's dominance in enterprise coding AI — Anthropic's Claude has been the go-to for corporate users precisely because of its coding capabilities, and SpaceX's xAI Grok model is widely seen as less capable than rivals from both Anthropic and OpenAI.

The Cursor deal has minted a new class of billionaires: Andreessen Horowitz's 10% stake is now worth roughly $6 billion, Thrive Capital's 7% stake around $4.2 billion, and each of Cursor's four founders — holding approximately 4.5% apiece — is sitting on roughly $2.7 billion. Perhaps more telling than the valuation is Cursor's growth trajectory: enterprise revenue reportedly grew 50x year-over-year and tripled in Q1 alone. A key draw for Cursor was SpaceX's enormous surplus computing infrastructure — so large that SpaceX is already leasing capacity to Anthropic and Google for billions of dollars, capacity that will now fuel Cursor's AI model training.

The deal underscores the compounding advantage of being publicly traded. SpaceX raised a record $85 billion in its IPO, and its high-flying stock has become an acquisition currency that private rivals like Anthropic and OpenAI simply cannot match — yet. Both are reportedly considering IPOs as soon as this fall, which would give them similar tools. One AI industry executive suggested the market is unlikely to concentrate into a single winner, but probably will narrow to three or four dominant players given how resource-intensive the technology is.

Elsewhere, the G7 summit in the French Alps is grappling with an AI governance crisis. The Trump administration threatened Anthropic with criminal and civil penalties — via a letter from Commerce Secretary Howard Lutnick — if it gave foreign nationals access to its most advanced models without prior government approval. Some U.S. allies fear Washington has effectively created a unilateral "kill switch" over frontier AI, and are quietly negotiating for "trusted partner" carve-outs. Attending the summit's AI lunch: Anthropic's Dario Amodei, OpenAI's Sam Altman, Google's Demis Hassabis, and Mistral's Arthur Mensch.

On other fronts: a framework deal to end the U.S.-Iran war is reportedly two days from signing, with Brent crude dropping to a three-month low near $79 a barrel. The reported terms include a $300 billion reconstruction fund (which Trump publicly denied), immediate oil export waivers, and the eventual release of roughly $100 billion in frozen Iranian assets. Hard-liners at home and in Israel are pushing back, with Nikki Haley warning there should be "zero sanctions relief day one." And in fintech, prediction market platforms Kalshi and Polymarket are pivoting toward institutional hedging — Kalshi just launched perpetual futures contracts tradable on margin, and firms like Susquehanna and Jump Trading are already brokering block trades on the platform.