Did anyone else see the SpaceX market action today?
It is absolute chaos. The stock is trading under SPCX now since the IPO last Friday and it just blew past $215 today on Nasdaq. I think that puts their market cap somewhere around 2.8 trillion dollars, which is just insane for a company that literally went public four days ago at $135.
Demand was so oversubscribed that it opened at $150 on day one and it has just been climbing. Regular retail accounts in India can actually buy in now through GIFT city or standard international brokers.
The big reason it is spiking today is because they dropped an SEC filing confirming they are buying Anysphere. That is the team behind the Cursor AI coding assistant that everyone uses. It is an all-stock deal worth 60 billion dollars. Apparently they had a pre-arranged agreement where SpaceX could exercise an option to buy them out completely, and they executed it today. They are basically trying to vertically integrate their compute infrastructure with actual software developer applications.
It makes sense if you look at their S-1 prospectus paperwork. Everyone thinks of them as a launch company but Starlink is basically becoming a giant tech infrastructure business. It drives around 61% of their entire revenue stream, which is roughly 11.4 billion dollars out of the 18.67 billion they pulled in for 2025. They still lost 4.9 billion last year because the upfront capital expenditure for building ground infrastructure and launch pads is high. They are burning cash deliberately to scale out a monopoly before anyone else can build a constellation.
They are using that 75 billion they just raised from public markets to fund Starship and expand the network globally. The wildest part of the prospectus is where they talk about deploying non-Earth computing networks. They literally want to run AI models and server clusters directly in orbit using the satellite footprint. I have no idea how the engineering teams plan to handle server cooling or latency constraints in open space but that is what they are targeting.
Traditional finance analysts keep complaining that the valuation is way too aggressive for a business with a 5 billion dollar loss, but with a 75 billion dollar cash cushion they can basically outspend every single competitor in the aerospace and cloud markets combined. Plus Elon Musk is officially a trillionaire now since his stake is worth over 800 billion