SpaceX (SPACEX) Shares Surge 5% Post IPO Valuation at $2.5 Trillion

AI Summary

SpaceX (SPACEX) shares increased nearly 5% following its IPO, which brought the company's valuation to approximately $2.5 trillion, surpassing tech giants like Amazon and Microsoft. Investors are reportedly drawn to Elon Musk's potential for innovation rather than current earnings, as the company anticipates generating $1 trillion in annual revenue by 2030. Additionally, SpaceX announced plans to acquire AI startup Cursor for $60 billion in stock, indicating a strategic expansion into artificial intelligence. Despite operating at a loss, the continuous buyer interest highlights skepticism about its valuation amidst significant market movement.