SpaceX Soars On Third Trading Day, Seals Cursor Takeover | Bloomberg Tech 6/16/2026

SpaceX valuation briefly eclipses Microsoft

SpaceX stock soared 17% during its third trading session, pushing its market cap past Amazon and temporarily exceeding Microsoft's $2.7 trillion valuation, driven by extreme volatility from a low-float structure where less than 5% of shares are publicly available.

$60 billion Cursor acquisition finalized

SpaceX is acquiring AI coding startup Cursor for $60 billion in stock just days after its IPO and recent merger with xAI, consolidating Elon Musk's AI ambitions to compete with Anthropic and OpenAI.

Early investors reap massive SpaceX stakes

Cursor's largest backers, Thrive Capital and Andreessen Horowitz, will receive SpaceX stock worth over $10 billion and approximately $6 billion respectively, marking one of the largest venture payoffs in history.

Extreme valuation-to-revenue disparity

Despite trading at valuations comparable to Microsoft and Amazon, SpaceX generated only $19 million in 2025 revenue versus Microsoft's $281 billion, creating a price-to-sales ratio exponentially higher than traditional tech giants.

Anthropic suspends advanced models globally

Anthropic met with Commerce Department officials to resolve a national security dispute over export controls that block foreign national access to its frontier AI models Mythos and Fable, prompting the company to take them offline entirely rather than implement user restrictions.

Standoff with Pentagon over AI use

Anthropic is demanding contractual guarantees from the Defense Department that its AI will not be used for surveillance or fully autonomous weapons, creating a lasting feud that threatens the company's military contracts.

G7 discusses strategic autonomy and tariffs

Leaders at the G7 summit in France are emphasizing European "strategic autonomy" in AI development in response to U.S. export controls, even as President Trump threatens 100% tariffs on France over its digital services tax.

NVIDIA raises $25 billion in bond sale

NVIDIA sold $25 billion in investment-grade debt with investor orders topping $85 billion, joining Alphabet and Amazon in flooding debt markets to fund massive AI data center and infrastructure expansion.

Databricks delays IPO amid market volatility

Databricks CEO Ali Ghodsi confirmed the company will delay its IPO despite launching new AI products Genie 1 and Unity AI Gateway, stating he prefers to wait for "calmer waters" and greater market predictability following mega-listings like SpaceX.

OpenAI losses multiply eight-fold

OpenAI spent over $34 billion on research and marketing in 2025, driving an eight-fold increase in net losses as the company aggressively invests to maintain competitiveness in the AI race.