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SpaceX Acquires xAI, Goes Public, Acquires Cursor
Elon Musk (February, Hacker News):
SpaceX has acquired xAI to form the most ambitious, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world’s foremost real-time information and free speech platform.
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Current advances in AI are dependent on large terrestrial data centers, which require immense amounts of power and cooling. Global electricity demand for AI simply cannot be met with terrestrial solutions, even in the near term, without imposing hardship on communities and the environment.
In the long term, space-based AI is obviously the only way to scale.
There are potential environmental and energy benefits to putting data centers in space, and Blue Origin’s Bezos also thinks this makes sense, but many are convinced that the numbers just don’t work (Reddit).
Kirsten Korosec and Russell Brandom:
But in its 24-year history, nothing quite compared to its initial public offering. Everyone seemed interested — perhaps because of the sheer size of the IPO. The company priced its 555.6 million shares at $135 each to raise $75 billion, making it the largest IPO in history and turning Musk into the world’s first trillionaire. That total raised figure would end up ballooning to $85.7 billion raised.
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SpaceX shares opened June 12 at $150 on the Nasdaq public exchange, an 11% pop for the most anticipated debut in history. And it has continued to rise. The shares kept rising too. In midday trading, SpaceX shares soared 30%. SpaceX shares closed at $160.95, up 19%.
SpaceX passed Amazon to become the fifth-most valuable company in the world, after its stock price climbed 20% on Monday and more than 8% in early trading Tuesday, pushing its valuation past $2.7 trillion.
SpaceX is buying the startup behind the popular AI coding agent Cursor, Anysphere, for $60 billion in an all-stock deal to boost its presence in the lucrative enterprise AI tools market.
Previously:
