SpaceX will move forward with its $60 billion acquisition of artificial intelligence startup  Cursor as Elon Musk’s space exploration and AI company seeks a competitive edge against rivals Anthropic and OpenAI after its Wall Street debut last week. SpaceX said in April that it had the rights to buy Cursor, or pay $10 billion to “work together” with the company. In a regulatory filing Tuesday, SpaceX said that Cursor will become a wholly owned subsidiary when the deal closes in the third quarter. Cursor, which started in 2022, helped sparked a trend called “vibe coding” as AI coding assistants have become increasingly capable of doing the work of computer programming.

Stock markets rallied worldwide, and oil prices eased after the United States and Iran reached a tentative deal to get the global flow of crude going again. The S&P 500 rose 1.7% Monday on hopes that this time, the announcement of an Iran-U.S. agreement will mean a long-term fix to a conflict that has worsened inflation around the world. The Dow Jones Industrial Average climbed 0.9% to a record, and the Nasdaq composite jumped 3.1%. Brent crude’s price fell 4.8%, helping stocks of companies with big fuel bills to jump. AI stocks also rallied following their sharp swings over the last couple weeks.

Elon Musk, the world’s richest man and now first-ever trillionaire, controls a lot of different businesses. Electric vehicles. Brain implants. Underground tunnels. A social media platform once called Twitter. And a rocket maker that blasted off its trading from Wall Street this week. Over time, more and more of those ventures have found themselves under the same roof. Musk merged SpaceX — which went public on Friday — with his artificial intelligence company xAI just earlier this year. But he still holds the role of CEO at several corporations today, in addition to other various executive titles or ownership stakes across his business empire.

Think you can ignore all the hubbub around SpaceX, Elon Musk and IPOs? Your 401(k) won’t. Musk’s rocket company launched 19.2% higher in the first day of trading for its stock Friday, making it worth a total of $2.1 trillion. Whether or not you believe it deserves to be worth more than Exxon Mobil, Bank of America and Coca-Cola combined, the collective market does. And by virtue of having that big a value, SpaceX will soon join some high-profile stock indexes. That matters for investors and their 401(k) accounts because they’re depending more than ever on funds that simply mimic these indexes.

Residents in tornado-ravaged areas in Illinois and Indiana were grappling with the damage to their homes and neighborhoods on Friday, after th…

Shares of SpaceX soared 19% in their Wall Street debut, making the rocket maker’s founder and CEO Elon Musk the first-ever trillionaire. The shares opened at $150 and finished Friday slightly below $161. That price gave the company a market value of around $2.1 trillion. Forbes estimates that Musk, who is also a major shareholder in Tesla, is now worth $1.1 trillion. Musk says SpaceX is going public because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars. The $75 billion in proceeds from the IPO tops the previous high of $26 billion for Saudi Aramco's IPO in 2019.

U.S. stocks rose after oil prices fell again, and SpaceX soared in its highly anticipated debut on Wall Street. The S&P 500 rose 0.5% Friday. The Dow added 0.7%, and the Nasdaq composite gained 0.3%. Stocks got a lift from a 3.4% drop for Brent crude oil's price, as hopes remain for a potential U.S.-Iran deal to get oil flowing globally again. SpaceX leaped 19.2% in its first day of trading, suggesting investors still have plenty of demand for AI-related stocks. Other AI stocks were mixed following their sharp swings over the last week.

NEW YORK (AP) — Catapulted by the market debut of his rocket company SpaceX, Elon Musk is now the world's first trillionaire.

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday. Institutional and retail investors jumped at the opportunity to b…