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.

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.

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…