SpaceX's stock surged 5.05% during intraday trading on Wednesday, extending its remarkable rally since its historic initial public offering last week.
The continued upside is driven by multiple catalysts. SpaceX disclosed it has signed an agreement to acquire AI coding tool Cursor in a deal with an implied equity value of $60 billion, expected to close in the third quarter. The acquisition strengthens the xAI ecosystem and positions SpaceX as a vertically integrated AI infrastructure player. Simultaneously, SpaceX options began trading on their first full session, with call option volume reaching nearly one million contracts, ranking fifth across all U.S. equities and fueling additional speculative demand.
Limited free float remains a structural tailwind — only approximately 4.2% of total shares outstanding are currently tradable, amplifying buying pressure. Analysts note that passive index fund rebalancing could inject billions in mandatory buying, while early shareholders remain locked up. The combination of strategic AI expansion through acquisition and frenzied derivatives trading continues to propel the stock higher.
